金融学院知识库

党的二十大报告提出，要着力提高全要素生产率，推动经济实现质的有效提升和量的合理增长。伴随我国经济已由高速增长阶段迈入高质量发展阶段，以要素粗放投入为主的经济增长模式难以为继，推动经济增长动能转换，实现经济发展质量的变革、效率变革和动力变革成为我国经济高质量发展的题中之义。全要素生产率是经济增长的重要动力源泉，企业作为我国社会主义市场经济的微观主体，提高企业全要素生产率已成为推动经济高质量发展的关键抓手。

新结构金融学理论认为，同一个经济体不同发展阶段以及同一时点的不同经济体，其最适宜金融结构和最优创新结构并非是永恒不变的。不同国家和地区的要素禀赋结构决定了其最优产业结构和创新结构，要素禀赋结构的动态变化表征了发展阶段的演化。经济体的不同发展阶段，要素禀赋结构决定的创新结构使得企业技术创新面临着不同特征的风险，需要与之相适应的金融结构加以支持。金融结构的适宜性决定了金融资源的配置效率，适宜的金融结构有利于企业获得足够的资金进行研发创新，进而提高自身全要素生产率，推动经济高质量发展。

本文首先对金融结构与企业全要素生产率的相关研究成果进行了梳理，并基于新结构金融学框架，理论分析了金融结构对企业全要素生产率的影响及技术创新对在金融结构对企业全要素生产率影响中的作用。并在此基础上构建了金融结构及最适宜金融结构偏离度指标，采用2012年至2021年我国31个省份数据，实证研究了金融结构和金融结构与最适宜金融结构的偏离对企业全要素生产率的影响及技术创新在其中的作用。研究发现，第一，随着经济发展水平提升，金融结构由银行主导向市场主导演化可以通过促进企业创新，进而推动对企业全要素生产率的提升。第二，金融结构与最适宜金融结构偏离将会阻碍企业技术创新，进而抑制全要素生产率提升，且最适宜金融结构偏离度越高对企业全要素生产率的抑制作用越大。第三，金融结构在不同经济地区和不同市场化程度地区对企业全要素生产率的影响存在异质性。基于上述研究结论，本文提出了要深化金融体系改革，优化我国金融业态结构，构建金融结构与最适宜金融结构偏离动态修正体系，因地制宜出台相关政策完善地区金融体系的相关建议。

The report of the 20th National Congress of the Communist Party of China put forward that efforts should be made to improve total factor productivity and promote the economy to achieve effective qualitative improvement and reasonable quantitative growth. As China's economy has entered the stage of high-quality development from the stage of rapid growth, the economic growth model based on extensive input of factors is unsustainable, and it has become the meaning of China's high-quality economic development to promote the transformation of economic growth momentum and realize the transformation of economic development quality, efficiency and power. Total factor productivity is an important source of economic growth, and as the micro subject of China's socialist market economy, improving the total factor productivity of enterprises is the key to promoting high-quality economic development.

The theory of new structural economics holds that for the economic development of different countries and regions, the most suitable financial structure and the optimal innovation structure are not eternal. The factor endowment structure of different countries and regions determines the optimal industrial structure of the economy, and the dynamic change of factor endowment structure represents the evolution of the development stage. The different stages of economic development and the different technological innovation models of enterprises make them face risks with different characteristics, which need to be supported by appropriate financial structures. The suitability of the financial structure determines the allocation efficiency of financial resources, and the appropriate financial structure is conducive to enterprises to obtain sufficient funds for R&D and innovation, thereby improving their total factor productivity and promoting high-quality economic development.

Based on the framework of new structural economics, this paper theoretically analyzes the impact of financial structure on the total factor productivity of enterprises and the role of technological innovation in the impact of financial structure on the total factor productivity of enterprises. Based on the data of 31 provinces in China from 2012 to 2021, the impact of financial structure and the deviation between financial structure and the most suitable financial structure on the total factor productivity of enterprises and the role of technological innovation in it are empirically studied. The results show that, firstly, with the improvement of the level of economic development, the financial structure has a promoting effect on the total factor productivity of enterprises. Second, the financial structure will promote the improvement of enterprise total factor productivity through technological innovation channels. Third, the deviation of the financial structure from the optimal financial structure will hinder the technological innovation of enterprises, which in turn will inhibit the improvement of total factor productivity. Fourth, there is heterogeneity in the impact of financial structure on the total factor productivity of enterprises in different economic regions and regions with different degrees of marketization. Based on the above research conclusions, this paper puts forward some suggestions on deepening the reform of the financial system and optimize the structure of China's financial industry constructing a dynamic correction system for the deviation between the financial structure and the most suitable financial structure, and introducing relevant policies to improve the regional financial system according to local conditions.