金融发展是否促进了“一带一路”国家绿色全要素生产率增长？

摘要利用 “一带一路”沿线国家的跨国面板数据,基于SBM-DDF模型的龙伯格生产率指数测算绿色全要素生产率,从金融深化、金融结构与金融效率三个维度衡量金融发展,运用动态GMM方法研究金融发展对绿色全要素生产率的影响机制。结果发现:从长期来看,金融深化与金融结构的优化对绿色全要素生产率存在促进作用,而金融效率的过度提升对绿色全要素生产率存在负面效应。针对绿色全要素生产率的分解项而言,在长期,金融深化与金融结构的优化对技术效率存在促进作用,金融结构的优化对技术进步存在促进作用,而金融深化对技术进步存在负面作用。考虑到区域差异性,将样本分为亚洲与欧洲区域,进一步分析发现:欧洲国家金融结构的优化不论长期还是短期对绿色全要素生产率以及技术进步均存在着正向效应,而在亚洲国家中则没有这种效应;在亚洲国家中,金融效率的提升对绿色全要素生产率的影响是负向的,在欧洲国家中,其影响却是正向的。

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	王小腾
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关键词： “一带一路” 金融发展绿色全要素生产率

Abstract： Based on panel data of "The Belt and Road" countries, SBM -DDF function and Luenberger index is used to calculate green total factor productivity. This paper measures the financial development from the three dimensions of financial deepening, financial structure and financial efficiency. Then the dynamic GMM method is used to study the influencing mechanism of financial development on green total factor productivity. The major conclusions are as follow: In the long run, the financial deepening and the optimization of the financial structure have promoted the GTFP, and the excessive promotion of financial efficiency has a negative effect on GTFP. In terms of the components of GTFP, the financial deepening and the optimization of financial structure promotes the technical efficiency in the long run. The optimization of the financial structure has a positive effect on technological advancement while the financial deepening has a negative effect. Considering the regional differences, the sample is divided into Asian and European ones. Further analysis shows that in European samples, the optimization of the financial structure has a positive effect on GTFP and technology advancement both in long and short terms. But there is no such effect in Asian samples. The promotion of the financial efficiency has a negative effect on the GTFP in Asian countries whereas it shows a positive effect in European countries.

Keywords： The Belt and Road Financial Development Green Total Factor Productivity

收稿日期 2018-09-18; 接受日期 2018-09-18;

基金资助:教育部人文社会科学重点研究基地重大项目(16JJD790048)

作者简介: 王小腾(1991— ),男,湖北安陆人,博士研究生,主要从事金融资源配置效率研究;徐璋勇(1964— ),男,陕西西安人,教授,博士生导师,主要从事中国金融改革与发展研究;刘潭(1993— ),女,吉林松原人,硕士研究生,主要从事环境经济研究。

引用本文:

王小腾, 徐璋勇, 刘潭.金融发展是否促进了“一带一路”国家绿色全要素生产率增长？[J]. 经济经纬, 2018,5: 17-22

WANG Xiao-teng, XU Zhang-yong, LIU Tan.Does Financial Development Enhance the Rise of Green Total Factor Productivity of “The Belt and Road” Countries？[J] Economic Survey, 2018,V35(5): 17-22

链接本文:

http://www.jjjw.org.cn/CN/ 或 http://www.jjjw.org.cn/CN/Y2018/V35/I5/17