关键词: 宏观金融杠杆波动, 实体经济, 效率测度

Abstract: Strengthening the ability of financial services to the real economy is the necessary way to achieve high-quality economic development in China. As a risk carrier connecting the two, macro leverage is an important tool to promote the development of the real economy. Based on this, the paper selects the provincial panel data of China from 2008 to 2020, and uses the DEA Malmquist index to measure the efficiency of financial services to the real economy in various regions, and empirically examines the impact of macro leverage fluctuations on the efficiency of financial services to the real economy. The research finds that first, economic and financial development is impacted by external changes and policy changes. The total factor productivity of the financial services to the real economy in each province fluctuates greatly, mainly affected by the technological progress index. Second, the fluctuation of macro financial leverage has a negative effect on the efficiency of financial services, and there is a significant negative spatial spillover effect. The stability of the development of the real economy is significantly affected by the fluctuation of financial leverage. Third, the fluctuation of macro financial leverage inhibits the support ability of the financial industry to the real economy by hindering technological progress. In the background of structural leverage adjustment, this study provides a useful reference for maintaining financial stability, improving financial efficiency, and strengthening the supporting function of finance to the real economy.

Key words: Macro Financial Leverage Fluctuations, Real Economy, Efficiency Measure