摘要
金融发展与经济增长息息相关,不同的融资模式具有不同的经济增长效应。本文利用中部6省2004-2014年的面板数据,通过构建计量模型,实证分析了融资模式的经济增长效应。研究结果表明:直接融资的比例越高,经济增长效应就越明显;同时,扩大信贷规模、加大人力资本投入以及增加固定资产,对经济增长具有显著的促进作用,而贸易开放度的提高与实际利用外资规模的扩大,则对经济增长效应的影响并不显著。为提升全要素生产率,需要进一步提高全社会直接融资的比重,以及适时采用适度收紧的货币政策。
Financial development and economic growth are closely related, and different financing modes have different effects of eco- nomic growth. Using the panel data of the six central provinces from 2004 to 2014, this paper systematically analyzes eco- nomic growth effects of financing modes. The article draws conclusions by constructing econometric model and empirical analysis. Financing modes measured by direct and indirect financing ratios are correlated to economic growth effect posi- tively. It means that, the greater direct and indirect financing ratios will have the more obvious effect of economic growth. Meanwhile, expanding credit scale and increasing investment in human capital and investment in fixed assets have positive effects on economic growth, and the impact of trade openness and the actual use of foreign investment on economic growth effect is not significant. To raise the TFP, it is essential to increase the direct financing ratio of the society and adopt the moderately tight monetary policy in good time.
出处
《企业经济》
北大核心
2016年第9期187-192,共6页
Enterprise Economy
基金
2015年度江西财经大学研究生创新专项资金项目“公共投资、经济增长与地方政府债务--基于中部六省的实证分析”(项目编号:YC2015-B042)
2016年江西省党校系统课题“基于互联网金融视角的公共基础设施投资及溢出效应研究”
2016年度安徽高校人文社科重点项目“产业转移与结构变化对中部6省环境质量的影响机理及对策研究”(项目编号:SK2016A0979)
