张 帆

(北京理工大学 管理与经济学院，北京 100081)

金融发展影响绿色全要素生产率的理论和实证研究

张 帆

(北京理工大学 管理与经济学院，北京 100081)

全要素生产率增长是经济长期增长的重要源泉，而考虑了能源投入和污染等非期望产出的绿色全要素生产率则是转变中国经济增长方式，实现经济可持续增长的重要保障。本文通过构建一个包含金融发展与绿色全要素生产率的熊彼特内生增长模型，将全要素生产率和绿色全要素生产率放在同一个理论框架中对比研究，从理论上推导出金融发展影响绿色全要素生产率的3个重要推论。在此基础上，通过中国31个省市2000-2013年面板数据实证考察中国金融发展对绿色全要素生产率的影响。研究结果表明，金融发展能够同时促进全要素生产率和绿色全要素生产率的增长，这种增长促进作用会随着金融发展水平的提高而递减，呈现出非线性的关系。研究同时发现金融发展提升相同幅度，全要素生产率提高幅度会高于绿色全要素生产率的提高幅度，表明我们在评价经济增长的时候如果不考虑环境污染等非期望产出因素，会部分夸大金融发展对生产率提高的影响作用。

金融发展；绿色全要素生产率；全要素生产率

Abstract：Total Factor Productivity (TFP) growth is an important source of long-term economic growth. Considering the non expected output of energy input and pollution, the Green Total Factor Productivity (GTFP) is the important guarantee for the transformation of China's economic growth mode and the realization of sustainable economic growth. In this paper, we construct a model of endogenous growth model which includes financial development and GTFP, and put the TFP and GTFP in the same theoretical framework.Three important inferences about the effect of financial development on GTFP are derived from the model.On this basis, the empirical study on the impact of China's financial development on the GTFP through the 2000-2014 panel data of 31 provinces and cities in China.The results show that financial development can also promote the TFP and GTFP growth, and this growth promoting effect will decrease with the improvement of financial development level, which shows a non-linear relationship.Study also found that financial development to enhance the same range, the TFP increased more than the GTFP .It shows that when we evaluate the economic growth, if we don't take into account the non expected output factors such as environmental pollution, we will partially exaggerate the impact of financial development on productivity.

Keywords:financial development, green total factor productivity, total factor productivity

一、引 言

金融是货币与信用的融合，是商品交换与市场经济发展到了一定阶段的产物。金融产业和经济发展关系密切，金融作为推动经济发展的主要动力，在经济发展中逐渐处于核心地位。……