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金融发展对生产率增长影响主要围绕着配置效率和技术进步这两种机制展开,本文采用DEA-Malmquist方法结合省级面板数据进行了实证研究。分析结果表明,近20年来,我国金融发展对TFP增长的作用渠道主要是通过技术进步而非效率改善。检验过程发现,地区金融制度被证明是一个非常重要的门槛变量,金融市场化进程越快的地区,能够更好地纠正资源错配现象,金融发展对TFP的推动效果就越明显。因此,推动我国经济增长方式的转变与落后地区生产率的增长,需要进一步改革和发展现有金融体系,以优化金融资源配置效率为目标,完善地区金融制度环境。
The impact of financial development on productivity growth mainly focuses on two mechanisms: allocation efficiency and technological progress. This paper uses DEA-Malmquist method and provincial panel data to conduct an empirical study. The results of the analysis show that in the recent 20 years, the channel of the financial development of our country on the growth of TFP is mainly through technological progress rather than efficiency improvement. The test found that the regional financial system has proved to be a very important threshold variable. The faster the financial marketization process, the better the correction of the misallocation of resources. The more obvious the effect of financial development on TFP is. Therefore, to promote the transformation of the mode of economic growth in our country and the growth of productivity in the backward areas, we need to further reform and develop the existing financial system so as to optimize the allocation of financial resources and improve the financial system environment in the region.