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何种金融结构更有利于经济增长是一个在理论上存在巨大分歧的问题,中国经济为经验验证金融结构对经济增长的影响提供了一个非常理想的样本。本文以1995~2006年中国29个省级单位的经验数据为样本,采用Difference GMM和System GMM动态面板回归估计方法系统地检验了中国的银行集中度对经济增长及其两个组成部分(TFP增长和资本积累)的影响,得出的主要结论是,中国金融中介整体规模的扩张实际上并未对经济增长贡献更多,在这个环境下,中国当前较高的银行集中度是阻碍了经济增长,这主要表现为较高的银行集中度抑制了劳均资本的积累,其对TFP增长的影响在统计上却是不显著的。
What kind of financial structure is more conducive to economic growth is a problem that is theoretically hugely divided. The Chinese economy provides a very ideal sample for empirical verification of the impact of financial structure on economic growth. Based on the empirical data of 29 provincial units in China from 1995 to 2006, this paper uses Difference GMM and System GMM dynamic panel regression to systematically examine the impact of China’s banking concentration on economic growth and its two components (TFP growth And capital accumulation), the main conclusion reached is that the overall expansion of China’s financial intermediaries has in fact not contributed more to economic growth, under which the current high concentration of banks in China hinders economic growth , Which is mainly manifested in the fact that higher bank concentration restrains the accumulation of labor capital per capita and its impact on TFP growth is statistically insignificant.