Informal Finance and High-quality Economic Development:Optimal Scale and Regional Difference
As a supplement to formal finance,informal finance has become an important financing channel for small and medium-sized enterprises.However,with the continuous expansion of the size of informal finance,its negative impact on the healthy development of the economy has gradually emerged,and the issue of whether there is an optimal scale of informal finance has attracted academic attention.Starting from the CES production function with long substitution,this paper mathematically deduces whether there is an optimal scale of informal finance in different production functions,and uses the provincial and municipal panel data from 2004 to 2020 for empirical research.It is found that when the proportion of private finance in GDP is equal to the output elasticity of private finance,informal finance reaches the optimal scale,and it is most conducive to high-quality economic development.At the same time,the empirical results found that the optimal value of the impact of private finance on high-quality economic development at the national level(the proportion of private finance to GDP)is 76.65%,and the optimal value has spatial differences,71.57%in the eastern region,87.24%in the central region,and 84.00%in the western region.According to the research conclusion,countermeasures and suggestions are put forward.
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