区域金融创新: 效率评价、环境影响与差异分析

深化要素市场化配置、促进要素有序流动是中国经济体制改革的重点内容，基于2008—2020年28个省（自治区、直辖市）的面板数据，建立Tobit模型实证检验了要素市场化配置对区域创新效率的影响。研究表明，要素市场化配置程度的提高能够促进创新效率的提升，但目前要素配置的市场化水平仍有不足。通过构建技术进步偏向性指数对其作用机制进行探究发现，要素市场化配置对劳动偏向型技术进步尚无显著影响，但是能激励资本偏向型技术进步继续向资本方向偏移，进而提高区域创新效率，异质性传导路径也启示应以不同的制度设计引导要素市场化进程。从现实情况来看，应加快推进系统性要素配置市场化改革，畅通国内经济循环，充分发挥资源禀赋优势以提高全要素生产率与创新发展的能力。

Misallocation and manufacturing TFP in China and India

Deepening the market-oriented allocation of factors and promoting the orderly flow of factors are the key contents of China’s economic system reform. Based on panel data for 28 provinces from 2008 to 2020, this paper establishes a Tobit model to analyze the impact of the market-oriented allocation of factors on regional innovation efficiency. The study finds that the improvement in market-oriented allocation of factors can effectively promote innovation efficiency, but currently, market-oriented allocation of factors is insufficient. By constructing the biased technological progress index to explore its mechanism, the paper finds that market-oriented allocation of factors has no significant impact on labor-biased technological progress, but it can stimulate capital-biased technological progress to continue to shift towards capital, thereby improving regional innovation efficiency. The heterogeneous transmission path suggests that different institutional designs should be used to guide the process of factor marketization. From the realistic point of view, it is necessary to accelerate the systematic reform of market-oriented allocation of factors, make domestic economic circulation go smoothly, and give full play to the advantages of resource endowments to improve total factor productivity and innovative development capabilities.