【作者】 陈勇华；

【导师】 宋凌峰；

【作者基本信息】 武汉大学 ， 金融学， 2021， 硕士

【副题名】以湖北省为例

【摘要】 改革开放以来经济的高速发展推动了金融体系的壮大,而强大的金融体系也助推了区域经济的繁荣。随着国内经济进入新常态,我国经济增速逐步放缓,但金融业却保持高速增长,导致金融效率不断下降。2019年末新冠肺炎疫情爆发对实体经济冲击巨大,作为疫情受灾最为严重的省份,湖北省面临严峻的社会经济考验。如何在稳增长的前提下提高金融资源的使用效率具有重要的研究意义。本文在过往国内外相关研究的基础上,将研究视角聚焦于湖北省地级市的金融效率问题。理论部分介绍金融效率的测量基础-数据包络分析法,并从经济增长分解的角度出发重点分析金融效率的影响因素。实证部分对湖北省金融服务实体的现状及问题展开讨论,对湖北省及省内地级市2009-2020年期间的金融效率进行了测算,对省内地级市在效率上的差异和金融效率影响因素的实证研究表明:其一,金融规模效应对金融效率有显著的正向影响;其二,金融结构对金融效率时序变化的解释力度不够,但地级市的截面数据表明债权融资占比提高可解释较高的金融效率;其三,垄断会显著降低金融效率;其四,住宅价格水平对金融效率存在正反两方面的影响。基于传导机制下的比较分析表明,相较于中部其他省份,湖北省投融资效率偏低。因此可以从以下几个方面提高金融服务实体经济的效率:其一,建设区域金融中心,促进金融深化;其二,扩大直接融资比例,提高市场化水平;其三,维持房地产市场价格稳定,促进金融服务实体经济。更多还原

【Abstract】 Since the reform and opening up,the rapid economic development has promoted the growth of the financial system.A strong financial system has also contributed to the prosperity of regional economy.As the domestic economy entering the new normal,the economic growth has gradually slowed down,but the financial industry has maintained rapid growth.This has led to the decline of financial efficiency.The outbreak of the COVID-19 in late 2019 had a huge impact on the real economy.As the worst-hit area,Hubei province is facing severe social and economic challenges.How to improve the efficiency of financial resources on the premise of steady growth is important.Based on domestic and foreign related research,the paper focuses on the financial efficiency of Hubei Province.The theoretical part introduces the measurement method of financial efficiency—Data Envelopment Analysis and focuses on the influencing factors of financial efficiency from the perspective of economic growth decomposition.In the empirical part,we discuss the situation and problems of finance serving real economy in Hubei Province.Then the paper calculates the financial efficiency of Hubei Province and its subordinate cities from 2009 to 2020.The empirical research shows that: First,the financial scale has a significant positive impact on financial efficiency;Second,in the time series dimension,the financial structure factor is not significant,but the cross-sectional empirical results show that the increase of the proportion of debt financing can explain high financial efficiency;Third,monopoly factors will significantly reduce financial efficiency;Fourth,housing price level has positive and negative effects on financial efficiency.A comparative analysis based on the transmission mechanism shows that,compared with other provinces,the investment and financing efficiency of Hubei Province is low.Therefore,we can improve the efficiency of finance serving real economy from the following aspects: First,build a regional financial center to promote financial deepening;Second,expand the proportion of direct financing and improve the level of marketization;Third,maintain the stability of housing price and promote financial system to serve real economy.更多还原