摘要
加快提高金融体系的功能性和公共服务的市场化是当前政策关注的焦点,这背后亟待厘清的问题是,金融发展是否会改善公共服务,以及如何改善公共服务。本文梳理分析了金融发展促进公共服务的理论机制,并基于2009—2021年中国269个地级市的面板数据,采用GMM与IV模型实证分析了金融发展对公共服务供给的促进作用,以及这一促进作用在不同的经济发展水平与不同程度政府干预下的异质性。实证分析结果表明:金融发展能够显著促进公共服务供给,金融服务具有显著的功能性和社会性影响;经济发展水平越高、产业结构越稳定、服务业占比越高的地区,金融发展对公共服务的促进作用越大;而政府规模越大和干预程度越高,对金融发展促进公共服务的抑制作用越明显,这一抑制作用在经济欠发达地区尤为明显。本文的研究结果深化和拓展了金融发展理论和金融功能理论的研究范围,也为我国协同提高金融体系功能性和公共服务市场化程度提供了理论支撑。
The current policy agenda calls for accelerating the improvement of the functionality of the financial system and the marketization of public services.A pressing question that needs clarification is whether financial development will improve public services.This paper analyzes the theoretical mechanisms of financial development promoting public services,and based on panel data from 269 prefecture-level cities in China from 2009 to 2021,empirically analyzes the role of financial development in the provision of public services using the GMM and IV models,and delves into the heterogeneous impacts of economic development and government intervention on this role.Empirical analysis results show that financial development can significantly promote the provision of public services,demonstrating substantial functional and social impacts of financial services.The higher the level of economic development,the more stable the industrial structure,and the more inclined the region is towards service-oriented industries,the stronger the promotion effect of financial development.The higher of government intervention levels,the more pronounced the inhibitory effect in areas with medium to low levels of development.The research results of this paper deepen and expand the research scope of financial development theory and financial function theory,and also provide theoretical support for China's coordinated improvement of the functionality of the financial system and the marketization of public services.
出处
《金融监管研究》
CSSCI
北大核心
2024年第7期36-53,共18页
Financial Regulation Research
关键词
金融发展
公共服务
金融功能
经济发展
Financial Development
Public Services
Financial Function
Economic Development
