Economic Policy Uncertainty,Financial Structure and Total Factor Productivity
Based on provincial panel data from 1995 to 2022,this paper uses dynamic panel spatial Durbin model to explore the relationship and mechanism among economic policy uncertainty,financial structure and total factor productivity.The results show that TFP has obvious spatial spillover effect and regional superposition effect.In the long run,economic policy uncertainty is not conducive to the improvement of TFP,while the financial structure is conducive to the improvement of TFP.The level of direct financing is weaker than the level of indirect financing on the improvement of total factor productivity.The level of direct financing plays a positive moderating role in the process of economic policy uncertainty inhibiting the level of total factor productivity,but the level of indirect financing plays a negative moderating role.Based on this,we should actively carry out regional cooperation and exchange needed goods based on sustainable development and the improvement of total factor productivity,through multi-comparison,full demonstration,and field research to formulate long-term beneficial continuous policies,deepen financial reform and promote the development of the direct financing market.
万方数据
维普
