金融发展与TFP增长的联系渠道：来自长三角地区的经验证据

摘要

金融发展与全要素生产率增长的联系在金融发展文献中广受关注。在理论上，技术效率改善效应与技术进步效应是金融发展与全要素生产率增长发生联系的中间渠道。基于长三角地区1998～2009年16个城市的面板数据，文章对这两个中间渠道进行了识别。文章发现，在长三角地区，金融发展促进全要素生产率增长的中间渠道是技术进步效应而非技术效率改善效应。%The nexus between financial development and total factor productivity (TFP) growth is a widely studied topic in the literature of financial development. Technical efficiency improvement effect and technological progress effect are theoretically intermediate channels through which financial development improves TFP growth. Applying the panel data of 16 prefecture-level cities in Yangtze River delta from 1998-2008, the paper identifies the two intermediate channels. The paper finds that, in Yangtze River delta, the intermediate channel through which financial development improves TFP growth is technological progress effect rather than technical efficiency improvement effect.