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本文在借鉴与拓展Rajan and Zingales(1998)研究的基础上,利用中国2001-2007年30个省(市、自治区)的金融业和制造业数据,确认了金融发展对经济增长的融资依赖效应:融资依赖程度越高、国有比重越小的行业,从金融发展中获得的好处越大。作为上述研究的前提,我们还对"各国行业融资依赖程度具有同一性"的观点进行了验证,并构造了更为有效的地区金融发展指标。
Abstract：This paper applied and extended the methodology developed by Rajan and Zingales (1998), confirmed the financing dependence effect of financial development on economic growth with the data of financial industry and manufacturing industry in China's thirty provinces from 2001 to 2007. The results show that the industries with higher financing dependence and less proportion of SOEs obtain more benefits from financial development. As the prerequisite of the above research, the idea about the financing dependence degree of industries in all countries has identity was verified, and more effective indicators of regional financial development were constructed.
①关于在金融与经济增长关系研究中使用“倍差法”的优势和问题,见Beck(2008)。
②由于篇幅所限,我们无法对相关文献进行全面综述,也不准备详细讨论有关文献的计量方法。更全面的综述,可以参考Levine(2005)。Beck(2008)则从计量方法的角度对有关文献进行了评价。
③这些研究的理论先驱是Goldsmith(1969)。
④对(3)式关于k求一阶偏导,可得λ/k=ρr-δ。一般而言我们有δ<ρr,即合约失败时金融机构可以获得补偿小于合约成功时金融机构所能得到的收益。
⑤产业结构失衡问题最明显的表现是服务业发展的落后。此外,工业内部的比例问题,特别是工业的重型化趋势也是一个严重问题。但是关于后者存在不同意见,参见马国川(2009)。
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基本信息:
DOI：10.14167/j.zjss.2013.02.019
中图分类号:F832;F124;F224
引用信息:
[1]贵斌威,徐光东,陈宇峰.融资依赖、金融发展与经济增长:基于中国行业数据的考察[J].浙江社会科学,2013,No.198(02):50-61+31+157-158.DOI:10.14167/j.zjss.2013.02.019.
基金信息:
国家社科基金重点项目“保持经济稳定、金融稳定和资本市场稳定对策研究”(批准号:08AJY037);; 211工程建设三期项目“我国经济可持续发展的法律支持与保障”的阶段性研究成果;; 北京市重点交叉学科项目;; 浙江省哲学社会科学重点研究基地(浙商研究中心)重大招标项目(12ZS001Z);; 浙江省高校人文社科重点研究基地(浙江工商大学金融学)重点项目
2013-02-15
2013-02-15