金融发展与经济效率增长-有关发展中国家与发达国家的面板分析[文献翻译].doc

1、外文题目FINANCIALDEVELOPMENTANDPRODUCTIVEEFFICIENCYAPANELSTUDYOFDEVELOPEDANDDEVELOPINGCOUNTRIES出处JOURNALOFECONOMICANDFINANCE2002作者FARROKHNOURZAD原文FINANCIALDEVELOPMENTANDPRODUCTIVEEFFICIENCYAPANELSTUDYOFDEVELOPEDANDDEVELOPINGCOUNTRIESIINTRODUCTIONTHEDEVELOPMENTOFTHENEWENDOGENOUSGROWTHTHEORYINTHELATE1980S

2、ROMER1986LUCAS1988LEDTOAFLURRYOFEMPIRICALRESEARCHINTOTHECAUSESOFECONOMICGROWTH,WHICHHASCONTINUEDTODATETHEEARLYWORKWASCONCERNEDWITHTHEBASICDETERMINANTSOFLONGRUNGROWTH,WHICHHASIMPLIEDBYTHENEOCLASSICALANDENDOGENOUSGROWTHTHEORIESSUCHASINVESTMENTINREALCAPITAL,HUMANCAPITAL,TAXES,ANDTECHNOLOGYBARRO1991BARR

3、OANDSALAIMARTIN1997BENHABIBANDSPIEGEL1994MANKIW,ROMER,ANDWEIL1992AFACTORTHATHASRECEIVEDMUCHATTENTIONINRECENTYEARSISFINANCIALDEVELOPMENTVARIOUSMEASURESFROMTHEFINANCIALSECTORHAVEBEENUSEDTOEXAMINETHERELATIONSHIPBETWEENFINANCIALDEVELOPMENTANDGROWTHASLEVINE1997,P688SUMMARIZESTHEGENERALFINDINGOFTHELITERAT

4、URE,“THEPREPONDERANCEOFTHEORETICALREASONINGANDEMPIRICALEVIDENCESUGGESTSAPOSITIVE,FIRSTORDERRELATIONSHIPBETWEENFINANCIALDEVELOPMENTANDECONOMICGROWTH“THISPAPERATTEMPTSTOINVESTIGATETHEEFFECTOFFINANCIALDEVELOPMENTONPRODUCTIVITYUSINGTHESTOCHASTICPRODUCTIONFRONTIERMODELFORPANELDATADEVELOPEDRECENTLYBYBATTE

5、SEANDCOELLI1995THREEPANELSOFDEVELOPEDANDDEVELOPINGCOUNTRIESAREUSEDALONGWITHEIGHTALTERNATIVEMEASURESOFFINANCIALDEVELOPMENTPERTAININGTOTHEMONETARYSECTOR,FINANCIALINTERMEDIARIES,ANDTHESTOCKMARKETTHEMAINISSUEINVESTIGATEDISWHETHERFINANCIALVARIABLESARESTATISTICALLYSIGNIFICANTLYCORRELATEDWITHTHEESTIMATEDPR

6、ODUCTIVEINEFFICIENCYEFFECTSACROSSSPACEANDOVERTIMETHERESULTSINDICATETHATINGENERALTHEMOREDEVELOPEDTHEFINANCIALINTERMEDIARIESSECTORANDEQUITYMARKETS,THEHIGHERTHEPRODUCTIVEEFFICIENCYTHISEFFECTAPPEARSTOBELARGERININDUSTRIALIZEDCOUNTRIESRELATIVETODEVELOPINGNATIONSSECTION2DISCUSSESTHEROLEOFTHEFINANCIALSECTOR

7、INIMPROVINGEFFICIENCYINTHEREALSECTORSECTION3OUTLINESTHEECONOMETRICAPPROACHUSEDINTHISPAPER,WHILESECTION4INTRODUCESTHEMEASURESOFFINANCIALDEVELOPMENTANDOTHERDATAUSEDINTHISSTUDYSECTION5PRESENTSTHERESULTSTHEPAPERCLOSESWITHSECTION6,WHICHCONTAINSASUMMARYOFTHISWORKALONGWITHAFEWIIMETHODOLOGYTHISPAPERINVESTIG

8、ATESTHEPRODUCTIVITYEFFECTOFFINANCIALDEVELOPMENTUSINGTHESTOCHASTICPRODUCTIONFRONTIERMODELFORPANELDATADUETOBATTESEANDCOELLI1995WEBEGINWITHASTANDARDCOBBDOUGLASPRODUCTIONFUNCTIONTHATEXPRESSESTHELOGARITHMOFOUTPUT,Q,ASAFUNCTIONOFLOGARITHMSOFLABOR,L,ANDCAPITALSTOCK,KSDATAAVAILABILITYPROBLEMSFORCEUSTOUSETHR

9、EEDIFFERENTPANELS,TWOTHATAREANNUALANDONETHATCONSISTSOFFIVEYEARAVERAGES6THISNECESSITATESTHATWEMODIFYTHEBASICPRODUCTIONFUNCTIONINSEVERALWAYSFIRST,WHENUSINGTHETWOANNUALPANELS,WEINCLUDEALINEARTIMETREND,T,TOCONTROLFORDISEMBODIEDTECHNOLOGICALCHANGE7SECOND,INORDERTOCONTROLFORTHEBUSINESSCYCLEEFFECT,WHICHMAY

10、BEPRESENTINTHEANNUALPANELS,WEINCLUDETHELAGGEDVALUEOFTHECYCLICALCOMPONENTOFOUTPUT,BC,ASANADDITIONALEXPLANATORYVARIABLEINTHEPRODUCTIONFUNCTIONTHISVARIABLEISCONSTRUCTEDUSINGTHEHODRICKPRESCOTT1997FILTERTOISOLATETHECYCLICALCOMPONENTOFREALGDPFOREVERYCOUNTRYINTHESAMPLETHIRD,BECAUSEEACHOFTHETHREEPANELSCONSI

11、STSOFBOTHDEVELOPEDANDDEVELOPINGCOUNTRIES,FOLLOWINGMORONEYANDLOVELL1997WECONTROLFORSTRUCTURALDIFFERENCESBETWEENTHETWOTYPESOFCOUNTRIESUSINGADUMMYVARIABLE,D,THATEQUALSZEROFORTHEINDUSTRIALIZEDCOUNTRIESANDONEFORTHEDEVELOPINGNATIONSINEACHPANELWEINCORPORATETHISINTOTHEMODELBOTHASADIFFERENTIALINTERCEPTTERMAN

12、DASASERIESOFSLOPEVARIABLESEXPRESSEDASINTERACTIONSWITHLABOR,CAPITAL,ANDTIMETRENDFINALLY,BECAUSEWEAREINTERESTEDINTHEEFFECTOFFINANCIALDEVELOPMENTONTHEPRODUCTIONFUNCTIONSOTHATTHELEFTSIDEBECOMESTHELOGARITHMOFOUTPUTPERWORKERTOSUMMARIZE,WEUSETHETWOANNUALPANELSTOESTIMATETHEPARAMETERSOFTHEFOLLOWINGPRODUCTION

13、FRONTIER,WHEREIISTHECOUNTRYINDEXANDTISTHETIMEINDEX11876543210ITITITITITITITITITITITITITUVBCTDKDLDDTKLLQASNOTEDEARLIER,WHENUSINGTHEFIVEYEARAVERAGESPANEL,THETRENDANDBUSINESSCYCLEVARIABLESWILLBEEXCLUDEDFROMTHEEQUATIONTHEPRODUCTIONFRONTIERINEQUATION1ISANERRORCOMPONENTSMODELINTHATITSERRORTERMISTHEDIFFERE

14、NCEOFTWOINDEPENDENTRANDOMVARIABLESACLASSICALERRORTERM,VIT,ANDANONNEGATIVERANDOMVARIABLE,UIT,CAPTURINGPRODUCTIONINEFFICIENCIESINCOUNTRYIINYEARTWHILEITISCUSTOMARYTOASSUMEVI,ISN0,V,THECHOICEOFADISTRIBUTIONFORUITISARBITRARYWEASSUMEUITAREINDEPENDENTLYDISTRIBUTEDASTRUNCATIONATZEROOFNPT,ODIFFERENTSTOCHASTI

15、CPRODUCTIONFRONTIERMODELSHAVEBEENPROPOSEDANDESTIMATED,RANGINGFROMMODELSTHATASSUMEPRODUCTIONINEFFICIENCIES,UI,AREIID,TOTHOSETHATASSUMETHEYARETIMEINVARIANT,TOMODELSINWHICHPRODUCTIONINEFFICIENCIESVARYOVERTIMEWEEMPLOYTHESPECIFICATIONSUGGESTEDBYBATTESEANDCOELLI1995,WHICHEXPRESSESMEANINEFFICIENCY,PT,ASAFU

16、NCTIONOFEXTERNALFACTORS,WHICHWETAKETOBEFINANCIALDEVELOPMENTINCOUNTRYIINPERIODTL,DENOTEDFITM,2132110ITITITITITFDDFWHEREDISTHEDUMMYVARIABLEFORDEVELOPINGCOUNTRIESDEFINEDEARLIERTHEPANELMODELINEQUATIONS1AND2ISESTIMATEDUSINGMAXIMUMLIKELIHOODYIELDINGPOINTESTIMATESFORTHEPARAMETERSOFTHEPRODUCTIONFUNCTIONSASW

17、ELLASTHECOEFFICIENTSOFTHERELATIONBETWEENFINANCIALDEVELOPMENTANDPRODUCTIONINEFFICIENCYSTHEMODELCANNOTBEESTIMATEDUSINGOLSUNLESS0ITFORALLIANDT,WHICHWOULDBETHECASEONLYISTHEVARIANCEPARAMETERTHISJOINTHYPOTHESISISTESTEDUSINGA0321022/VLIKELIHOODRATIOTESTSTATISTICTHATFOLLOWSAMIXEDCHISQUAREDISTRIBUTIONMEASURE

18、MENTANDDATAASWASINDICATEDEARLIER,WESTUDYTHEEFFECTOFFINANCIALDEVELOPMENTONPRODUCTIVEEFFICIENCYUSINGTHREESEPARATEPANELSOFANUMBEROFCOUNTRIESINDIFFERENTSTAGESOFDEVELOPMENT2ONEISANANNUALPANELOF29COUNTRIESFORTHEPERIODFROM1966THROUGH1990ATOTALOF725OBSERVATIONSTHESECONDISALSOANANNUALPANELCOVERINGTHEYEARS197

19、01990ANDCONTAINING18COUNTRIES378OBSERVATIONSTHETHIRDPANELCONSISTSOFFIVEYEARAVERAGESCOVERINGTHE19701990PERIODFOR28COUNTRIES112OBSERVATIONSALISTOFCOUNTRYNAMESISFOUNDINTHEAPPENDIXTHELARGERANNUALPANELCONSISTSOFVARIABLESTHATREPRESENTTHEDEGREETOWHICHTHEMONETARYSECTORISDEVELOPEDTHESEINCLUDEM2M2MINUSCURRENC

20、YANDTHERATIOOFCURRENCYTODEMANDDEPOSITSEXAMPLESOFSTUDIESUSINGTHESEINDICATORSOFFINANCIALDEVELOPMENTINCLUDEBERTHELEMYANDVAROUDAKIS1996A,B,JUNG1986,ANDDEMETRIADESANDHUSSEIN1996THEDATAFORTHESEVARIABLESCOMEFROMTHEIMFINTERNATIONALFINANCIALSTATISTICSIFSCDROMALSOINCLUDEDINTHISPANELISPRIVATESECTORCREDITPROVID

21、EDBYCOMMERCIALBANKSBECKETAL2000,DEMETRIADESANDHUSSEIN1996,ANDLEVINEETAL2000AMONGOTHERSHAVEUSEDTHISVARIABLEASNOTEDBYDEMETRIADESANDHUSSEIN1996,INCREASESINSEVERALOFTHESEAGGREGATESREPRESENTFINANCIALDEEPENINGTHESECONDANNUALPANELCONTAINSASINGLEFINANCIALDEVELOPMENTVARIABLE,NAMELYAVERAGESHAREPRICESTRADEDONA

22、LLSTOCKMARKETSINEACHOFTHECOUNTRIESINTHESAMPLEEXAMPLESOFWORKUSINGINDICATORSOFSTOCKMARKETACTIVITYINCLUDELEVINEANDZERVOS1998,ATJEANDJOVANOVIC1993,ANDHARRIS1997THEDATAONTHISVARIABLEAREFROMTHEIMFIFSCDROMTHEFIVEYEARAVERAGESPANELCONSISTSOFTHREEALTERNATIVEMEASURESOFTHEFINANCIALINTERMEDIARYSECTORONEISTHEAMOU

23、NTOFCREDITEXTENDEDTOTHEPRIVATESECTORBYBANKSANDNONBANKFINANCIALINTERMEDIARIESANOTHERISTOTALLIQUIDLIABILITYOFTHEFINANCIALSYSTEMTHISCAPTURESTHESIZEOFTHEFINANCIALINTERMEDIARYSECTORANDTHUSREPRESENTSFINANCIALDEPTHTHEFINALMEASUREOFFINANCIALDEVELOPMENTISTHERATIOOFCOMMERCIALBANKSASSETSTOTHESUMOFASSETSHELDBYC

24、OMMERCIALBANKSANDTHECENTRALBANKTHISREPRESENTSTHEDEGREEOFFINANCIALINTERMEDIATIONBYCOMMERCIALBANKS,WHICHCANEXERCISEBETTERCONTROLOVERENTREPRENEURSTHANTHECENTRALBANK,ASTHEYARECLOSERTOBOTHSAVERSANDINVESTORSBECKETAL2000,DEGREGORIOANDGUIDOTTI1995,KINGANDLEVINE1993A,1993B,ANDLEVINEETAL2000AREAMONGTHOSEWHOUS

25、EDONEORMOREOFTHESEVARIABLESTHEDATAUSEDINTHEPRESENTSTUDYWERETAKENFROMLEVINEETAL2000THEARGUMENTSOFTHEPRODUCTIONFUNCTIONAREQUANTIFIEDUSINGDATAFROMEASTERLYANDLEVINE2001LABORISEXPRESSEDINTERMSOFTHENUMBEROFWORKERSCAPITALSTOCKISBASEDONDISAGGREGATEDINVESTMENTONMACHINES,EQUIPMENT,BUSINESSSTRUCTURE,ETCRESULTS

26、THERESULTSCONCERNINGTHEINPUTSOFLABORANDCAPITALAREQUITESIMILARTOTHOSEINTABLE1THISISALSOTRUEOFTHEINTERCEPTANDSLOPEDUMMYVARIABLESINTHEDETERMINISTICPARTOFTHEFRONTIERTHEESTIMATEDVARIANCEPARAMETER,7,ISALSOLARGE,ALTHOUGHNOTASLARGEASINTABLE1,RANGINGFROM089TO092INTHEPRESENTCASETHELIKELIHOODRATIOSFORTESTINGTH

27、ENULLOFNOPRODUCTIVEINEFFICIENCIESARESIGNIFICANTATTHE1PERCENTLEVELASFARASTHEESTIMATEDEFFICIENCYEFFECTSOFTHETHREEMEASURESOFFINANCIALDEVELOPMENTARECONCERNED,THERESULTSINDICATETHATEVERYONEOFTHEMEXERTSANEGATIVEEFFECTONPRODUCTIVEINEFFICIENCYATLEASTATTHE10PERCENTLEVELOFSIGNIFICANCETHEDUMMYVARIABLEIDENTIFYI

28、NGTHEDEVELOPINGNATIONSISPOSITIVEINALLCASES,SUGGESTINGGREATERINEFFICIENCIESINTHESECOUNTRIESWITHTHEESTIMATEBEINGSTATISTICALLYSIGNIFICANTINTHEFIRSTANDTHIRDCOLUMNSTHEINTERACTIONTERMSINVOLVINGTHEDUMMYVARIABLEANDALTERNATIVEMEASURESOFFINANCIALINTERMEDIARYDEVELOPMENTARECONSISTENTLYPOSITIVEANDSTATISTICALLYSI

29、GNIFICANTATTHE10PERCENTLEVELORBETTERTHESUMOFTHEESTIMATEDCOEFFICIENTONFINANCIALDEVELOPMENTANDTHEDUMMYINTERACTIONTERMISPOSITIVEANDSTATISTICALLYSIGNIFICANTINCOLUMNS2AND3BUTNOTINCOLUMN1THESERESULTSAREINAGREEMENTWITHTHOSEOFTHEANNUALPANELSTABLE1THATFINANCIALDEVELOPMENTHASALARGERPOSITIVEIMPACTONPRODUCTIVEE

30、FFICIENCYININDUSTRIALIZEDNATIONSSUMMARYANDSUGGESTIONSFORFURTHERRESEARCHTHISPAPEREXAMINEDTHEEFFECTOFEIGHTALTERNATIVEMEASURESOFFINANCIALDEVELOPMENTONPRODUCTIVEEFFICIENCYUSINGTHREESEPARATEPANELSOFDEVELOPEDANDDEVELOPINGCOUNTRIESTHERESULTSINDICATETHATSEVENOFTHEEIGHTMEASURESOFFINANCIALDEVELOPMENTEXERTANEG

31、ATIVEANDSTATISTICALLYSIGNIFICANTEFFECTONPRODUCTIONINEFFICIENCYMIMPLYINGTHATTHEMOREFINANCIALLYDEVELOPEDTHEECONOMY,ESPECIALLYINTERMSOFTHEFINANCIALINTERMEDIARIESSECTORANDEQUITYMARKETS,THEMOREEFFICIENTTHEPRODUCTIONOFOUTPUTTHISEFFECTAPPEARSTOBELARGERINDEVELOPEDNATIONSRELATIVETODEVELOPINGCOUNTRIESTHEANALY

32、SISPRESENTEDINTHISPAPERCANBEEXTENDEDINANUMBEROFWAYSONEISTOUSEBETTERMEASURESOFTHEDEGREEOFSTOCKMARKETDEVELOPMENTTHANSHAREPRICESUSEDHEREFOREXAMPLE,FOLLOWINGROUSSEAUANDWACHTEL2000,ONECANUSEMARKETCAPITALIZATIONORTOTALVALUETRADEDDEFLATEDBYSHAREPRICESANOTHERPOSSIBLEEXTENSIONISTOCONSIDERTHEROLEOFINTERNATION

33、ALFINANCIALVARIABLESINENHANCINGPRODUCTIVEEFFICIENCYALSOVALUABLEMAYBETOCONTROLFORFINANCIALREFORMS,ESPECIALLYINDEVELOPINGCOUNTRIESITMAYALSOBEWORTHWHILETOEXAMINETHEEFFECTOFFINANCIALDEVELOPMENTONHUMANCAPITALSUCHASTUDYWOULDCOMPLEMENTNOTONLYTHEPRESENTWORK,BUTALSOTHATOFKINGANDLEVINE1993B外文题目FINANCIALDEVELO

34、PMENTANDPRODUCTIVEEFFICIENCYAPANELSTUDYOFDEVELOPEDANDDEVELOPINGCOUNTRIES出处JOURNALOFECONOMICANDFINANCE2002作者FARROKHNOURZAD译文金融发展与经济效率增长有关发展中国家与发达国家的面板分析1引言一直以来，经济学家一直在讨论金融发展对经济增长的作用。自从熊彼特（SCHUMPETER，1911）提出了一个金融发达的金融部门提供的金融服务能够促进生产力和经济增长提高的观点以来，大量的理论和实证文献相继出现。美国耶鲁大学经济学家戈德史密斯是第一位从事金融发展与经济增长实证研究的学者，他发现

35、在金融发展与金融体系的规模之间存在着正的相关性。但是，相关性并不意味着存在因果关系。20世纪90年代大量涌现的跨国经验证据表明，金融发展水平与随后的经济增长之间存在着显著的正的相关性（KINGANDLEVINE，1993；LEVINEANDZERVOS，1998）这些调查结果与早期的悲观主义观点相反金融只是对经济增长作用的一个反应，因为经济增长提高了对金融服务的需求（ROBINSION，1952）；而时间序列研究提供的经验证据表明，因果关系模式在不同国家是不同的，而且在许多国家可能存在双向因果关系而并非是单向的因果关系，这种不同的因果关系模式取决于各国不同的制度和政策落实效率由迪米却迪斯（DE

36、METRIADESH）提出。近年来，对有关金融体系与经济增长的观点进行实证调查成为西方学术界新的研究热点。然而目前的实证研究并没有给理论上的争论作出最终的判断。莱文（LEVINE,2000发达的金融体系对经济增长作用有正的效应，但对经济增长而言，金融发展是通过银行发展还是通过市场发展来实现则并不重要，贝克和莱文（BECKANDLEVINE,2000）从产业、新企业的产生以及动态的角度得出的实证结果表明各国金融结构的差异不能解释跨国间不同的产业增长模式。2方法本论文利用随机生产边界探讨BATTESE和COELLI的面板数据模型，运用标准柯布道格拉斯生产函数Q的对数表示输出，劳动L，股本K数据表示

37、三种不同的面板，其中两种是年度数据，而一种数据是五年平均数据组成。这就需要修改基本生产函数的几个方面。首先，当使用两个年度板，将一个线性时间趋势T改变，7秒是为了控制商业周期的影响，在年度板里可以体现，将滞后的周期性的价值的组成部分作为输出数据，使用HODRICKPRESCOTT1997过滤分离出这种周期性的组成部分，为每一国家的实际国内生产总值样品。第三，这三种面板数据来自发达国家与发展中国家，证明MORONEY和洛弗尔（1997）的结构性差异。以此来控制这两种类型的国家使用虚拟变量D，这个变量在发达国家表示为0，在发展中国家表示为1。这个模型将各不同时间期限整合以及边际变量分析劳动、资本、

38、时间的趋势。主要研究目的是金融发展对经济增长的作用分析，因此，需要除去劳动对数函数。因此，本论文需要使用两个年度板的参数进行估计生产边界11876543210ITITITITITITITITITITITITITUVBCTDKDLDDTKLLQ在前面已经提到，5年平均面板、趋势和商业周期变量不体现在该方程中。生产边界函数是ERRORCOMPONENTS模型差误项中，这个差误项中存在两个不同且独立的随机变量经典的差误中非负随机变量，可靠性高。假设VI是,02VN选择的可靠性分配是任意的，可靠性截尾分布独立性分布N（2,IT）。利用BATTESE建议和COELLI规定（1995）指出无效性。作为外界

39、因素PT在金融发展时期TL时期表示1ITF2132110ITITITITITFDDF其中D作为发展中国家的虚拟变量这个面板模型在方程（1）与（2）中用极大似然法估计服从于点估计参数的生产函数（S）以及金融发展与生产关系效率系数（S）这个模型无法使用OLS估计，但以下情况除外0IT从I到T，这种情况为03210而22/V是方差参数，这个假设测试使用LIKELIHOODRATIO测试统计需遵循混合卡方分布。3测量与数据如前面所述，研究金融发展对经济效率的作用使用的是许多国家不同阶段发展的三个独立的面板模型。第一个面板模型数据来自29个国家从1966年到1990年共725次观察所得，第二个面板模型也

40、是一年期面板，数据覆盖共18个国家从19701990共378次观察，第三个面板包括5年数据覆盖28个国家的从19701990时期总共112次观察，国家的名单详见附录。更大的年度面板代表货币部门发展的程度，这个面板包括M2；M2减去货币以及货币的需求存款率。这些指标的研究使用的例子包括BERTHELEMY金融发展和VAROUDAKIS（姚开屏，1996A,B）荣格（1986）等人，DEMETRIADES和侯赛因（1996）。这些数据来自国际货币基金组织的国际金融统计4实证分析结果关于劳动与资本的投入相当类似于表1，虚拟变量拦截、边际的确定的边界也是正确的，估计参数7从089到097虽然并不大，测

41、试生产率低下对于1水平也是非常重要。估计效率的影响金融发展的三项措施而言，结果表明，分别产生了负面影响生产的效率至少10的显著性水平。表1里面的数据包括涉及确定性成分的生产边界，这些实证数据显示估计系数对劳动和资本预期高度显著性。估计系数这一趋势的所有变量是五个方程中具有积极意义若在5则统计学意义更好。14参数估计相关系数表明，发展中国家使用生产技术不如工业化国家，这一研究表明，估计系数的虚拟变量和时间去世是负相关同时也表明劳动生产力降低发展中国家的经济效率。另一方面，积极地虚拟系数即建议物质资本对发展中国家还是有积极的促进作用，这一结果与新古典增长模式相一致。估计系数商业周期变量的显著性水平在10水平更好，建议预期连动。5总结和建议本文调查了8项影响金融发展的替代性措施，生产效率使用的是有关发达国家与发展中国家的三个独立的面板。改结果表明，其中7项措施会对经济产生低效率作用，这意味着需要更多的经济上的资助来发展经济，该结果尤其适用于金融中间人部门和公正市场，更有效的生产，产量高。该作用尤其在发展中国家作用巨大。同时，本文也提出了一种方法以此来更好地表示股市发展的程度，这充分体现在股票价格上。同时，在考虑国际的作用，从而提高金融效率，特别是在发展中国家，以此实行金融体制改革与价值控制。这是一份很有价值的研究，金融的发展影响也体现在人力资本上。