摘要
国家金融综合改革试验区作为中国金融体制改革的政策试验田,承担着促进地方经济和金融良性循环健康发展的使命。文章基于国家金融综合改革试验区设立这一准自然实验,采用渐进性双重差分法,以地级市经济发展数据和非金融业上市公司面板数据,实证检验了地区金融改革试点对地方经济的宏观和微观影响。实证结果发现,金融综合改革试验区的设立在宏观上促进了地方经济增长、城市全要素生产率提升和产业结构调整,在微观层面促进了非金融上市企业全要素生产率的提升。研究还发现,金融综合改革试点对地区经济发展具有长期效应,表明金融改革试点构建起了更优的金融分权体系和市场化金融体制来为经济长期高质量发展提供制度保障。上述发现为中国实施金融供给侧结构性改革,促进经济高质量发展提供了有力的理论依据和决策支持。
As a policy experimental field for China's financial system reform,national financial comprehensive reform pilot zones undertake the mission of promoting the benign circle and healthy development of local economies and finance.Based on the quasi-natural experiment of financial reform,this paper exploits the progressive Difference-in-Differences model to study the macro and micro effects of the financial reform pilot on local economies.We find that the establishment of comprehensive financial reform pilot zones promotes the growth of local economies,the improvement of urban total factor productivity and the adjustment of the industrial structure at the macro level.At the micro level,it promotes the improvement of total factor productivity of non-financial listed enterprises.We also find that the pilot comprehensive financial reform has a long-term effect on regional economic development,indicating that the pilot financial reform builds a better financial decentralization system and a market-oriented financial system to provide institutional guarantees for long-term high-quality economic development.These findings provide a strong theoretical basis and decision-making support for China's implementation of the financial supply-side structural reform and high-quality economic development.
作者
王贤彬
王明灿
郑莉萍
Wang Xianbin;Wang Mingcan;Zheng Liping(Jinan University,Guangzhou)
出处
《经济社会体制比较》
CSSCI
北大核心
2020年第4期11-20,共10页
Comparative Economic & Social Systems
基金
国家自然科学基金面上项目“行政审批改革的经济增长效应研究:理论机制、实证识别与政策设计”(项目编号:71773038)
教育部哲学社会科学重大攻关项目“我国全要素生产率提升与测算研究”(项目编号:17JZD013)。
关键词
金融改革
金融分权
经济增长
全要素生产率
Financial Reform
Financial Decentralization
Economic Growth
Total Factor Productivity
