摘要
金融结构、金融发展和实体经济增长是一个相互影响的有机系统,直接融资比重的提高通常意味着金融结构的改善,对经济增长具有显著的促进作用,而金融发展规模在其中发挥了重要的中介作用,且该中介作用存在门槛效应。适度的金融发展可以增强金融结构改善对实体经济增长的促进作用,而过度扩张的金融规模则会显著削弱金融结构改善对实体经济增长的积极影响,产生负向中介作用。除此之外,金融科技的发展可以缓解金融规模过度扩张对实体经济增长的负面影响,要加大在金融科技方面的政策支持力度,以科技进步来引导实体经济的健康和可持续发展。
Financial structure,financial development and real economic growth are an organic system that affects each other.The study found that improved financial structure can significantly promote real economic growth and financial development scale plays an important intermediary role in this process which has a threshold effect.Moderate financial development strengthens the positive correlation between financial structure and real economic growth,while excessive expansion of the financial scale will significantly weaken the positive correlation between the two.In addition,the development of financial technology can alleviate the negative impact of excessive financial expansion on real economic growth.We need to increase policy support in Fintech to guide the healthy and sustainable development of the real economy.
作者
巴曙松
王紫宇
BA Shu-song;WANG Zi-yu(The HSBC Financial Research Institute at Peking University,Guangdong Shenzhen 518055,China;School of Finance,Central University of Finance and Economics,Beijing 100085,China)
出处
《湖北经济学院学报》
2021年第1期43-52,126,共11页
Journal of Hubei University of Economics
关键词
金融结构
金融发展规模
金融科技
实体经济
financial structure
scale of financial development
fintech
real economy
作者简介
巴曙松(1969-),男,湖北武汉人,北京大学汇丰金融研究院执行院长,中国银行业协会首席经济学家,中国宏观经济学会副会长,研究方向为金融风险监管与宏观经济;王紫宇(1996-),女,山东威海人,中央财经大学金融学院硕士研究生,研究方向为宏观经济。
