Marketization, Financialization and Total Factor Productivity:Research Based on Unbalanced Perspective

摘要：

　　The effect of the balanced development of marketization and financialization on total factor productivity(TFP)is directly related to Chinas economic development.This paper examines the impact of marketization and financialization on total factor productivity(TFP)under the disequilibrium perspective using provincial panel data from 2005 to 2014 in China.The empirical results show that marketization and financialization have different effects on TFP,and the influence is varied in different regions and different time.1)From the result of the quantile regression,marketization has a negative effect on TFP.The negative effect of financialization on TFP is getting weaker,but the promotion of financialization on TFP is unstable.2)From the perspective of temporal and space dimensions,marketization plays a catalytic role in TFP,and its promotion to the east is relatively greater than that in the central and western regions.On the contrary,excessive financial development has an negative effect on TFP and economic growth at the overall level,and its negative effect on the east is greater than that in the central and western regions.

关键词： financial development marketization TFP

作者: Chen Dehu Chen Hongling

作者单位: School of Management,Dalian University of Technology,Dalian,China,116024

会议类型: 国际会议

会议名称: The 10th (2018)International Conference on Financial Risk and Corporate Finance Management(第十届(2018)金融风险与公司金融国际研讨会)

会议地点: 大连

会议语种:英文

页码: 210-215

在线出版日期: 2018-07-06（万方平台首次上网日期，不代表论文的发表时间）