摘要
运用平滑转换回归模型分析财政融资、金融融资对城镇化发展的支持效应差异。结果表明:(1)金融发展(FRt)是导致它们对城镇化支持呈现门槛效应的原因之一。当FRt低于0.144 7时,表现出线性特征;反之,表现出非线性特征。(2)财政融资、金融融资与城镇化的发展存在长期均衡关系,金融融资对城镇化的长期支持效应超过财政融资,原因是财政支持对城镇化的贡献会因非线性效应而减弱;而金融发展对城镇化的支持并没有表现出非线性效应。
This paper used the smooth transition regression（ STR） to analyze the support effect differences of fiscal financing,financial financing on urbanization. The results show that：（ 1） changes of financial development level is one of the causes of fiscal investment and financial support acting on urbanization,showing effects of different threshold effects. When FRtis less than 0. 144 7,it appears linear characteristics; while when FRtis over 0. 144 7,it shows non-linear characteristics.（ 2） Model estimates show that fiscal financing,financial financing and urbanization exist a long-term equilibrium relationship,and the long-term effects of the financial support for urbanization will increasingly ex-ceed that of fiscal expenditure in that the contribution of fiscal support for urbanization may be weaken by the presence of nonlinear effect; while financial support for urbanization does not appear nonlinear feature and its impact is relatively stable.
出处
《重庆理工大学学报（社会科学）》
CAS
2016年第2期36-43,共8页
Journal of Chongqing University of Technology（Social Science）
基金
福建省社会科学规划项目"福建自贸区产业结构升级转型的金融支持对策研究"(FJ2015C241)
武夷学院校级课题"经济新常态下武夷山市产业结构升级与经济增长方式转变研究"(XD201408S)
关键词
支持效应
平滑转换
财政融资
金融融资
城镇化
support effects
smooth transition
fiscal financing
financial financing
urbanization
