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近年来,随着金融体制改革的加快推进,中国金融机构多样性的布局逐步形成。本文基于2005~2011年中国31个省(自治区、直辖市)的数据,评估了金融机构多样性程度的上升对中国经济增长的影响。研究发现,金融机构多样性程度的上升显著地促进了中国经济增长,具体来说,金融机构多样性指数提高一个标准差,中国劳均GDP的年均增长率将会因此提高0.67%左右;同时,在分解经济增长基础上的进一步研究还发现,金融机构多样性程度的上升不仅显著地促进了中国劳均资本的增长,而且,也显著地促进了中国全要素生产率的提高。本文的研究,将为改革中国经济增长模式提供一个新的理论观察视角。
In recent years, with the acceleration of the reform of the financial system, the diversification of the layout of financial institutions in China has taken shape. Based on the data of 31 provinces (autonomous regions and municipalities directly under the Central Government) in China from 2005 to 2011, this paper assesses the impact of the rise in the diversity of financial institutions on China’s economic growth. The study found that the rise in the diversity of financial institutions has significantly promoted China’s economic growth. Specifically, the index of diversity in financial institutions has risen by one standard deviation. The average annual growth rate of China’s per-capita GDP will therefore increase by about 0.67%. Meanwhile, . Further research based on the decomposition of economic growth also found that the rise of the diversity of financial institutions not only significantly promoted the growth of China’s per capital capital but also significantly promoted the improvement of total factor productivity in China. The research in this article will provide a new theoretical perspective for the reform of China’s economic growth model.