| In recent years,the average annual growth rate of China's GDP has been declining.How to open up a new path for economic growth and seek new economic growth points are the focus of attention in the entire country.At present,improving production efficiency in the development process undoubtedly opens a crucial breakthrough for the solution of this difficult problem.Financial deepening has reached a sufficient level to affect the entire economy in accordance with its outstanding force,extensive penetration,and strong impetus.The degree of regional production efficiency.Therefore,the research in this paper not only helps to better sort out the mechanism of the financial deepening effect on regional production efficiency in theory,but also has important practical significance for continuing to promote China's financial development process and promoting better development of the regional economy.This paper assesses the impact of financial deepening on regional production efficiency based on data from 30 provinces,autonomous regions and municipalities directly under the Central Government in 2003-2014 in mainland China.We first used the conditional SBM model to measure the performance of regional production efficiency under the influence of financial deepening.A comparative analysis of production efficiency values in the eastern,central and western regions of China was conducted,and local linear regression(LLR)and non-parametric significance tests were then used to further assess the impact of financial deepening on regional production efficiency.The specific conclusions are as follows:(1)The value of production efficiency of each province under unconditional conditions is lower than the value of efficiency under the conditional SBM model,which to a certain extent illustrates the importance of financial deepening to increase production efficiency.(2)Under the unconditional and conditional SBM model,the efficiency values in the eastern region were higher than those in the central region,and the central region was higher than the western region.(3)When financial deepening reaches about 1.3,the non-parametric regression line shows an upward trend,which has a positive effect on regional production efficiency;when the financial deepening reaches 1.3 to 2.1,financial deepening has a negative effect on regional production efficiency;when finance When the level of deepening is higher than about 2.1,positive effects reappear.In general,the trend of regression is mainly reflected in the positive N-type relationship between financial deepening and production efficiency in 30 provinces in China.On the average,financial deepening is considered to be beneficial to regional production efficiency.Based on the above conclusions,the paper proposes three policy recommendations:(1)Further promote China's financial development process and give full play to the positive leading role of financial deepening in the regional production process.(2)The central government should pay attention to the performance of regional production efficiency imbalances and formulate differential adjustment policies for different regions.(3)Consider the current national conditions and formulate relevant and feasible policies so as to enhance the sustainability of production development. |
