摘要
金融发展的作用主要在于引导社会资源进入高效率的部门。本文以1999-2011年中国工业企业数据为样本,基于"中国私营企业调查"数据库的民间借贷信息度量地区非正规金融发展水平,检验非正规金融对资源配置效率的影响。研究发现,当地区非正规金融发展水平较高时,地区的资本配置效率与劳动配置效率更高。非正规金融的作用对非国有企业、高成长性企业更加显著。并且,非正规金融主要通过信息机制和监督机制提高资源配置效率。进一步的测试还表明,非正规金融的发展有助于促进地区经济增长。本文从非正规金融的视角提供了关于金融发展影响资源配置效率研究的新证据,并为非正规金融阳光化改革提供了支持证据。
Financial development plays an important role in allocating resources to efficient sectors.We study the impact of informal finance on resource allocation efficiency using a dataset of Chinese industrial enterprises from 1999 to 2011 and measure regional informal finance development based on the private lending data from the Chinese Private Enterprises Survey.The results show that a higher level of regional informal finance development significantly improves the efficiency of capital allocation and labor allocation.This effect is more pronounced in non-SOEs and high-growth enterprises.The effect of informal finance on capital and labor allocation works through information mechanism and supervision mechanism.Further tests find that informal finance development contributes to regional economic growth.Our findings provide new empirical evidence on how financial development affects resource allocation from the perspective of informal finance and shed light on policy implications to the practice of informal finance reform.
作者
廖冠民
宋蕾蕾
Liao Guanmin;Song Leilei(School of Business,Renmin University of China;School of Accountancy,Central University of Finance and Economics)
出处
《经济科学》
CSSCI
北大核心
2020年第3期60-72,共13页
Economic Science
基金
中国人民大学科学研究基金(中央高校基本科研业务费专项资金资助)项目“非正规金融、民营企业投资行为与资源配置效率”(批准号:19XNB020)的阶段性成果。
关键词
非正规金融
民间借贷
资源配置效率
经济增长
Informal Finance
Private Lending
Resource Allocation Efficiency
Economic Growth
