Research On The Impact Of Financial Deepening On My Country's Total Labor Productivit

Under the background of the new era,economic growth has put forward higher requirements for the improvement of efficiency.Among the indicators for measuring economic efficiency,total labor productivity is superior to traditional total factor productivity in terms of both theoretical basis and measurement methods,and can also reflect the high quality and uniqueness of China’s economic development,which is very important for the study of economic problems and development policies.In the context of deepening financial reform and opening up,improving financial services to prevent financial risks is of great significance to the efficiency of the development of various industries,and also has a deep impact on the growth of total labor productivity.The development of total labor productivity is inseparable from financial deepening.How does financial deepening affect total labor productivity? What are the channels that come into play? How to realize financial deepening according to local conditions? This is an important problem facing us.Through the investigation of relevant literature,there is no unified conclusion on the impact direction and channel of financial deepening on productivity,Therefore,this paper analyzes it:Firstly,this paper resummarizes the definition of financial deepening and total labor productivity theoretically and discusses the theoretical mechanism between them;Then financial deepening is incorporated into the production function to construct an empirical model of financial deepening affecting total labor productivity;Then,relevant data in the national provincial macroeconomic and financial fields from 2004 to 2017 are selected to measure the specific values of financial deepening and total labor productivity.Using fixed effect regression analysis,static and dynamic panel 2SLS and GMM models are constructed to analyze the impact of financial deepening on total labor productivity,it also establishes mechanism analysis for the path of financial deepening affecting total labor productivity and constructs heterogeneity test for the problem of unbalanced regional development in China,draw conclusions and make targeted policy recommendations.This paper mainly draws the following three conclusions: First,the total labor productivity showed an overall upward trend during the inspection period,but the growth rate decreased year by year,and it had a strong inherent trend inheritance;Second,financial deepening has a positive impact on the development of total labor productivity,which mainly comes from the improvement of financial efficiency,while the promotion effect of financial expansion on total labor productivity is not obvious;Third,capital allocation efficiency and technological progress level two channels jointly promote the improvement of total labor productivity;Fourth,there is heterogeneity in the impact of financial deepening on total labor productivity in different regions,and the effect of financial deepening in the three regions shows a decreasing trend in the east and west,but the improvement of financial deepening level can significantly promote total labor productivity.Therefore,this paper puts forward the following suggestions: First,raise the level of total labor productivity;Second,to improve the efficiency of financial deepening,we should promote the reform of interest rate liberalization and improve the efficiency of capital allocation;Third,establish a long-term mechanism for technological innovation,relax the access conditions for innovative projects,and ease the financing constraints of technology-based enterprises;Fourth,we should promote differentiated development of regional finance,and adopt financial deepening policies for eastern,central and western regions in light of local conditions.