金融发展与二元经济结构失衡：基于要素配置的新视角

管理评论 ›› 2020, Vol. 32 ›› Issue (11): 48-65.

金融发展与二元经济结构失衡：基于要素配置的新视角

杨筝¹, 刘贯春², 刘放³

1. 武汉纺织大学管理学院, 武汉 430200;
2. 中山大学岭南学院, 广州 510275;
3. 武汉武昌国资控股投资运营集团有限公司, 武汉 430060

收稿日期:2018-03-05 出版日期:2020-11-28 发布日期:2020-12-05
通讯作者: 刘贯春(通讯作者),中山大学岭南学院副教授,博士
作者简介:杨筝,武汉纺织大学管理学院讲师,高级经济师,博士;刘放,武汉武昌国资控股投资运营集团有限公司高级经济师,博士。
基金资助:
国家自然科学基金项目（71571139；71871172）；湖北省高等学校人文社会科学重点研究基地——企业决策支持研究中心重大项目（DSS20180204）；湖北金融发展与金融安全研究中心2018年重点课题（2018Z002）；武汉市人民政府博士资助经费资助项目（2018-2020年度）。

Financial Development and Dual Economic Structure Imbalance: A New Perspective from Factor Allocation

Yang Zheng¹, Liu Guanchun², Liu Fang³

1. School of Management, Wuhan Textile University, Wuhan 430200;
2. Lingnan College, Sun Yat-sen University, Guangzhou 510275;
3. Wuhan Wuchang State-owned Capital Holdings Investment Operation Group Co., Ltd., Wuhan 430060

Received:2018-03-05 Online:2020-11-28 Published:2020-12-05

摘要/Abstract

摘要： 通过构建数理模型，本文系统阐释了金融发展影响二元经济结构失衡的“效率效应”和“数量效应”。随后，以要素有效配置状态下农业劳动力冗余、农业资本冗余及二元经济结构偏离度作为二元经济结构失衡的度量指标，本文利用2000—2014年中国省级面板数据进行了实证检验。结果显示，金融整体规模与二元经济结构失衡存在“U”型关系，且多发生在中西部地区，但由于绝大多数省份位于曲线左侧，从而规模扩张总体而言有助于优化二元经济结构。进一步，金融结构与二元经济结构失衡显著相关，具体表现为：“数量效应”在银行部门扩张中占据主导地位，缩小了城乡间资本边际产出的相对差异，从而对二元经济结构失衡具有明显的改善作用；金融市场发展的“效率效应”抵消了“数量效应”，从而表现为不存在显著影响。

关键词: 金融发展, 二元经济结构失衡, 要素配置, “U”型关系

Abstract: Using a simple theoretical model, this paper illustrates the efficiency and quantity effects of financial development on dual economic structure imbalance, and explores their relationships using provincial data over 2000-2014 in China. The results show that, there is a “U-shape” relationship between overall financial development and dual economic structure imbalance, mostly occurring in the central and western regions. Considering the fact that most provinces lie on the curve's left side, financial depth is conductive to release dual economic structure imbalance. Moreover, since the quantity effect dominants in banks and the efficiency effect neutralizes the quantity effect in financial markets, banking sector has a positive role, while no significant impacts of financial markets are proved.

Key words: financial development, dual economic structure imbalance, factor allocation, U-shape relationship

杨筝, 刘贯春, 刘放. 金融发展与二元经济结构失衡：基于要素配置的新视角[J]. 管理评论, 2020, 32(11): 48-65.

Yang Zheng, Liu Guanchun, Liu Fang. Financial Development and Dual Economic Structure Imbalance: A New Perspective from Factor Allocation[J]. Management Review, 2020, 32(11): 48-65.

参考文献

[1] 袁富华. 长期增长过程的"结构性加速"与"结构性减速":一种解释[J]. 经济研究, 2012,47(3):127-140
[2] Hsieh C. T., Klenow P. J. Misallocation and Manufacturing TFP in China and India[J]. Quarterly Journal of Economics, 2009,124(4):1403-1448
[3] Bartelsman E., Haltiwanger J., Scarpetta S. Cross-country Differences in Productivity:The Role of Allocation and Selection[J]. American Economic Review, 2013,103(1):305-334
[4] Lewis W. A. Economic Development with Unlimited Supplies of Labor[J]. Manchester School, 2010,22(2):139-191
[5] Jorgenson D. W. The Development of a Dual Economy[J]. Economic Journal, 1961,71(282):309-334
[6] Vollrath D. How Important Are Dual Economy Effects for Aggregate Productivity?[J]. Journal of Development Economics, 2009,88(2):325-334
[7] 项俊波. 中国经济结构失衡的测度与分析[J]. 管理世界, 2008,(9):1-11
[8] 刘贯春,张晓云,邓光耀. 要素重置、经济增长与区域非平衡发展[J]. 数量经济技术经济研究, 2017,34(7):35-56
[9] 盖庆恩,朱喜,史清华. 劳动力市场扭曲、结构转变和中国劳动生产率[J]. 经济研究, 2013,48(5):87-97
[10] Baumol W. J. Macroeconomics of Unbalanced Growth:The Anatomy of Urban Crises[J]. American Economic Review, 1967,57(3):415-426
[11] 王少国. 金融发展与二元经济转型[J]. 经济评论, 2003,(1):112-115
[12] Wurgler J. Financial Markets and the Allocation of Capital[J]. Journal of Financial Economics, 2000,58(1):187-214
[13] Almeida H., Wolfenzon D. The Effect of External Finance on the Equilibrium Allocation of Capital[J]. Journal of Financial Economics, 2005,75(1):133-164
[14] 彭建刚,李关政. 我国金融发展与二元经济结构内在关系实证分析[J]. 金融研究, 2006,(4):90-100
[15] 任宝元. 产业结构失衡的金融诱因及治理对策[J]. 财政研究, 1991,(9):31-34
[16] Allen F., Gale D. Financial Markets, Intermediaries and Intertemporal Smoothing[J]. Journal of Political Economy, 1997,105(3):523-546
[17] Allen F., Gale D. Diversity of Opinion and Financing of New Technologies[J]. Journal of Financial Intermediation, 1999,8(1-2):68-89
[18] 林毅夫,孙希芳,姜烨. 经济发展中的最优金融结构理论初探[J]. 经济研究, 2009,44(8):4-17
[19] 龚强,张一林,林毅夫. 产业结构、风险特性与最优金融结构[J]. 经济研究, 2014,49(4):4-16
[20] Morck R., Nakamura M. Banks and Corporate Control in Japan[J]. Journal of Finance, 1999,54(1):319-339
[21] Weinstein D. E., Yafeh Y. On the Costs of a Bank-Centered Financial System:Evidence from the Changing Main Bank Relations in Japan[J]. Journal of Finance, 2010,53(2):635-672
[22] Levine R. Finance and Growth:Theory, Evidence, and Mechanisms[A]. Aghion P., Durlauf S. Handbook of Economic Growth[C]. Oxford:Elsevier Science Ltd, 2005
[23] 曹霞,张路蓬. 金融支持对技术创新的直接影响及空间溢出效应——基于中国2003-2013年省级空间面板杜宾模型[J]. 管理评论, 2017,29(7):36-45
[24] Rajan R. G., Zingales L. Financial Dependence and Growth[J]. American Economic Review, 1998,88(3):559-586
[25] Tadesse S. Financial Architecture and Economic Performance:International Evidence[J]. Journal of Financial Intermediation, 2002,11(4):429-454
[26] 张成思,刘贯春. 经济增长进程中金融结构的边际效应演化分析[J]. 经济研究, 2015,50(12):84-99
[27] 刘贯春,张军,丰超. 金融体制改革与经济效率提升:来自省级面板数据的经验分析[J]. 管理世界, 2017,(6):9-22
[28] Brandt L., Zhu X. Accounting for China's Growth[R]. IZA Discussion Paper NO.4764, 2010
[29] Hall R. E., Jones C. I. Why do Some Countries Produce so Much More Output[J]. Quarterly Journal of Economics, 1999,114(1):83-116
[30] 徐现祥,周吉梅,舒元. 中国省区三次产业资本存量估计[J]. 统计研究, 2007,(5):6-13
[31] Feng C., Wang M., Liu G. C., et al. Sources of Economic Growth in China from 2000-2013 and Its Further Sustainable Growth Path:A Three-hierarchy Meta-frontier Data Development Analysis[J]. Economic Modelling, 2017, 64(8):334-348
[32] Liu G. C., Liu Y. Y., Zhang C. S. Factor Allocation, Economic Growth and Unbalanced Regional Development in China[J]. World Economy, 2018,41(9):2439-2463
[33] Arcand J., Berkes E., Panizza U. Too Much Finance[J]. Journal of Economic Growth, 2015,20(2):105-148
[34] 彭俞超. 金融功能观视角下的金融结构与经济增长——来自1989-2011年的国际经验[J]. 金融研究, 2015,(1):32-49
[35] Porta L. R., Lopez-de-Silane F., Shleifer A., et al. Legal Determinants of External Finance[J]. Journal of Finance, 2012,52(3):1131-1150
[36] Beck T., Demirguc-Kunt A., Martinez Peria M. S. Reaching Out:Access to and Use of Banking Services across Countries[J]. Journal of Financial Economics, 2007,85(1):234-266
[37] 樊纲,王小鲁,朱恒鹏. 中国市场化指数:各地区市场化相对进程2011年报告[R]. 经济科学出版社, 2011
[38] 戴静,张建华. 金融所有制歧视、所有制结构与创新产出——来自中国地区工业部门的证据[J]. 金融研究, 2013,(5):86-98
[39] Allen F., Qian J., Shan C., et al. Dissecting the Long-term Performance of the Chinese Stock Market[M]. Beijing:Social Science Electronic Publishing, 2016