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基于2001-2012年中国31个省份及地区(除港澳、台湾省)的面板数据,运用Hansen的门槛回归模型,从二元经济结构和地方政府规模两个角度分别检验了金融深化对经济增长的金融支持效率影响的门槛效应。研究发现,金融深化对金融支持效率产生显著的门槛效应,低、高门槛阶段,金融深化对金融支持效率均产生正向影响;中级门槛阶段,金融深化对金融支持效率的影响不显著。进一步测度金融支持效率发挥的传递效率,如金融配置效率、金融创新效率等的门槛水平,结果表明,低门槛阶段,金融深化对金融配置效率产生正向影响,对金融创新效率产生负向影响;高门槛阶段,金融深化对金融配置效率产生负向影响。为此,需要有序地处理好金融改革中存在的问题,稳定推动经济中高速增长。
Based on the panel data of 31 provinces and regions in China (except Hong Kong, Macao and Taiwan Provinces) from 2001 to 2012, Hansen’s threshold regression model was used to test the effects of financial deepening on economic growth from two perspectives: the dual economic structure and the scale of local government The threshold effect of the impact of financial support efficiency. The study found that financial deepening has a significant threshold effect on financial support efficiency. Low and high threshold stages and financial deepening have a positive impact on financial support efficiency. In the intermediate threshold stage, the impact of financial deepening on financial support efficiency is insignificant. Further tests the transfer efficiency of financial support efficiency, such as the threshold level of financial allocation efficiency and financial innovation efficiency. The results show that in the low threshold stage, financial deepening has a positive effect on the financial allocation efficiency and negatively affects the financial innovation efficiency. In the high threshold stage, financial deepening has a negative impact on the efficiency of financial allocation. Therefore, it is necessary to properly handle the problems existing in the financial reform and to steadily promote the rapid economic growth.