金融发展对中国全要素生产率的影响及其作用机制研究
|
摘要
在严峻的国内外形势下，加快推动全要素生产率增长是中国经济实现可持续发展的关键所在。一国全要素生产率的增长离不开金融的支持，特别是随着金融体制改革的日益深化，中国金融体系在现代经济体系中的支撑地位日益凸显，对全要素生产率的演变产生了越来越重要的作用。因此，在中国亟需实现经济增长方式转型和金融体制改革持续深化的双重背景下，系统研究金融发展对全要素生产率的影响及其作用机制具有重要的理论和实践意义。
本文首先从理论上探索金融发展对全要素生产率的影响及其作用机制，其次采用地区金融相关比率和私人信贷占比等指标，对当前中国金融发展现状进行了描述及统计性分析；运用随机前沿函数SFA的扩展方法度量中国各地区的全要素生产率并从统计上描述两者关系；最后利用中国省级层面的面板数据对金融发展的生产率效应及各个作用机制进行实证检验。在理论研究中，基于金融功能论的主要思想，本文将金融发展纳入熊彼特增长模型框架，并利用数理推导的方法探索金融发展对全要素生产率的影响及作用机制。模型表明，金融发展通过缓解技术升级投资项目的融资约束，提升了该类项目内生的成功概率，并促进资本优先流向发展前景更大的产业，从而从促进技术进步和优化资本配置两个方面，推动全要素生产率增长。论文利用中国省级层面的面板数据，对理论模型推导结果进行实证检验，得到的结论如下：
第一，金融效率发展显著促进了中国全要素生产率的增长，但金融规模发展对中国全要素生产率的促进效应不明显。在影响全要素生产率增长的其他变量中，基础设施，人力资本、城市化水平将显著促进全要素生产率的增长，但国际贸易和FDI对全要素生产率产生了不显著的负面影响。
第二，金融发展加快了全要素生产率的增长速度，但这种促进效应呈现明显的递减趋势，当金融发展水平超过一定临界值时，这种促进效应趋近于0。在完全信贷环境下，全要素生产率的增长速度将等于外生技术进步速度，不再受到金融发展水平的影响。
第三，金融发展促进全要素生产率的渠道之一在于促进了经济体的技术进步。金融发展对国际技术外溢的影响存在显著的门槛效应。当金融发展低于某一门槛值时，FDI和国际贸易对国内全要素生产率将产生显著为负的影响；当金融发展高于某一门槛值时，FDI对国内全要素生产率产生显著为正的影响，国际贸易的影响不显著。另外，金融发展显著促进了地区创新能力的提升。在影响创新能力建设的其他变量中，研发人员的贡献显著为正。研发经费投入的系数为正但不显著；国际贸易显著促进了地区创新产出增长、FDI的流入显著抑制了地区创新能力；人力资本、专业化和对地区创新产出的促进作用不明显。
第四，金融发展促进全要素生产率的渠道之二在于优化经济体的资本配置状况。利用Wurgler(2000)提出的行业投资反应系数法对当前中国地区的资本配置效率进行度量，结论发现我国地区实体经济资本配置效率较低。实证研究结果表明金融发展将显著促进地区资本配置效率的提升。另外，国有企业份额占比和FDI对地区资本配置效率产生显著为负的影响，政府干预的影响不显著，基础设施、人力资本和国际贸易的影响显著为正。
第五，将金融发展区分为金融规模发展和金融效率发展两个维度进行实证研究，估计结果表明，无论是在全要素生产率及其增长率的演变路径中，还是在对技术外溢效应、创新能力建设及资本配置效应的作用路径中，金融效率发展的促进作用总是大于金融规模发展的促进作用。
In the harsh domestic and international economic situation, accelerate the growth oftotal factor productivity (TFP) is the key to achieve sustainable development in china. Inone country, Total factor productivity can’t achieve growth without financial support.Especially, along with the deepening of financial system reform in China, the importantposition of financial system in the modern economic system has become increasinglyprominent, and financial system has played a more and more important role in the evolutionroute of total factor productivity. Thus, under the double background of economic growthmode transformation and financial system reform deepens, it has important theoretical andpractical significance to study systematically the impact and its mechanisms of financialdevelopment on TFP.
In this paper, the impact effect and its mechanism of financial development on TFP areexplored from the aspect of theoretic analysis firstly. Then, the current status quo of China'sregional financial development are described and analyzed statistically using the indicatorsof financial interrelation ratio and private credit ratio and others; China regional TFP aremeasured based on stochastic frontier function (SFA) extension methods, and therelationship between financial development and TFP is described statistically. Finally, theproductivity effect of financial developpment and its mechanisms are studied by usingempirical researches based on the China’s provincial panel data. In the theoretical study,following the main idea of the financial functional view, the financial development variableis included the Schumpeterian growth model, and the impact effect and its mechanisms offinancial development on TFP are explored in this model by mathematical induction. Themodel suggests that financial development eases the financing constraints problem of thetechnological upgrading projects, and enhances the endogenous success probability of theseprojects, at the same time, promotes capital flow to the industries which have better development prospects. In one word, financial development promotes the total factorproductivity by inspiring technical progress and optimizing the capital allocation. Based onthe China's provincial-level panel data, the derivation results of the theoretical model aretested by empirical research, and the following conclusions are achieved:
Firstly, the financial efficiency development significantly contributed to the growth oftotal factor productivity in China, but the financial scale development’s effect is notobvious. Other variables that affect the total factor productivity growth, such asinfrastructure, human capital, urbanization will significantly promote the growth of totalfactor productivity, but international trade and FDI have negative impact on TFP, but notsignificantly.
Secondly, financial development speeds up the growth rate of total factor productivity,but this promotion effect present significant decreasing trend. When the level of financialdevelopment exceeds a certain critical value, this promotion effect will get to zero. In theperfect credit environment, total factor productivity growth rate will be equal to theexogenous rate of technological progress, can’t be impacted by the financial developmentlevel.
Thirdly, promoting technological progress is one of the channels which financialdevelopment promotes one country’s total factor productivity. The impact of financialdevelopment on international spillover exist significant threshold effect. When the level offinancial development below the certain threshold, the impacts of FDI and internationaltrade on the domestic total factor productivity are significant negative; when the level offinancial development exceeds the certain threshold, the FDI on domestic total factorproductivity is significantly positive, the impact of international trade is not significant. Inaddition, financial development promotes significantly regional innovation capability. Inother variables that affect the innovation capacity-building, the contribution of R&D staffis significantly positive. R&D expenditure’s coefficient is positive but not significant;international trade significantly promote regional innovation output growth, FDI significantly inhibits the regional innovation capability; the variables such as human capital,specialization have no significant effect.
Fourthly, optimizing the capital allocation is the other channel which financialdevelopment promotes one country’s total factor productivity. The efficiency of China’sregional capital allocation is measured by the industry investment reaction coefficientmethod,which is developed by Wurgler (2000), The measure results show that theefficiency of capital allocation is very low in our real economy. The empirical results showthat the financial development will significantly contribute to the enhancement of theefficiency of capital allocation. In addition, the share of state-owned enterprises and FDIwill have negative significantly impact on the efficiency of capital allocation, the impact ofgovernment intervention is not significant, the effect of infrastructure, human capital andinternational trade are significantly positive.
Fifthly, the financial development is divided into two dimensions: financial scaledevelopment and financial efficiency development. The estimated results in empiricalresearches show that the effects of financial efficiency development are obvious than theeffect of the financial scale development, wherever in the path of the evolution of totalfactor productivity growth rate, or in the process of promoting technology spillover effects,ability construction of innovation and capital allocation effect.
本文首先从理论上探索金融发展对全要素生产率的影响及其作用机制，其次采用地区金融相关比率和私人信贷占比等指标，对当前中国金融发展现状进行了描述及统计性分析；运用随机前沿函数SFA的扩展方法度量中国各地区的全要素生产率并从统计上描述两者关系；最后利用中国省级层面的面板数据对金融发展的生产率效应及各个作用机制进行实证检验。在理论研究中，基于金融功能论的主要思想，本文将金融发展纳入熊彼特增长模型框架，并利用数理推导的方法探索金融发展对全要素生产率的影响及作用机制。模型表明，金融发展通过缓解技术升级投资项目的融资约束，提升了该类项目内生的成功概率，并促进资本优先流向发展前景更大的产业，从而从促进技术进步和优化资本配置两个方面，推动全要素生产率增长。论文利用中国省级层面的面板数据，对理论模型推导结果进行实证检验，得到的结论如下：
第一，金融效率发展显著促进了中国全要素生产率的增长，但金融规模发展对中国全要素生产率的促进效应不明显。在影响全要素生产率增长的其他变量中，基础设施，人力资本、城市化水平将显著促进全要素生产率的增长，但国际贸易和FDI对全要素生产率产生了不显著的负面影响。
第二，金融发展加快了全要素生产率的增长速度，但这种促进效应呈现明显的递减趋势，当金融发展水平超过一定临界值时，这种促进效应趋近于0。在完全信贷环境下，全要素生产率的增长速度将等于外生技术进步速度，不再受到金融发展水平的影响。
第三，金融发展促进全要素生产率的渠道之一在于促进了经济体的技术进步。金融发展对国际技术外溢的影响存在显著的门槛效应。当金融发展低于某一门槛值时，FDI和国际贸易对国内全要素生产率将产生显著为负的影响；当金融发展高于某一门槛值时，FDI对国内全要素生产率产生显著为正的影响，国际贸易的影响不显著。另外，金融发展显著促进了地区创新能力的提升。在影响创新能力建设的其他变量中，研发人员的贡献显著为正。研发经费投入的系数为正但不显著；国际贸易显著促进了地区创新产出增长、FDI的流入显著抑制了地区创新能力；人力资本、专业化和对地区创新产出的促进作用不明显。
第四，金融发展促进全要素生产率的渠道之二在于优化经济体的资本配置状况。利用Wurgler(2000)提出的行业投资反应系数法对当前中国地区的资本配置效率进行度量，结论发现我国地区实体经济资本配置效率较低。实证研究结果表明金融发展将显著促进地区资本配置效率的提升。另外，国有企业份额占比和FDI对地区资本配置效率产生显著为负的影响，政府干预的影响不显著，基础设施、人力资本和国际贸易的影响显著为正。
第五，将金融发展区分为金融规模发展和金融效率发展两个维度进行实证研究，估计结果表明，无论是在全要素生产率及其增长率的演变路径中，还是在对技术外溢效应、创新能力建设及资本配置效应的作用路径中，金融效率发展的促进作用总是大于金融规模发展的促进作用。
In the harsh domestic and international economic situation, accelerate the growth oftotal factor productivity (TFP) is the key to achieve sustainable development in china. Inone country, Total factor productivity can’t achieve growth without financial support.Especially, along with the deepening of financial system reform in China, the importantposition of financial system in the modern economic system has become increasinglyprominent, and financial system has played a more and more important role in the evolutionroute of total factor productivity. Thus, under the double background of economic growthmode transformation and financial system reform deepens, it has important theoretical andpractical significance to study systematically the impact and its mechanisms of financialdevelopment on TFP.
In this paper, the impact effect and its mechanism of financial development on TFP areexplored from the aspect of theoretic analysis firstly. Then, the current status quo of China'sregional financial development are described and analyzed statistically using the indicatorsof financial interrelation ratio and private credit ratio and others; China regional TFP aremeasured based on stochastic frontier function (SFA) extension methods, and therelationship between financial development and TFP is described statistically. Finally, theproductivity effect of financial developpment and its mechanisms are studied by usingempirical researches based on the China’s provincial panel data. In the theoretical study,following the main idea of the financial functional view, the financial development variableis included the Schumpeterian growth model, and the impact effect and its mechanisms offinancial development on TFP are explored in this model by mathematical induction. Themodel suggests that financial development eases the financing constraints problem of thetechnological upgrading projects, and enhances the endogenous success probability of theseprojects, at the same time, promotes capital flow to the industries which have better development prospects. In one word, financial development promotes the total factorproductivity by inspiring technical progress and optimizing the capital allocation. Based onthe China's provincial-level panel data, the derivation results of the theoretical model aretested by empirical research, and the following conclusions are achieved:
Firstly, the financial efficiency development significantly contributed to the growth oftotal factor productivity in China, but the financial scale development’s effect is notobvious. Other variables that affect the total factor productivity growth, such asinfrastructure, human capital, urbanization will significantly promote the growth of totalfactor productivity, but international trade and FDI have negative impact on TFP, but notsignificantly.
Secondly, financial development speeds up the growth rate of total factor productivity,but this promotion effect present significant decreasing trend. When the level of financialdevelopment exceeds a certain critical value, this promotion effect will get to zero. In theperfect credit environment, total factor productivity growth rate will be equal to theexogenous rate of technological progress, can’t be impacted by the financial developmentlevel.
Thirdly, promoting technological progress is one of the channels which financialdevelopment promotes one country’s total factor productivity. The impact of financialdevelopment on international spillover exist significant threshold effect. When the level offinancial development below the certain threshold, the impacts of FDI and internationaltrade on the domestic total factor productivity are significant negative; when the level offinancial development exceeds the certain threshold, the FDI on domestic total factorproductivity is significantly positive, the impact of international trade is not significant. Inaddition, financial development promotes significantly regional innovation capability. Inother variables that affect the innovation capacity-building, the contribution of R&D staffis significantly positive. R&D expenditure’s coefficient is positive but not significant;international trade significantly promote regional innovation output growth, FDI significantly inhibits the regional innovation capability; the variables such as human capital,specialization have no significant effect.
Fourthly, optimizing the capital allocation is the other channel which financialdevelopment promotes one country’s total factor productivity. The efficiency of China’sregional capital allocation is measured by the industry investment reaction coefficientmethod,which is developed by Wurgler (2000), The measure results show that theefficiency of capital allocation is very low in our real economy. The empirical results showthat the financial development will significantly contribute to the enhancement of theefficiency of capital allocation. In addition, the share of state-owned enterprises and FDIwill have negative significantly impact on the efficiency of capital allocation, the impact ofgovernment intervention is not significant, the effect of infrastructure, human capital andinternational trade are significantly positive.
Fifthly, the financial development is divided into two dimensions: financial scaledevelopment and financial efficiency development. The estimated results in empiricalresearches show that the effects of financial efficiency development are obvious than theeffect of the financial scale development, wherever in the path of the evolution of totalfactor productivity growth rate, or in the process of promoting technology spillover effects,ability construction of innovation and capital allocation effect.
引文
[1] Abiad A., Oomes N., Ueda K.. The quality effect: Does financial liberalizationimprove the allocation of capital?[J].Journal of Development Economics,2008,87:270-282.
[2] Abramovitz M.. Catching Up, Forging Ahead and Falling Behind[J]. Journal ofEconomic History,1986,46(2):385-406.
[3] Acemoglu D. Introduction to Modern Economic Growth[M]. New Jersey:PrincetonUniversity Press,2009.
[4] Acemoglu D., Fabrizio Z.. Productivity Differences[J]. Quaterly Journal ofEconomics,2001,116:563-606.
[5] Acemoglu D., Zilibotti F.,Aghion P.,Distance to Frontier, Selection, and EconomicGrowth[J]. Journal of the European Economic Association March,2006,4(1):37-74.
[6] Acemoglu D., Zilibotti F..Was Prometeus unbound by chance? Risk, diversificationand growth[J]. Journal of Political Economy,1997,105:709-755.
[7] Aghion P., Howitt P.. The schumpeterian approach to technical change and growth[Z].Economic Growth in the World Economy: Symposium,1992.
[8] Aghion P., Howitt P., Mayer-Foulkes D..The Effect of Financial Development onConvergence:Theory and Evidence[Z]. Working Paper,2003.
[9] Akkemik K.A.. TFP Growth and Resource Allocation in Singapore,1965-2002[J].Journal of International Development,2007,19:1059-1073.
[10] Alfaro L., Chanda A.,Kalemli-Ozcan S., Sayekd S.. FDI and economic growth: therole of local financial markets[J]. Journal of International Economics,2004,64:89-112.
[11] Alfaro L., Kalemli-Ozcan S., Sayek S.. FDI, Productivity and FinancialDevelopment[J]. The World Economy,2009,32(1):111-135.
[12] Almeida H., Wolfenzon D.. The effect of external finance on the equilibriumallocation of capital[J]. Journal of Financial Economics,2005,75:133-164.
[13] Allen F., Gale D.. A Welfare Comparison of Intermediaries and Financial Markets inGermany and The US[J]. European Economic Review,1995,39(2):179-209.
[14] Amaral P.S.. Quintin E., Financial Intermediation and Economic Development: AQuantitative Assessment[Z]. Manuscript, Federal Reserve Bank of Dallas,2005.
[15] Ang J.B..What are the mechanisms linking financial development and economicgrowth in Malaysia?[J]. Economic Modelling,2008,25(1):38-53.
[16] Arellano M., Bond S.. Some tests of specification for panel data: Monte Carloevidence and an application to employment equations[J]. The Review of EconomicStudies,1991,58(2):277-297.
[17] Arayama Y., Miyoshi K.. Regional Diversity and Sources of Economic Growth inChina[J]. The World Economy,2004,27(4):1583-1607.
[18] Arestis P., Chortareas G., Desli E.. Financial Development and ProductivityEfficiency in OECD Countries: An Exploratory Analysis[J]. The Manchester School,2006,74(4):417-440.
[19] Arizala F., Cavallo E., Galindo A.. Financial development and TFP growth: Crosscountry and industry level evidence[Z]. Available at SSRN1395716,2009.
[20] Atiken B.J., Harrison A.. Do domestic firms benefit from direct foreign investment?Evidence from Venezuela[J]. American Economic Review,1999,89:605-618.
[21] Azariadis C., Kaas L.. Capital Misallocation and Aggregate Factor Productivity[Z],Working Paper,2012.
[22] Aziz J., Duenwald C.. Growth-Financial Intermediation Nexus in China[Z]. IMFWorking Paper,2002.
[23] Azman-Saini W.NW., Law S.H., Ahmad A.. FDI and economic growth: Newevidence on the role of fnancial markets[J]. Economics Letters,2010,107:211-213.
[24] Balasubramanyam V.N., Salisu M., Sapsford D.. Foreign direct investment andgrowth in EP and IS countries[J]. The Economic Journal,1996,106(434):92-105.
[25] Barro R., Sala-i-Martin X.. Economic growth[M]. Boston:MIT Press,2004.
[26] Bartelsman E.J., Doms M.. Understanding productivity: lessons from longitudinalmicrodata[J]. Journal of Economic literature,2000,38(3):569-594.
[27] Bartelsman E., Haltiwanger J., Scarpetta S.. Cross-country and within-countrydifferences in the business climate[J]. International Journal of Industrial Organization,2010,28:368-371.
[28] Bartelsman E.J., Haltiwanger J.C., Scarpetta S.. Cross-country differences inproductivity: the role of allocation and selection[Z]. NBER Working Paper,2009.
[29] Beck T.. Financial dependence and international trade[J]. Review of InternationalEconomics,2003,11(2):296-316.
[30] Beck T.. Financial development and international trade: is there a link?[J]. Journal ofinternational Economics,2002,57(1):107-131.
[31] Beck T., Demirgüc-kunt A., Levine R.. A New Database on Financial Developmentand Structure[Z]. Policy Research Working Paper2146,1999.
[32] Beck T., Levine R., Loayza N.. Finance and the sources of growth[J]. Journal ofFinancial Economics,2000,58:261-300.
[33] Benhabib J., Spiegel M.. The Role of Financial Development in Growth andInvestment[J]. Journal of Economic Growth,2000,5:341-360.
[34] Berger A.N., Udell G.F.. Did risk-based capital allocate bank credit and cause a―credit crunch‖in the US?[J]. Journal of Money Credit Banking,1994,26:585-628.
[35] Bencivenga V.R., Smith B.D.. Financial Intermediation and Endogenous Growth[J].The Review of Economic Studies,1991,58(2):195-209.
[36] Bhagwati J.N.. Foreign trade regimes and economic development: Anatomy andconsequences of exchange control regimes[Z]. Ballinger Publishing Company [for]the National Bureau of Economic Research,1978.
[37] Bils M., Klenow P.. Does Schooling Cause Growth?[J]. The American EconomicReview,2000,90(5):1160-1183.
[38] Blackburn K, Hung V.T.Y.. A theory of growth, financial development andtrade[J].Economica,1998,65(257):107-124.
[39] Borensztein E., Gregorio J.D., Lee J.W.. How does foreign direct investment affecteconomic growth?[J]. Journal of International Economics,1998,45:115-135
[40] Borensztein E., Gregorio J.D., Lee J.W.. How Does Foreign Direct Investment AffectEconomic Growth?[J]. Journal of International Economics,1998,45:115-135.
[41] Brandt L., Li H.. Bank discrimination in transition economies: ideology, information,or incentives?[J]. Journal of comparative economics,2003,31(3):387-413.
[42] Brown J.D., Earle J.S..Understanding the Contributions of Reallocation toProductivity Growth: Lessons from a Comparative Firm-Level Analysis[Z]. WorkingPaper,2008.
[43] Brown J.R., Martinsson G.,Petersen B.C.. Do fnancing constraints matter for R&D?[J]. European Economic Review,2012,56:1512-1529.
[44] Blocha H., Tang S.H.K.. The role of financial development in economic growth.Progress in Development Studie,2003,3:243-251.
[45] Blomstrom M., Wolff N.. Multinational Corporations and Productivity convergencein Mexico[Z]. NBER Working Paper No.3141,1994.
[46] Blundell R., Bond S., Windmeijer F.. Estimation in Dynamic Panel Data Models:Improving on the Performance of the Standard GMM Estimator[Z]. IFS WorkingPaper,2000.
[47] Buera F.J., Kaboski J., Shin Y.. Finance and development: A tale of two sectors[Z].National Bureau of Economic Research,2009.
[48] Buera F.J., Shin Y.. Financial Frictions and the Persistence of History: A QuantitativeExploration[Z]. NBER Working Paper No.16400,2010.
[49] Butler A.W., Cornaggia J.. Does access to external finance improve productivity?Evidence from a natural experiment[J]. Journal of Financial Economics,2011,99(1):184-203.
[50] Calderón C., Liu L..The direction of causality between financial development andeconomic growth[J]. Journal of development economics,2003,72(1):321-334.
[51] Cameron R.. Banking in the Early Stages of Industrialization: A Study inComparative Economic History[M]. New York:Oxford University Press,1967.
[52] Carkovic M.V., Levine R.. Does foreign direct investment accelerate economicgrowth?[J]. in T. H. Moran, E. M. Graham and M. Blomstr m, eds., Does ForeignDirect Investment Promote Development?, Washington, D.C., Institute forInternational Economics,2005.
[53] Carkovic M., Levine R.. Does foreign direct investment accelerate economic growth?[Z]. University of Mnnesota, Working Paper,2000.
[54] Chari V., Kehoe P., McGrattan E.. Business Cycle Accounting[J]. Econometrica,2007,75:781-836.
[55] Chen H.. Development of Financial Intermediation and Economic Growth: TheChinese Experience[J]. China Economic Review,2006,17(4):347-362.
[56] Chen K., Song Z.. Financial Frictions on Capital Allocation: A TransmissionMechanism of TFP Fluctuation[Z].Working Paper,2009.
[57] Chiu J., Meh C., Wright R.. Innovation and Growth with Financial, and Other,Frictions[Z]. Bank of Canada Working Paper,2011.
[58] Claessens S., Demirgü-Kunt A., Huizinga H.. How Does Foreign Entry Affect theDomestic Banking Market?[J]. Journal of Banking&Finance,2001,25(5):891-911.
[59] Coe D.T., Helpman E.. International r&d spillovers[J]. European Economic Review,1995,39(5):859-887.
[60] Cohen W., Levinthal D.. Innovation and Learning: The Two Faces of R&D[J].Economic Journal,1989,99:569-596.
[61] Crepon B., Duguet E.. Estimating the Innovation Function from Patent Numbers:GMM on Count Panel Data[J]. Journal of Applied Econometrics,1997,12(3):243-263.
[62] Damijan J.P., Knell M., Majcen B.. The role of FDI, R&D accumulation and trade intransferring technology to transition countries: evidence from firm panel data foreight transition countries[J]. Economic systems,2003,27(2):189-204.
[63] De Gregorio J., Guidotti P.E.. Financial Development and Economic Growth[J].World Development,1995,23:433-448.
[64] Dehejia R., Lleras-Muney A.. Why Does Financial Development Matter? The UnitedStates from1900to1940[Z]. NBER Working Paper,2003.
[65] De Mello L.J.. Foreign direct investment-led growth: Evidence from time series andpanel data[J]. Oxford Economic Papers,1999,51:133-151.
[66] Demirgü-Kunt A., Levine R., Min H.G.. Opening to Foreign Banks:Issues ofStability, Efficiency, and Growth[Z]. World Bank Mimeo,1998.
[67] Do Q.T., Levchenkob A.. Comparative Advantage, Demand For External Finance,And Financial Development[J]. Journal of Financial Economics,2007,86:796-834.
[68] Dollar D., Wei S.J.. Das (wasted) Kapital: firm ownership and investment efficiencyin China[Z]. NBER Working Paper,2007.
[69] Du J., Lu Y., Tao Z.. Bank loans and trade credit under China’s financialrepression[C]. The China International Conference in Finance,2009.
[70] Easterly W., Levine R.. It s Not Factor Accumulation: Stylized Facts and GrowthModels[J]. World Bank Economic Review,2001,15(2):177-219.
[71] Eaton J., Kortum S.. Measuring technology diffusion and the international sources ofgrowth[J]. Eastern Economic Journal,1996,22(4):401-410.
[72] Eisfeldt A., Rampini A.. Capital Reallocation and Liquidity[J].Journal of MonetaryEconomics,2006,53:369-399.
[73] Erosa A., Cabrillana A.H.. On finance as a theory of TFP, cross-industry productivitydifferences, and economic rents[J]. International economic review,2008,49:437-473.
[74] Farrell J.. The measurement of productive efficiency[J]. Journal of the RoyalStatistical Society, Series A,1957,120(3):253-290.
[75] Fisman R., Love I.. Financial Development and Growth in the Short and LongRun[Z]. BREAD Working Paper No.051,2003.
[76] Flore J.. Foreign Direct Investment Spillovers: What Can We Learn From PortugueseData?[J]. Journal of Development Economics,2000,1(4):63-69.
[77] Fuente A., Marín JM.. Innovation, bank monitoring, and endogenous financialdevelopment[J]. Journal of Monetary Economics,1996,38(2):269-301.
[78] Gilchrist S., Sim J.W., Zakrajsek E.. Misallocation and Financial Market Frictions:Some Direct Evidence from the Dispersion in Borrowing Costs[Z]. Working Paper,2012.
[79] Goldsmith R.W.. Financial structure and development[M]. New Haven:YaleUniversity Press,1969.
[80] Gorodnichenko Y., Schnitzer M.. Financial constraints and innovation: Why poorcountries don't catch up[Z]. NBER Working Paper No.15792,2011.
[81] Grabher G.. The Embedded Firm: on the Socioeconomics of Industrial Networks[M].London and New York: Routledge,1993.
[82] Greenwood J., Jovanovic B.. Financial development, growth, and the distribution ofincome[J]. Journal of Political Economy,1990,98:1076-1107.
[83] Greenwood J., Sanchez J.M., Wang C.. Quantifying the impact of fnancialdevelopment on economic development[J]. Review of Economic Dynamics,2013,16:194-215.
[84] Greenwald B.C., Stiglitz J.E.. Asymmetric information and the new theory of thefirm: Financial constraints and risk behavior[J]. The American Economic Review,1990,80(2):160-165.
[85] Haddad M., Harrison A.. Are there positive spillovers from direct foreign investment?Evidence from panel data for Morocco[J]. Journal of Development Economics,1993,42:51-74.
[86] Hale G., Long C.X.. What determines technological spillovers of foreign directinvestment: evidence from China[J]. Economic Growth Center, Yale University,2006.
[87] Hall B.H., Lerner J.. The Financing of R&D and Innovation[M]. Handbook of TheEconomics of Innovation,2010.
[88] Hall R.E., Jones C.I.. Why do some countries produce so much more output perworker than others?[J]. Quarterly Journal Of Economics,1999,114(1):83-116.
[89] Hansen B.E.. Sample splitting and threshold estimation[J]. Econometrica,2000,68(3):575-603.
[90] Hartmann P., Heider F., Papaioannou E., Duca M.L.. The Role of Financial Marketsand Innovation in Productivity and Growth in Europe[Z]. Occasional Paper Series,2007.
[91] Hsieh C.T., Klenow P.J.. Misallocation and Manufacturing TFP in China and India[J].The Quarterly Journal of Economics,2009,124(4):1403-1448.
[92] Huang H., Xu C.. Institutions, innovations, and growth[J]. The American EconomicReview,1999,89(2):438-444.
[93] Ilyina A., Samaniego R.. Technology and Finance[Z]. IMF Working Paper,2008.
[94] Ilyina A., Samaniego R.. Technology and Financial Development[J]. Journal ofMoney, Credit and Banking,2011,43(5):899-921.
[95] Javorcik B.S., Spatareanu M.. Liquidity Constraints and Linkages withMultinationals[Z]. Mimeo,2007.
[96] Jeanneney S., Hua P., Liang Z.. Financial Development, Economic Efficiency, andProductivity Growth: Evidence From China[J]. The Developing Economies, Instituteof Developing Economies,2006,44(1):27-52.
[97] Jaffe A.B.. Real effects of academic research[J]. The American Economic Review,1989,79(5):957-970.
[98] Jeong H., Townsend R.M.. Sources of TFP growth: occupational choice and financialdeepening[J]. Economic Theory,2007,32(1):179-221.
[99] King R.G., Levine R.. Finance and Growth: Schumpeter Might Be Right[J]. TheQuarterly Journal of Economics,1993a,108(3):717-737.
[100] King R., Levine R.. Finance, entrepreneurship and growth: Theory and evidence[J].Journal of Monetary Economics,1993b,32(3):513–542.
[101] Kinoshita Y.. R&D and Technology Spillovers via FDI: Innovation and AbsorptiveCapacity[Z]. William Davidson Institute Working Papers Series349,2000.
[102] Klenow P., Rodriguez-Clare A.. The Neoclassical Review in Growth Economies: HasIt Gone too Far?[Z]. NBER Macroeconomics Annual12,1997.
[103] Kogel T.. Youth Dependence and Total factor Productivity[J].Journal of DevelopmentEconomics,2005,76:147-173.
[104] Krugman P.. Myth of Asia’s Miracle[J]. Foreign Affairs,1994,73:62-78.
[105] Lee C.C., Chang C.P.. FDI, financial development, and economic growth:International evidence[J]. Journal of Applied Economics,2009,12(2):249-271.
[106] Levine R.. Financial Development and Economic Growth: Views and Agenda[J].Journal of Economic Literature,1997,35(2):688-726.
[107] Levin R.C., Klevorick A.K., Nelson R.R., Winter S.G.. Appropriating the returnsfrom industrial research and development[J]. Brookings Papers on EconomicActivity,1987,3:783-832.
[108] Li SM.. Costly External Finance, Reallocation, and Aggregate Productivity[J].Journal of Productivity Analysis,2011,35:181-195.
[109] Loayza N., Rancie`re R.. Financial development, financial fragility, and growth[J].Journal of Money, Credit, and Banking,2006,38:1051-1076.
[110] Lucas R.E.. On the Mechanics of Economic Development[J]. Journal of MonetaryEconomics,1988,22:3-42.
[111] Mankiw N.G., Romer D., Weil D.N.. A contribution to the empirics of economicgrowth[J]. Quarterly Journal of Economics,1992,107:407-437.
[112] Mansfield E., Schwartz M., Wagner S.. Imitation costs and patents: An empiricalstudy[J]. Economic Journal,1981,91:907-918.
[113] Maskus K.E., Neumann R., Seidel T.. How National And International FinancialDevelopment Affect Industrial R&D[J]. European Economic Review,2012,56:72-83.
[114] Mckinnon R.I.. Money and capital in Economic Development[M]. Washington D.C.:Brookings Institution,1973.
[115] McKinsey Global Institute.. Productivity: The Key to an Accelerated DevelopmentPath for Brazil[M]. Washington D.C.: McKinsey Global Institute,1998.
[116] Méon P.G., Weill L.. Does financial intermediation matter for macroeconomicperformance?[J]. Economic Modelling,2010,27:296-303.
[117] Midrigan V., Xu D.Y.. Finance and Misallocation: Evidence from Plant-LevelData[Z], Working Paper,2010.
[118] Nelson R.R., Phelps E.S.. Investment in humans, technological diffusion, andeconomic growth[J]. The American Economic Review,1966,56(1/2):69-75.
[119] Niels H., Lensink R.. Foreign direct investment, financial development and economicgrowth[J]. The Journal of Development Studies,2003,40(1):142-163
[120] Nourzad F.. Financial development and productive efficiency: a panel study ofdeveloped and developing countries[J]. Journal of Economics and Finance,2002,26(2):138-148.
[121] Omran M., Bbolbol A.. Foreign Direct Investment, Finance Development andEconomic Growth: Evidence From Arab Countries[J]. Reviews of Middle EastEconomics and Finance,2003,3:231-245.
[122] Ozawa T.. Foreign direct investment and economic development[J]. TransnationalCorporations,1992,1(1):27-54.
[123] Park A., Kaja S..Tests of Financial Intermediation and Banking Reform in China[J].Journal of Comparative Economics,2001,29(4):608-644.
[124] Patrick H.T.. Financial Development and Economic Growth in UnderdevelopedCountries[J]. Economic Development and Cultural Change,1966,14(2):174-189.
[125] Peters K.. Catching Up: The Impact of Financial Development on TechnologyAdoption and Participation in International Trade[D].2012.
[126] Prescott E.. Needed: A Theory of Total Factor productivity[J]. InternationalEconomic Review,1998,39:525-552.
[127] Rajan R., Zingales L.. Banks and Markets: The Changing Character of EuropeanFinance[Z]. CEPR Discussion Papers3865,2003.
[128] Rajan R., Zingales L.. Financial dependence and growth[J]. The American EconomicReview,1998,88(3):559-586.
[129] Restuccia D., Rogerson R.. Policy Distortions and Aggregate Productivity withHeterogeneous Plants[J]. Review of Economic Dynamics,2008,11(4):707-720.
[130] Rousseau P.L., Wachtel P.. What is happening to the impact of financial deepening oneconomic growth?[J]. Economic Inquiry,2011,49:276-288.
[131] Rioja F., Valev N.. Finance and the sources of growth at various stages of economicdevelopment[J]. Economic Inquiry,2004,42(1):127-140.
[132] Rioja F., Valev N.. Financial structure and the sources of growth: comparing LatinAmerica, East Asia, and OECD[C]. Proceedings of The Tenth Annual Meeting of theLatin American and Caribbean Economic Association (LACEA),2005:27-29.
[133] Romer P.M.. Increasing returns and long-run growth[J]. The Journal of PoliticalEconomy,1986,94(5):1002-1037.
[134] Rousseau P.L., Wachtel P.. Inflation thresholds and the finance-growth nexus[J].Journal of International Money and Finance,2002,21(6):777-793.
[135] Saint-Paul G., Technological choice, financial markets and economic development[J].European Economic Review,1992,36(4):763-781.
[136] Schumpeter J.. Theorie der wirtschaftlichen Entwicklung[M]. Leipzig:Duncker undHumblot,1992.
[137] Sharma S.. Financial development and innovation in small firms[Z]. World BankPolicy Research Working Paper Series,2007.
[138] Shaw E.S.. Financial deepening in Economic development[M]. New York:OxfordUniversity Press,1973.
[139] Smarzynska B.. Composition of foreign direct investment and protection ofintellectual property rights in transition economies[Z]. Centre for Economic PolicyResearch,1999.
[140] Solow R.K.. Technical change and the aggregate production function[J]. Review ofEconomics and Statistics,1957,39:312-320.
[141] Sun Q., Tong W.H.S..China share issue privatization: the extent of its success[J].Journal of financial economics,2003,70(2):183-222.
[142] Svaleryd H., Vlachos J.. Financial markets, industrial specialization and comparativeadvantage: Evidence from OECD countries. Department of Economics[Z].Stockholm University,2002.
[143] World Investment Report.. Cross-border Mergers and Acquisitions andDevelopment[Z]. UNCTAD,2000.
[144] Wurgler J.. Financial Markets and the Allocation of Capital[J]. Journal of FinancialEconomics,2000,58:187-214.
[145] Xu B.. Multinational Enterprises, Technology Diffusion, and Host CountryProductivity Growth[J]. Journal of Development Economics,2000,6:446-493.
[146] Zagorchev A., Vasconcellosb G., Bae Y.. Financial Development, Technology,Growth and Performance: Evidence From The Accession to The EU[J]. Journal ofInternational Financial Markets, Institutions&Money,2011,21:743-759.
[147] Zhang A., Zhang Y., Zhao R..A study of the R&D Efficiency and Productivity ofChinese Firms[J]. Journal of Comparative Economics,2003,31(3):444-464.
[148]白积洋.金融发展、对外贸易与全要素生产率:来自中国省域的证据[J].科学决策,2011,8:22-51.
[149]陈刚,李树.金融发展与增长源泉：要素积累、技术进步与效率改善[J].南方经济,2009,5:24-35.
[150]陈永伟,胡伟民.价格扭曲、要素错配和效率损失：理论与应用[J].经济学(季刊),2011,4:1401-1422.
[151]陈钊,陆铭,金煜.中国人力资本和教育发展的区域差异:对于面板数据的估算[J].世界经济,2004,12:25-31.
[152]程培堽,周应恒,殷志扬. FDI对国内投资的挤出(入)效应:产业组织视角[J].经济学(季刊),2009,8(4):1527-1548.
[153]杜佳,蓝海荣.对我国金融发展与经济增长相关性的实证研究(1978-2001)[J].中国经济学年会论文,2003.
[154]范承泽,胡一帆,郑红亮. FDI对国内企业技术创新影响的理论与实证研究[J].经济研究,2008,1:89-102.
[155]樊纲,王小鲁,马光荣.中国市场化进程对经济增长的贡献[J].经济研究,2011,9:4-16.
[156]范学俊.金融政策与资本配置效率——1992-2005年中国的实证[J].数量经济技术经济研究,2008,2:3-15.
[157]傅晓霞,吴利学.全要素生产率在中国地区差异中的贡献:兼与彭国华和李静等商榷[J].世界经济,2006,9:12-22.
[158]高凌云,王洛林.进口贸易与工业行业全要素生产率[J].经济学(季刊),2010,9(2):391-414.
[159]宫俊涛,孙林岩,李刚.中国制造业省际全要素生产率变动分析——基于非参数Malmquist指数方法[J].数量经济技术经济研究,2008,25(4):97-109,130.
[160]郭国峰,温军伟,孙保营.技术创新能力的影响因素分析——基于中部六省面板数据的实证研究[J].数量经济技术经济研究,2007,9:134-143.
[161]郭庆旺,赵志耘,贾俊雪.中国省份经济的全要素生产率分析[J].世界经济，2005,5:46-53.
[162]韩立岩,蔡红艳.我国资本配置效率及其与金融市场关系评价研究[J].管理世界,2002,1:65-70.
[163]韩立岩,王哲兵.我国实体经济资本配置效率与行业差异[J].经济研究,2005,1:77-84.
[164]黄德春,闵尊祥,徐敏.金融发展与技术创新:对中国高新技术产业的实证研究[J].中国科技论坛,2011,12:21-25.
[165]黄亚生.中国―外资依赖症‖的原因和代价[J].中国招标,2005,52:34-41.
[166]赖明勇,张新,彭水军,包群.经济增长的源泉:人力资本、研究开发与技术外溢[J].中国社会科学,2005,2:32-46.
[167]李国民,王秋石.地区间接融资的金融市场和外商直接投资的正溢出效应[J].经济理论与经济管理,2007,6:70-75.
[168]李建伟.外商直接投资与经济增长:对金融市场角色的分析[J].当代财经,2007,1:27-30+99.
[169]李婧,谭清美,白俊红.中国区域创新生产的空间计量分析——基于静态与动态空间面板模型的实证研究[J].管理世界,2010,7:43-65.
[170]林毅夫,蔡昉,李周.充分信息与国企改革[J].市场经济导报,1997,8:4-5.
[171]林毅夫,姜烨.发展战略、经济结构与银行业结构:来自中国的经验[J].管理世界,2006,1:29-39.
[172]刘秉镰,武鹏,刘玉海.交通基础设施与中国全要素生产率增长——基于省域数据的空间面板计量分析[J].中国工业经济,2010,3:54-64.
[173]刘鸿儒.刘鸿儒论中国金融体制改革[M].中国金融出版社,2000.
[174]刘瑞明.金融压抑、所有制歧视与增长拖累——国有企业效率损失的再考察[J].经济学(季刊),2011,10(2):604-618.
[175]刘生龙,胡鞍钢.基础设施的外部性在中国的检验:1988-2007[J].经济研究,2010,3:4-15.
[176]刘小玄.中国工业企业的所有制结构对效率差异的影响——1995年全国工业企业普查数据的实证分析[J].经济研究,2000,2:17-25.
[177]刘小玄.中国转轨经济中的产权结构和市场结构——产业绩效水平的决定因素[J].经济研究,2003,1:21-29.
[178]刘云,夏民,武晓明.中国最大500家外商投资企业在华专利及影响的计量研究[J].预测,2003,6:19-23.
[179]卢峰,姚洋.金融压抑下的法治、金融发展和经济增长[J].中国社会科学,2004,1:42-55.
[180]鲁钊阳,廖杉杉. FDI技术溢出与区域创新能力差异的双门槛效应[J].数量经济技术经济研究,2012,5:75-88.
[181]马彦新.基于空间计量模型的金融发展与技术创新研究[J].上海金融学院学报,2011,5:26-35.
[182]毛其淋,盛斌.对外经济开放、区域市场整合与全要素生产率[J].经济学(季刊),2012,(1):181-210.
[183]米运生,谭莹.中国信贷资本配置效率的空间差异：基于四大区域及省际面板数据的实证分析[J].财经理论与实践,2007,5:31-37.
[184]牛凯龙.转轨时期中国金融发展及其效率研究——基于金融发展与经济增长传导机制的分析[D].博士论文,天津:南开大学,2005.
[185]潘文卿,张伟.中国资本配置效率与金融发展相关性研究[J].管理世界,2003,8:16-23.
[186]彭国华.中国地区收入差距、全要素生产率及其收敛分析[J].经济研究,2005,9:19-29.
[187]齐俊妍,王永进,施炳展,盛丹.金融发展与出口技术复杂度[J].世界经济,2011,7:91-118.
[188]钱水土,周永涛.金融发展、技术进步与产业升级[J].统计研究,2011,28:68-74.
[189]任永菊,张岩贵.外国直接投资与金融深化之间关系的实证分析[J].世界经济文汇,2003,5:24-33.
[190]世界银行,国务院发展研究中心.2030年的中国[M].北京:中国财政经济出版社，2013.
[191]孙力军.金融发展、FDI与经济增长[J].数量经济技术经济研究,2008,1:3-14.
[192]谈儒勇.金融发展理论的新发展:90年代金融发展理论[J].经济研究参考,1999,77:23-29.
[193]王永剑,刘春杰.金融发展对中国资本配置效率的影响及区域比较[J].财贸经济,2011,3:54-60.
[194]吴敬琏.中国应当走一条什么样的工业化道路?[J].管理世界,2006,8:1-7.
[195]吴延兵. R&D存量、知识函数与生产效率[J].经济学(季刊),2006,4:1129-1156.
[196]吴延兵.自主研发、技术引进与生产率——基于中国地区工业的实证研究[J].经济研究,2008,8:51-64.
[197]吴延兵.国有企业双重效率损失研究[J].经济研究,2012,3:15-27.
[198]吴玉鸣.空间计量经济模型在省域研发与创新中的应用研究[J].数量经济技术经济研究,2006,5:74-85.
[199]熊鹏,王飞.中国金融深化对经济增长内生传导渠道研究——基于内生增长理论的实证比较[J].金融研究,2008,2:51-60.
[200]严鹏飞,王兵.技术效率、技术进步与生产率增长:基于DEA的实证分析[J].经济研究,2004,12:55-65.
[201]杨柳勇,沈国良.外商直接投资对国内投资的挤入挤出效应分析[J].统计研究,2002,3:6-8.
[202]阳小晓,赖明勇. FDI与技术外溢:基于金融发展的理论视角及实证研究[J].数量经济技术经济研究,2006,6:72-81.
[203]姚战琪.生产率增长与要素再配置效应:中国的经验研究[J].经济研究,2009,11:130-143.
[204]叶志强,陈习定,张顺明.金融发展能减少城乡收入差距吗？——来自中国的证据[J].金融研究,2011,2:42-56.
[205]应千伟,连玉君,陆军.贷款利率改革与微观资本配置效率[J].经济学家,2010,1:76-85.
[206]余泳泽. FDI技术外溢是否存在―门槛条件‖——来自我国高技术产业的面板门限回归分析[J].数量经济技术经济研究,2012,8:49-63.
[207]张建华,程文.中国地区产业专业化演变的Ｕ型规律[J].中国社会科学,2012,1:76-97.
[208]张军.社会主义的政府与企业:从―退出‖角度的分析[J].经济研究,1994,9:72-80.
[209]张军,金煜.中国的金融深化和生产率关系的再检测:1987-2001[J].经济研究,2005,11:34-45.
[210]张军,吴桂英,张吉鹏.中国省际物质资本存量估算:1952-2000[J].经济研究,2004,10:35-44.
[211]张维迎.企业理论与中国企业改革[M].北京大学出版,2000.
[212]张维迎,马捷.恶性竞争的产权基础[J].经济研究,1999,6:11-20.
[213]章祥荪,贵斌威.中国全要素生产率分析:Malmquist指数法评述与应用[J].数量经济技术经济研究,2008,25(6):111-122.
[214]张志强.金融发展、研发创新与区域技术深化[J].经济评论,2012,3:82-92.
[215]赵勇,雷达.金融与经济增长:生产率促进抑或资本形成[J].世界经济,2010,2:37-50.
[216]赵振全,薛丰慧.金融发展对经济增长影响的实证分析[J].金融研究,2004,8:94-99.
[217]郑明海.开放经济下中国金融发展的生产率效应研究[D].浙江大学博士学位论文,2008.
[218]郑文,张建华.进出口贸易―挤出‖了中国企业的R&D投资吗[J].国际经贸探索,2012,11:4-13.
[219]周立,王立明.中国各地区金融发展与经济增长实证分析:1978-2000[J].金融研究,2002,10:1-13.
[220]周黎安.中国地方官员的晋升锦标赛模式研究[J].经济研究,2007,7:36-50.
[221]朱欢.我国金融发展对企业技术创新作用效果的实证分析[J].科技管理研究,2010,14:26-30.
[222]朱平芳,徐伟民.政府的科技激励政策对大中型工业企业R&D投入及其专利产出的影响——上海市的实证研究[J].经济研究,2003,6:45-53+94.
[2] Abramovitz M.. Catching Up, Forging Ahead and Falling Behind[J]. Journal ofEconomic History,1986,46(2):385-406.
[3] Acemoglu D. Introduction to Modern Economic Growth[M]. New Jersey:PrincetonUniversity Press,2009.
[4] Acemoglu D., Fabrizio Z.. Productivity Differences[J]. Quaterly Journal ofEconomics,2001,116:563-606.
[5] Acemoglu D., Zilibotti F.,Aghion P.,Distance to Frontier, Selection, and EconomicGrowth[J]. Journal of the European Economic Association March,2006,4(1):37-74.
[6] Acemoglu D., Zilibotti F..Was Prometeus unbound by chance? Risk, diversificationand growth[J]. Journal of Political Economy,1997,105:709-755.
[7] Aghion P., Howitt P.. The schumpeterian approach to technical change and growth[Z].Economic Growth in the World Economy: Symposium,1992.
[8] Aghion P., Howitt P., Mayer-Foulkes D..The Effect of Financial Development onConvergence:Theory and Evidence[Z]. Working Paper,2003.
[9] Akkemik K.A.. TFP Growth and Resource Allocation in Singapore,1965-2002[J].Journal of International Development,2007,19:1059-1073.
[10] Alfaro L., Chanda A.,Kalemli-Ozcan S., Sayekd S.. FDI and economic growth: therole of local financial markets[J]. Journal of International Economics,2004,64:89-112.
[11] Alfaro L., Kalemli-Ozcan S., Sayek S.. FDI, Productivity and FinancialDevelopment[J]. The World Economy,2009,32(1):111-135.
[12] Almeida H., Wolfenzon D.. The effect of external finance on the equilibriumallocation of capital[J]. Journal of Financial Economics,2005,75:133-164.
[13] Allen F., Gale D.. A Welfare Comparison of Intermediaries and Financial Markets inGermany and The US[J]. European Economic Review,1995,39(2):179-209.
[14] Amaral P.S.. Quintin E., Financial Intermediation and Economic Development: AQuantitative Assessment[Z]. Manuscript, Federal Reserve Bank of Dallas,2005.
[15] Ang J.B..What are the mechanisms linking financial development and economicgrowth in Malaysia?[J]. Economic Modelling,2008,25(1):38-53.
[16] Arellano M., Bond S.. Some tests of specification for panel data: Monte Carloevidence and an application to employment equations[J]. The Review of EconomicStudies,1991,58(2):277-297.
[17] Arayama Y., Miyoshi K.. Regional Diversity and Sources of Economic Growth inChina[J]. The World Economy,2004,27(4):1583-1607.
[18] Arestis P., Chortareas G., Desli E.. Financial Development and ProductivityEfficiency in OECD Countries: An Exploratory Analysis[J]. The Manchester School,2006,74(4):417-440.
[19] Arizala F., Cavallo E., Galindo A.. Financial development and TFP growth: Crosscountry and industry level evidence[Z]. Available at SSRN1395716,2009.
[20] Atiken B.J., Harrison A.. Do domestic firms benefit from direct foreign investment?Evidence from Venezuela[J]. American Economic Review,1999,89:605-618.
[21] Azariadis C., Kaas L.. Capital Misallocation and Aggregate Factor Productivity[Z],Working Paper,2012.
[22] Aziz J., Duenwald C.. Growth-Financial Intermediation Nexus in China[Z]. IMFWorking Paper,2002.
[23] Azman-Saini W.NW., Law S.H., Ahmad A.. FDI and economic growth: Newevidence on the role of fnancial markets[J]. Economics Letters,2010,107:211-213.
[24] Balasubramanyam V.N., Salisu M., Sapsford D.. Foreign direct investment andgrowth in EP and IS countries[J]. The Economic Journal,1996,106(434):92-105.
[25] Barro R., Sala-i-Martin X.. Economic growth[M]. Boston:MIT Press,2004.
[26] Bartelsman E.J., Doms M.. Understanding productivity: lessons from longitudinalmicrodata[J]. Journal of Economic literature,2000,38(3):569-594.
[27] Bartelsman E., Haltiwanger J., Scarpetta S.. Cross-country and within-countrydifferences in the business climate[J]. International Journal of Industrial Organization,2010,28:368-371.
[28] Bartelsman E.J., Haltiwanger J.C., Scarpetta S.. Cross-country differences inproductivity: the role of allocation and selection[Z]. NBER Working Paper,2009.
[29] Beck T.. Financial dependence and international trade[J]. Review of InternationalEconomics,2003,11(2):296-316.
[30] Beck T.. Financial development and international trade: is there a link?[J]. Journal ofinternational Economics,2002,57(1):107-131.
[31] Beck T., Demirgüc-kunt A., Levine R.. A New Database on Financial Developmentand Structure[Z]. Policy Research Working Paper2146,1999.
[32] Beck T., Levine R., Loayza N.. Finance and the sources of growth[J]. Journal ofFinancial Economics,2000,58:261-300.
[33] Benhabib J., Spiegel M.. The Role of Financial Development in Growth andInvestment[J]. Journal of Economic Growth,2000,5:341-360.
[34] Berger A.N., Udell G.F.. Did risk-based capital allocate bank credit and cause a―credit crunch‖in the US?[J]. Journal of Money Credit Banking,1994,26:585-628.
[35] Bencivenga V.R., Smith B.D.. Financial Intermediation and Endogenous Growth[J].The Review of Economic Studies,1991,58(2):195-209.
[36] Bhagwati J.N.. Foreign trade regimes and economic development: Anatomy andconsequences of exchange control regimes[Z]. Ballinger Publishing Company [for]the National Bureau of Economic Research,1978.
[37] Bils M., Klenow P.. Does Schooling Cause Growth?[J]. The American EconomicReview,2000,90(5):1160-1183.
[38] Blackburn K, Hung V.T.Y.. A theory of growth, financial development andtrade[J].Economica,1998,65(257):107-124.
[39] Borensztein E., Gregorio J.D., Lee J.W.. How does foreign direct investment affecteconomic growth?[J]. Journal of International Economics,1998,45:115-135
[40] Borensztein E., Gregorio J.D., Lee J.W.. How Does Foreign Direct Investment AffectEconomic Growth?[J]. Journal of International Economics,1998,45:115-135.
[41] Brandt L., Li H.. Bank discrimination in transition economies: ideology, information,or incentives?[J]. Journal of comparative economics,2003,31(3):387-413.
[42] Brown J.D., Earle J.S..Understanding the Contributions of Reallocation toProductivity Growth: Lessons from a Comparative Firm-Level Analysis[Z]. WorkingPaper,2008.
[43] Brown J.R., Martinsson G.,Petersen B.C.. Do fnancing constraints matter for R&D?[J]. European Economic Review,2012,56:1512-1529.
[44] Blocha H., Tang S.H.K.. The role of financial development in economic growth.Progress in Development Studie,2003,3:243-251.
[45] Blomstrom M., Wolff N.. Multinational Corporations and Productivity convergencein Mexico[Z]. NBER Working Paper No.3141,1994.
[46] Blundell R., Bond S., Windmeijer F.. Estimation in Dynamic Panel Data Models:Improving on the Performance of the Standard GMM Estimator[Z]. IFS WorkingPaper,2000.
[47] Buera F.J., Kaboski J., Shin Y.. Finance and development: A tale of two sectors[Z].National Bureau of Economic Research,2009.
[48] Buera F.J., Shin Y.. Financial Frictions and the Persistence of History: A QuantitativeExploration[Z]. NBER Working Paper No.16400,2010.
[49] Butler A.W., Cornaggia J.. Does access to external finance improve productivity?Evidence from a natural experiment[J]. Journal of Financial Economics,2011,99(1):184-203.
[50] Calderón C., Liu L..The direction of causality between financial development andeconomic growth[J]. Journal of development economics,2003,72(1):321-334.
[51] Cameron R.. Banking in the Early Stages of Industrialization: A Study inComparative Economic History[M]. New York:Oxford University Press,1967.
[52] Carkovic M.V., Levine R.. Does foreign direct investment accelerate economicgrowth?[J]. in T. H. Moran, E. M. Graham and M. Blomstr m, eds., Does ForeignDirect Investment Promote Development?, Washington, D.C., Institute forInternational Economics,2005.
[53] Carkovic M., Levine R.. Does foreign direct investment accelerate economic growth?[Z]. University of Mnnesota, Working Paper,2000.
[54] Chari V., Kehoe P., McGrattan E.. Business Cycle Accounting[J]. Econometrica,2007,75:781-836.
[55] Chen H.. Development of Financial Intermediation and Economic Growth: TheChinese Experience[J]. China Economic Review,2006,17(4):347-362.
[56] Chen K., Song Z.. Financial Frictions on Capital Allocation: A TransmissionMechanism of TFP Fluctuation[Z].Working Paper,2009.
[57] Chiu J., Meh C., Wright R.. Innovation and Growth with Financial, and Other,Frictions[Z]. Bank of Canada Working Paper,2011.
[58] Claessens S., Demirgü-Kunt A., Huizinga H.. How Does Foreign Entry Affect theDomestic Banking Market?[J]. Journal of Banking&Finance,2001,25(5):891-911.
[59] Coe D.T., Helpman E.. International r&d spillovers[J]. European Economic Review,1995,39(5):859-887.
[60] Cohen W., Levinthal D.. Innovation and Learning: The Two Faces of R&D[J].Economic Journal,1989,99:569-596.
[61] Crepon B., Duguet E.. Estimating the Innovation Function from Patent Numbers:GMM on Count Panel Data[J]. Journal of Applied Econometrics,1997,12(3):243-263.
[62] Damijan J.P., Knell M., Majcen B.. The role of FDI, R&D accumulation and trade intransferring technology to transition countries: evidence from firm panel data foreight transition countries[J]. Economic systems,2003,27(2):189-204.
[63] De Gregorio J., Guidotti P.E.. Financial Development and Economic Growth[J].World Development,1995,23:433-448.
[64] Dehejia R., Lleras-Muney A.. Why Does Financial Development Matter? The UnitedStates from1900to1940[Z]. NBER Working Paper,2003.
[65] De Mello L.J.. Foreign direct investment-led growth: Evidence from time series andpanel data[J]. Oxford Economic Papers,1999,51:133-151.
[66] Demirgü-Kunt A., Levine R., Min H.G.. Opening to Foreign Banks:Issues ofStability, Efficiency, and Growth[Z]. World Bank Mimeo,1998.
[67] Do Q.T., Levchenkob A.. Comparative Advantage, Demand For External Finance,And Financial Development[J]. Journal of Financial Economics,2007,86:796-834.
[68] Dollar D., Wei S.J.. Das (wasted) Kapital: firm ownership and investment efficiencyin China[Z]. NBER Working Paper,2007.
[69] Du J., Lu Y., Tao Z.. Bank loans and trade credit under China’s financialrepression[C]. The China International Conference in Finance,2009.
[70] Easterly W., Levine R.. It s Not Factor Accumulation: Stylized Facts and GrowthModels[J]. World Bank Economic Review,2001,15(2):177-219.
[71] Eaton J., Kortum S.. Measuring technology diffusion and the international sources ofgrowth[J]. Eastern Economic Journal,1996,22(4):401-410.
[72] Eisfeldt A., Rampini A.. Capital Reallocation and Liquidity[J].Journal of MonetaryEconomics,2006,53:369-399.
[73] Erosa A., Cabrillana A.H.. On finance as a theory of TFP, cross-industry productivitydifferences, and economic rents[J]. International economic review,2008,49:437-473.
[74] Farrell J.. The measurement of productive efficiency[J]. Journal of the RoyalStatistical Society, Series A,1957,120(3):253-290.
[75] Fisman R., Love I.. Financial Development and Growth in the Short and LongRun[Z]. BREAD Working Paper No.051,2003.
[76] Flore J.. Foreign Direct Investment Spillovers: What Can We Learn From PortugueseData?[J]. Journal of Development Economics,2000,1(4):63-69.
[77] Fuente A., Marín JM.. Innovation, bank monitoring, and endogenous financialdevelopment[J]. Journal of Monetary Economics,1996,38(2):269-301.
[78] Gilchrist S., Sim J.W., Zakrajsek E.. Misallocation and Financial Market Frictions:Some Direct Evidence from the Dispersion in Borrowing Costs[Z]. Working Paper,2012.
[79] Goldsmith R.W.. Financial structure and development[M]. New Haven:YaleUniversity Press,1969.
[80] Gorodnichenko Y., Schnitzer M.. Financial constraints and innovation: Why poorcountries don't catch up[Z]. NBER Working Paper No.15792,2011.
[81] Grabher G.. The Embedded Firm: on the Socioeconomics of Industrial Networks[M].London and New York: Routledge,1993.
[82] Greenwood J., Jovanovic B.. Financial development, growth, and the distribution ofincome[J]. Journal of Political Economy,1990,98:1076-1107.
[83] Greenwood J., Sanchez J.M., Wang C.. Quantifying the impact of fnancialdevelopment on economic development[J]. Review of Economic Dynamics,2013,16:194-215.
[84] Greenwald B.C., Stiglitz J.E.. Asymmetric information and the new theory of thefirm: Financial constraints and risk behavior[J]. The American Economic Review,1990,80(2):160-165.
[85] Haddad M., Harrison A.. Are there positive spillovers from direct foreign investment?Evidence from panel data for Morocco[J]. Journal of Development Economics,1993,42:51-74.
[86] Hale G., Long C.X.. What determines technological spillovers of foreign directinvestment: evidence from China[J]. Economic Growth Center, Yale University,2006.
[87] Hall B.H., Lerner J.. The Financing of R&D and Innovation[M]. Handbook of TheEconomics of Innovation,2010.
[88] Hall R.E., Jones C.I.. Why do some countries produce so much more output perworker than others?[J]. Quarterly Journal Of Economics,1999,114(1):83-116.
[89] Hansen B.E.. Sample splitting and threshold estimation[J]. Econometrica,2000,68(3):575-603.
[90] Hartmann P., Heider F., Papaioannou E., Duca M.L.. The Role of Financial Marketsand Innovation in Productivity and Growth in Europe[Z]. Occasional Paper Series,2007.
[91] Hsieh C.T., Klenow P.J.. Misallocation and Manufacturing TFP in China and India[J].The Quarterly Journal of Economics,2009,124(4):1403-1448.
[92] Huang H., Xu C.. Institutions, innovations, and growth[J]. The American EconomicReview,1999,89(2):438-444.
[93] Ilyina A., Samaniego R.. Technology and Finance[Z]. IMF Working Paper,2008.
[94] Ilyina A., Samaniego R.. Technology and Financial Development[J]. Journal ofMoney, Credit and Banking,2011,43(5):899-921.
[95] Javorcik B.S., Spatareanu M.. Liquidity Constraints and Linkages withMultinationals[Z]. Mimeo,2007.
[96] Jeanneney S., Hua P., Liang Z.. Financial Development, Economic Efficiency, andProductivity Growth: Evidence From China[J]. The Developing Economies, Instituteof Developing Economies,2006,44(1):27-52.
[97] Jaffe A.B.. Real effects of academic research[J]. The American Economic Review,1989,79(5):957-970.
[98] Jeong H., Townsend R.M.. Sources of TFP growth: occupational choice and financialdeepening[J]. Economic Theory,2007,32(1):179-221.
[99] King R.G., Levine R.. Finance and Growth: Schumpeter Might Be Right[J]. TheQuarterly Journal of Economics,1993a,108(3):717-737.
[100] King R., Levine R.. Finance, entrepreneurship and growth: Theory and evidence[J].Journal of Monetary Economics,1993b,32(3):513–542.
[101] Kinoshita Y.. R&D and Technology Spillovers via FDI: Innovation and AbsorptiveCapacity[Z]. William Davidson Institute Working Papers Series349,2000.
[102] Klenow P., Rodriguez-Clare A.. The Neoclassical Review in Growth Economies: HasIt Gone too Far?[Z]. NBER Macroeconomics Annual12,1997.
[103] Kogel T.. Youth Dependence and Total factor Productivity[J].Journal of DevelopmentEconomics,2005,76:147-173.
[104] Krugman P.. Myth of Asia’s Miracle[J]. Foreign Affairs,1994,73:62-78.
[105] Lee C.C., Chang C.P.. FDI, financial development, and economic growth:International evidence[J]. Journal of Applied Economics,2009,12(2):249-271.
[106] Levine R.. Financial Development and Economic Growth: Views and Agenda[J].Journal of Economic Literature,1997,35(2):688-726.
[107] Levin R.C., Klevorick A.K., Nelson R.R., Winter S.G.. Appropriating the returnsfrom industrial research and development[J]. Brookings Papers on EconomicActivity,1987,3:783-832.
[108] Li SM.. Costly External Finance, Reallocation, and Aggregate Productivity[J].Journal of Productivity Analysis,2011,35:181-195.
[109] Loayza N., Rancie`re R.. Financial development, financial fragility, and growth[J].Journal of Money, Credit, and Banking,2006,38:1051-1076.
[110] Lucas R.E.. On the Mechanics of Economic Development[J]. Journal of MonetaryEconomics,1988,22:3-42.
[111] Mankiw N.G., Romer D., Weil D.N.. A contribution to the empirics of economicgrowth[J]. Quarterly Journal of Economics,1992,107:407-437.
[112] Mansfield E., Schwartz M., Wagner S.. Imitation costs and patents: An empiricalstudy[J]. Economic Journal,1981,91:907-918.
[113] Maskus K.E., Neumann R., Seidel T.. How National And International FinancialDevelopment Affect Industrial R&D[J]. European Economic Review,2012,56:72-83.
[114] Mckinnon R.I.. Money and capital in Economic Development[M]. Washington D.C.:Brookings Institution,1973.
[115] McKinsey Global Institute.. Productivity: The Key to an Accelerated DevelopmentPath for Brazil[M]. Washington D.C.: McKinsey Global Institute,1998.
[116] Méon P.G., Weill L.. Does financial intermediation matter for macroeconomicperformance?[J]. Economic Modelling,2010,27:296-303.
[117] Midrigan V., Xu D.Y.. Finance and Misallocation: Evidence from Plant-LevelData[Z], Working Paper,2010.
[118] Nelson R.R., Phelps E.S.. Investment in humans, technological diffusion, andeconomic growth[J]. The American Economic Review,1966,56(1/2):69-75.
[119] Niels H., Lensink R.. Foreign direct investment, financial development and economicgrowth[J]. The Journal of Development Studies,2003,40(1):142-163
[120] Nourzad F.. Financial development and productive efficiency: a panel study ofdeveloped and developing countries[J]. Journal of Economics and Finance,2002,26(2):138-148.
[121] Omran M., Bbolbol A.. Foreign Direct Investment, Finance Development andEconomic Growth: Evidence From Arab Countries[J]. Reviews of Middle EastEconomics and Finance,2003,3:231-245.
[122] Ozawa T.. Foreign direct investment and economic development[J]. TransnationalCorporations,1992,1(1):27-54.
[123] Park A., Kaja S..Tests of Financial Intermediation and Banking Reform in China[J].Journal of Comparative Economics,2001,29(4):608-644.
[124] Patrick H.T.. Financial Development and Economic Growth in UnderdevelopedCountries[J]. Economic Development and Cultural Change,1966,14(2):174-189.
[125] Peters K.. Catching Up: The Impact of Financial Development on TechnologyAdoption and Participation in International Trade[D].2012.
[126] Prescott E.. Needed: A Theory of Total Factor productivity[J]. InternationalEconomic Review,1998,39:525-552.
[127] Rajan R., Zingales L.. Banks and Markets: The Changing Character of EuropeanFinance[Z]. CEPR Discussion Papers3865,2003.
[128] Rajan R., Zingales L.. Financial dependence and growth[J]. The American EconomicReview,1998,88(3):559-586.
[129] Restuccia D., Rogerson R.. Policy Distortions and Aggregate Productivity withHeterogeneous Plants[J]. Review of Economic Dynamics,2008,11(4):707-720.
[130] Rousseau P.L., Wachtel P.. What is happening to the impact of financial deepening oneconomic growth?[J]. Economic Inquiry,2011,49:276-288.
[131] Rioja F., Valev N.. Finance and the sources of growth at various stages of economicdevelopment[J]. Economic Inquiry,2004,42(1):127-140.
[132] Rioja F., Valev N.. Financial structure and the sources of growth: comparing LatinAmerica, East Asia, and OECD[C]. Proceedings of The Tenth Annual Meeting of theLatin American and Caribbean Economic Association (LACEA),2005:27-29.
[133] Romer P.M.. Increasing returns and long-run growth[J]. The Journal of PoliticalEconomy,1986,94(5):1002-1037.
[134] Rousseau P.L., Wachtel P.. Inflation thresholds and the finance-growth nexus[J].Journal of International Money and Finance,2002,21(6):777-793.
[135] Saint-Paul G., Technological choice, financial markets and economic development[J].European Economic Review,1992,36(4):763-781.
[136] Schumpeter J.. Theorie der wirtschaftlichen Entwicklung[M]. Leipzig:Duncker undHumblot,1992.
[137] Sharma S.. Financial development and innovation in small firms[Z]. World BankPolicy Research Working Paper Series,2007.
[138] Shaw E.S.. Financial deepening in Economic development[M]. New York:OxfordUniversity Press,1973.
[139] Smarzynska B.. Composition of foreign direct investment and protection ofintellectual property rights in transition economies[Z]. Centre for Economic PolicyResearch,1999.
[140] Solow R.K.. Technical change and the aggregate production function[J]. Review ofEconomics and Statistics,1957,39:312-320.
[141] Sun Q., Tong W.H.S..China share issue privatization: the extent of its success[J].Journal of financial economics,2003,70(2):183-222.
[142] Svaleryd H., Vlachos J.. Financial markets, industrial specialization and comparativeadvantage: Evidence from OECD countries. Department of Economics[Z].Stockholm University,2002.
[143] World Investment Report.. Cross-border Mergers and Acquisitions andDevelopment[Z]. UNCTAD,2000.
[144] Wurgler J.. Financial Markets and the Allocation of Capital[J]. Journal of FinancialEconomics,2000,58:187-214.
[145] Xu B.. Multinational Enterprises, Technology Diffusion, and Host CountryProductivity Growth[J]. Journal of Development Economics,2000,6:446-493.
[146] Zagorchev A., Vasconcellosb G., Bae Y.. Financial Development, Technology,Growth and Performance: Evidence From The Accession to The EU[J]. Journal ofInternational Financial Markets, Institutions&Money,2011,21:743-759.
[147] Zhang A., Zhang Y., Zhao R..A study of the R&D Efficiency and Productivity ofChinese Firms[J]. Journal of Comparative Economics,2003,31(3):444-464.
[148]白积洋.金融发展、对外贸易与全要素生产率:来自中国省域的证据[J].科学决策,2011,8:22-51.
[149]陈刚,李树.金融发展与增长源泉：要素积累、技术进步与效率改善[J].南方经济,2009,5:24-35.
[150]陈永伟,胡伟民.价格扭曲、要素错配和效率损失：理论与应用[J].经济学(季刊),2011,4:1401-1422.
[151]陈钊,陆铭,金煜.中国人力资本和教育发展的区域差异:对于面板数据的估算[J].世界经济,2004,12:25-31.
[152]程培堽,周应恒,殷志扬. FDI对国内投资的挤出(入)效应:产业组织视角[J].经济学(季刊),2009,8(4):1527-1548.
[153]杜佳,蓝海荣.对我国金融发展与经济增长相关性的实证研究(1978-2001)[J].中国经济学年会论文,2003.
[154]范承泽,胡一帆,郑红亮. FDI对国内企业技术创新影响的理论与实证研究[J].经济研究,2008,1:89-102.
[155]樊纲,王小鲁,马光荣.中国市场化进程对经济增长的贡献[J].经济研究,2011,9:4-16.
[156]范学俊.金融政策与资本配置效率——1992-2005年中国的实证[J].数量经济技术经济研究,2008,2:3-15.
[157]傅晓霞,吴利学.全要素生产率在中国地区差异中的贡献:兼与彭国华和李静等商榷[J].世界经济,2006,9:12-22.
[158]高凌云,王洛林.进口贸易与工业行业全要素生产率[J].经济学(季刊),2010,9(2):391-414.
[159]宫俊涛,孙林岩,李刚.中国制造业省际全要素生产率变动分析——基于非参数Malmquist指数方法[J].数量经济技术经济研究,2008,25(4):97-109,130.
[160]郭国峰,温军伟,孙保营.技术创新能力的影响因素分析——基于中部六省面板数据的实证研究[J].数量经济技术经济研究,2007,9:134-143.
[161]郭庆旺,赵志耘,贾俊雪.中国省份经济的全要素生产率分析[J].世界经济，2005,5:46-53.
[162]韩立岩,蔡红艳.我国资本配置效率及其与金融市场关系评价研究[J].管理世界,2002,1:65-70.
[163]韩立岩,王哲兵.我国实体经济资本配置效率与行业差异[J].经济研究,2005,1:77-84.
[164]黄德春,闵尊祥,徐敏.金融发展与技术创新:对中国高新技术产业的实证研究[J].中国科技论坛,2011,12:21-25.
[165]黄亚生.中国―外资依赖症‖的原因和代价[J].中国招标,2005,52:34-41.
[166]赖明勇,张新,彭水军,包群.经济增长的源泉:人力资本、研究开发与技术外溢[J].中国社会科学,2005,2:32-46.
[167]李国民,王秋石.地区间接融资的金融市场和外商直接投资的正溢出效应[J].经济理论与经济管理,2007,6:70-75.
[168]李建伟.外商直接投资与经济增长:对金融市场角色的分析[J].当代财经,2007,1:27-30+99.
[169]李婧,谭清美,白俊红.中国区域创新生产的空间计量分析——基于静态与动态空间面板模型的实证研究[J].管理世界,2010,7:43-65.
[170]林毅夫,蔡昉,李周.充分信息与国企改革[J].市场经济导报,1997,8:4-5.
[171]林毅夫,姜烨.发展战略、经济结构与银行业结构:来自中国的经验[J].管理世界,2006,1:29-39.
[172]刘秉镰,武鹏,刘玉海.交通基础设施与中国全要素生产率增长——基于省域数据的空间面板计量分析[J].中国工业经济,2010,3:54-64.
[173]刘鸿儒.刘鸿儒论中国金融体制改革[M].中国金融出版社,2000.
[174]刘瑞明.金融压抑、所有制歧视与增长拖累——国有企业效率损失的再考察[J].经济学(季刊),2011,10(2):604-618.
[175]刘生龙,胡鞍钢.基础设施的外部性在中国的检验:1988-2007[J].经济研究,2010,3:4-15.
[176]刘小玄.中国工业企业的所有制结构对效率差异的影响——1995年全国工业企业普查数据的实证分析[J].经济研究,2000,2:17-25.
[177]刘小玄.中国转轨经济中的产权结构和市场结构——产业绩效水平的决定因素[J].经济研究,2003,1:21-29.
[178]刘云,夏民,武晓明.中国最大500家外商投资企业在华专利及影响的计量研究[J].预测,2003,6:19-23.
[179]卢峰,姚洋.金融压抑下的法治、金融发展和经济增长[J].中国社会科学,2004,1:42-55.
[180]鲁钊阳,廖杉杉. FDI技术溢出与区域创新能力差异的双门槛效应[J].数量经济技术经济研究,2012,5:75-88.
[181]马彦新.基于空间计量模型的金融发展与技术创新研究[J].上海金融学院学报,2011,5:26-35.
[182]毛其淋,盛斌.对外经济开放、区域市场整合与全要素生产率[J].经济学(季刊),2012,(1):181-210.
[183]米运生,谭莹.中国信贷资本配置效率的空间差异：基于四大区域及省际面板数据的实证分析[J].财经理论与实践,2007,5:31-37.
[184]牛凯龙.转轨时期中国金融发展及其效率研究——基于金融发展与经济增长传导机制的分析[D].博士论文,天津:南开大学,2005.
[185]潘文卿,张伟.中国资本配置效率与金融发展相关性研究[J].管理世界,2003,8:16-23.
[186]彭国华.中国地区收入差距、全要素生产率及其收敛分析[J].经济研究,2005,9:19-29.
[187]齐俊妍,王永进,施炳展,盛丹.金融发展与出口技术复杂度[J].世界经济,2011,7:91-118.
[188]钱水土,周永涛.金融发展、技术进步与产业升级[J].统计研究,2011,28:68-74.
[189]任永菊,张岩贵.外国直接投资与金融深化之间关系的实证分析[J].世界经济文汇,2003,5:24-33.
[190]世界银行,国务院发展研究中心.2030年的中国[M].北京:中国财政经济出版社，2013.
[191]孙力军.金融发展、FDI与经济增长[J].数量经济技术经济研究,2008,1:3-14.
[192]谈儒勇.金融发展理论的新发展:90年代金融发展理论[J].经济研究参考,1999,77:23-29.
[193]王永剑,刘春杰.金融发展对中国资本配置效率的影响及区域比较[J].财贸经济,2011,3:54-60.
[194]吴敬琏.中国应当走一条什么样的工业化道路?[J].管理世界,2006,8:1-7.
[195]吴延兵. R&D存量、知识函数与生产效率[J].经济学(季刊),2006,4:1129-1156.
[196]吴延兵.自主研发、技术引进与生产率——基于中国地区工业的实证研究[J].经济研究,2008,8:51-64.
[197]吴延兵.国有企业双重效率损失研究[J].经济研究,2012,3:15-27.
[198]吴玉鸣.空间计量经济模型在省域研发与创新中的应用研究[J].数量经济技术经济研究,2006,5:74-85.
[199]熊鹏,王飞.中国金融深化对经济增长内生传导渠道研究——基于内生增长理论的实证比较[J].金融研究,2008,2:51-60.
[200]严鹏飞,王兵.技术效率、技术进步与生产率增长:基于DEA的实证分析[J].经济研究,2004,12:55-65.
[201]杨柳勇,沈国良.外商直接投资对国内投资的挤入挤出效应分析[J].统计研究,2002,3:6-8.
[202]阳小晓,赖明勇. FDI与技术外溢:基于金融发展的理论视角及实证研究[J].数量经济技术经济研究,2006,6:72-81.
[203]姚战琪.生产率增长与要素再配置效应:中国的经验研究[J].经济研究,2009,11:130-143.
[204]叶志强,陈习定,张顺明.金融发展能减少城乡收入差距吗？——来自中国的证据[J].金融研究,2011,2:42-56.
[205]应千伟,连玉君,陆军.贷款利率改革与微观资本配置效率[J].经济学家,2010,1:76-85.
[206]余泳泽. FDI技术外溢是否存在―门槛条件‖——来自我国高技术产业的面板门限回归分析[J].数量经济技术经济研究,2012,8:49-63.
[207]张建华,程文.中国地区产业专业化演变的Ｕ型规律[J].中国社会科学,2012,1:76-97.
[208]张军.社会主义的政府与企业:从―退出‖角度的分析[J].经济研究,1994,9:72-80.
[209]张军,金煜.中国的金融深化和生产率关系的再检测:1987-2001[J].经济研究,2005,11:34-45.
[210]张军,吴桂英,张吉鹏.中国省际物质资本存量估算:1952-2000[J].经济研究,2004,10:35-44.
[211]张维迎.企业理论与中国企业改革[M].北京大学出版,2000.
[212]张维迎,马捷.恶性竞争的产权基础[J].经济研究,1999,6:11-20.
[213]章祥荪,贵斌威.中国全要素生产率分析:Malmquist指数法评述与应用[J].数量经济技术经济研究,2008,25(6):111-122.
[214]张志强.金融发展、研发创新与区域技术深化[J].经济评论,2012,3:82-92.
[215]赵勇,雷达.金融与经济增长:生产率促进抑或资本形成[J].世界经济,2010,2:37-50.
[216]赵振全,薛丰慧.金融发展对经济增长影响的实证分析[J].金融研究,2004,8:94-99.
[217]郑明海.开放经济下中国金融发展的生产率效应研究[D].浙江大学博士学位论文,2008.
[218]郑文,张建华.进出口贸易―挤出‖了中国企业的R&D投资吗[J].国际经贸探索,2012,11:4-13.
[219]周立,王立明.中国各地区金融发展与经济增长实证分析:1978-2000[J].金融研究,2002,10:1-13.
[220]周黎安.中国地方官员的晋升锦标赛模式研究[J].经济研究,2007,7:36-50.
[221]朱欢.我国金融发展对企业技术创新作用效果的实证分析[J].科技管理研究,2010,14:26-30.
[222]朱平芳,徐伟民.政府的科技激励政策对大中型工业企业R&D投入及其专利产出的影响——上海市的实证研究[J].经济研究,2003,6:45-53+94.
© 2004-2018 中国地质图书馆版权所有 京ICP备05064691号 京公网安备11010802017129号 地址：北京市海淀区学院路29号 邮编：100083 电话：办公室：(+86 10)66554848；文献借阅、咨询服务、科技查新：66554700 |