【摘要】 从金融可得性的内涵和要素出发,从金融服务的供给性、需求性、使用效应性和可负担性四个维度构建包含银行业、证券业、保险业等金融行业在内的金融可得性水平评价指标体系,对2007-2017年中国31个省份金融可得性水平进行测度。研究发现:从全国来看,中国金融可得性整体得分为0.1249,水平偏低,存在较大的提升空间。分区域来看,东部(0.2484)、东北部(0.1253)、中部(0.1216)和西部(0.1189)的金融可得性依次递减,与经济发展水平的区域特征类似。利用面板回归模型实证分析金融可得性对实体企业投资效率的影响,并通过中介效应模型对其影响路径进行检验。研究发现:金融可得性水平的提升有助于实体经济投资效率的提高;从区域层面来看,金融可得性对实体经济投资效率的提升存在差异,其影响大小呈现出中部、东部、东北部和西部依次递减的格局;从影响路径来看,金融可得性通过提升企业风险承担水平,从而促进实体经济投资效率的提升。更多还原

【Abstract】 Based on the connotation and elements of financial availability, this paper constructs financial services including banking, securities, insurance and other financial industries from the four dimensions of financial service supply, demand, use effect and affordability. The sex level evaluation index system measures the financial availability level of 31 provinces in China from 2007—2017. The measurement of financial availability level shows that from the national perspective, the overall score of China’s financial availability is 0.1249, the level is low, and there is room for improvement. In terms of regions, the financial availability of the eastern(0.2484), northeast(0.1253), central(0.1216), and western(0.1189) declines in turn, similar to the regional characteristics of economic development levels. In this paper, the panel regression model is used to empirically analyze the impact of financial availability on the efficiency of physical investment, and test the impact path through the mediation effect model. The results show that an increase in the level of financial availability helps to increase the efficiency of the investment in the real economy. From a regional perspective, there are differences in the efficiency of financial investment in the real economy. From the perspective of the impact path, financial availability improves the efficiency of real economy investment by increasing the level of corporate risk tolerance.更多还原