我国金融业发展效率的地区差异及影响因素——基于NSBM-TOBIT两阶段分析框架的实证研究

将金融业发展分解为规模产生阶段和利润产生阶段,建立考虑松弛变量的网络DEA模型(NSBM),采用我国2004-2015年的省级面板数据分析各地区金融业发展效率的演变趋势及其地区差异,并运用面板Tobit模型考察地区金融业发展效率的主要影响因素,分析表明:我国金融业发展效率大体上呈现"东高西低"的地区分布特征,与经济发展格局基本相符;金融业发展效率的基尼系数逐渐降低,地区差异收敛态势明显;受所处发展阶段及资本回报率的影响,多数地区金融业规模产生阶段效率不高但利润产生阶段效率较高;人均GDP、产业结构、市场化程度和政府干预与金融业综合效率和规模产生阶段效率显著正相关,但仅产业结构对利润产生阶段效率有显著正向影响,而金融拥挤效应使金融资源丰裕度对金融业发展效率具有负向影响.因此,各地区应实施适宜自生发展阶段和资源禀赋的金融改革与发展策略,积极推进金融业发展方式从规模扩张型向效益提升转变,进而缩小金融业发展效率的地区差距.

Regional Difference of China's Financial Industry Development and Its Influential Factors-Empirical Research Based on NSBM-TOBIT Two-Stage Analysis Framework

Financial industry development is divided into scale generating stage and profit generating stage, this paper sets up the network DEA model (NSBM)considering the slack variable, uses China 2004-2015 provincial panel data, analyzes the evolution trend of financial industry development efficiency of different regions and its regional difference, and uses the panel TOBIT model to examine the main influential factors of regional financial industry development efficiency.The analysis shows that China's financial industry development efficiency generally demonstrates the regional distribution pattern with "higher efficiency in the east and lower efficiency in the west", which is basically fitting for economic development pattern, that the Gini coefficient of financial development efficiency is lowering year by year, that regional difference convergence is obvious, that influenced by the development stage and capital return rate, in many regions, financial industry scale generating stage efficiency is not high but the efficiency in profit generating stage is relatively high, that there is significantly positive correlation of per capita GDP, industrial structure, marketization degree and government intervention with the comprehensive efficiency of financial industry and the efficiency in scale generating stage, but only industrial structure has significantly positive impact on the efficiency in profit generating stage, however, the financial crowding effect has negative influence of financial resource abundance on financial industry development efficiency.Therefore, the each region of China should implement the financial reform and development strategies with appropriate self-development stage and self-resource endowment, actively promote financial industry development method change from scale-expansion to efficiency improvement and help narrow the regional financial sector efficiency gap.