资本市场扭曲对环境污染的影响研究——基于省级空间动态面板数据的分析
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摘要
要素市场扭曲是中国当前存在的诸多宏观经济问题与社会发展矛盾的主要根源,而资本市场扭曲作为要素市场扭曲的重要部分影响着中国经济的健康发展与社会福利绩效的提升。采用中国分省面板数据,运用动态空间面板计量模型,实证考察资本市场扭曲对环境污染的影响,研究发现:环境污染具有明显的空间相关性和动态效应;资本市场扭曲对中国环境质量的改善有着显著的负面影响。研究结论为进一步推进中国利率市场化改革,优化资本等生产要素在经济主体间的配置,进而促进经济与环境的协调可持续发展提供了政策启示。
Factor market distortion has become the main source of many macroeconomic problems and contradictions with social development in China. Capital market distortion,as an important part of factor market distortion,affects the healthy development of China's economy and the improvement of social welfare performance. Using China's provincial panel data and the dynamic spatial panel econometric model,this paper empirically examines the impact of capital market distortion on environmental pollution. The study finds that environmental pollution has obvious spatial correlation and dynamic effect. The distortion of capital market has a significant negative impact on the improvement of China's environmental quality. The conclusion of this paper provides policy implications for further promoting the reform of China's interest rate marketization,optimizing the allocation of capital and other production factors among economic entities,and promoting the coordinated and sustainable development of economy and environment.
Factor market distortion has become the main source of many macroeconomic problems and contradictions with social development in China. Capital market distortion,as an important part of factor market distortion,affects the healthy development of China's economy and the improvement of social welfare performance. Using China's provincial panel data and the dynamic spatial panel econometric model,this paper empirically examines the impact of capital market distortion on environmental pollution. The study finds that environmental pollution has obvious spatial correlation and dynamic effect. The distortion of capital market has a significant negative impact on the improvement of China's environmental quality. The conclusion of this paper provides policy implications for further promoting the reform of China's interest rate marketization,optimizing the allocation of capital and other production factors among economic entities,and promoting the coordinated and sustainable development of economy and environment.
引文
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[23]Arellano M,Bover O. Another look at the instrumental variable estimation of Error-Components Models[J]. Journal of Econometrics,1995,68(1):29-52.
[2]Comin D,Hoijn B. An exploration of technology diffusion[J]. American Economic Review,2010,100(5):2031-2059.
[3]Hsieh C T,Klenow P J. Misallocation and manufacturing TFP in China and India[J]. The Quarterly Journal of Economics,2009(4):1403-1448.
[4]林伯强,杜克锐.要素市场扭曲对能源效率的影响[J].经济研究,2013(9):125-136.
[5]宋马林,金培振.地方保护、资源错配与环境福利绩效[J].经济研究,2016(12):47-61.
[6]阚大学,吕连菊.要素市场扭曲加剧了环境污染吗——基于省级工业行业空间动态面板数据的分析[J].财贸经济,2016(5):146-159.
[7]王宁,史晋川.要素价格扭曲对中国投资消费结构的影响分析[J].财贸经济,2015(4):121-133.
[8]张杰,周晓艳,李勇.要素市场扭曲抑制了中国企业R&D?[J].经济研究,2011(8):78-91.
[9]刘洁,李文.中国环境污染与地方政府税收竞争——基于空间面板数据模型的分析[J].中国人口·资源与环境,2013(4):81-88.
[10]张兴龙,沈坤荣.中国资本扭曲的产出损失及分解研究[J].经济科学,2016(2):53-66.
[11]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.
[12]解维敏,方红星.金融发展、融资约束与企业研发投入[J].金融研究,2011(5):171-183.
[13]韩超,张伟广,冯展斌.环境规制如何“去”资源错配——基于中国首次约束性污染控制的分析[J].中国工业经济,2017(4):115-134.
[14]盖庆恩,朱喜,程名望,等.要素市场扭曲、垄断势力与全要素生产率[J].经济研究,2015(5):61-75.
[15]夏纪军,王磊.中国制造业进入壁垒、市场结构与生产率[J].世界经济文汇,2015(1):50-64.
[16]桂林,陈宇峰,尹振东.官员规模、公共品供给与社会收入差距:权力寻租的视角[J].经济研究,2012(9):140-151.
[17]Sergio J R,Brett D M. US regional income convergence:A spatial econometric perspective[J]. Regional Studies,1999,33(2):143-156.
[18]Goldsmith R W. A perpetual inventory of national wealth[R]. Nber Chapters,1951(14):5-74.
[19]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.
[20]朱喜,史清华,盖庆恩.要素配置扭曲与农业全要素生产率[J].经济研究,2011(5):86-98.
[21]张晏,龚六堂.分税制改革、财政分权与中国经济增长[J].经济学(季刊),2005(4):75-108.
[22]樊纲,王小鲁,余静文.中国分省份市场化指数报告(2016)[M].北京:社会科学文献出版社,2016.
[23]Arellano M,Bover O. Another look at the instrumental variable estimation of Error-Components Models[J]. Journal of Econometrics,1995,68(1):29-52.