城市群、集聚效应与“投资潮涌”——基于中国20个城市群的实证研究  

Urban Cluster, Agglomeration Effect and “Investment Wave Phenomenon”——Empirical Analysis Based on 20 Urban Clusters in China

作　　者：赵娜[1] 王博 刘燕[3] 

机构地区：[1]南开大学经济学院 [2]南开大学金融学院 [3]清华大学经济管理学院

出　　处：《中国工业经济》2017年第11期81-99,共19页China Industrial Economics

基　　金：国家社会科学基金重点项目"深化政策性金融改革研究"(批准号14AZD032);教育部人文社会科学重点研究基地重大项目"全球金融体系变革下的跨国公司投资"(批准号14JJD790020)

摘　　要：本文根据《国家新型城镇化规划(2014—2020年)》对中国20个核心城市群的划分,以沪深两市2003—2016年间全部A股上市公司作为研究对象,探讨城市群通过其空间集聚特征影响企业间投资支出行为的作用机制。基于集聚经济理论分析,从集聚效应的不同来源将其分为行业内集聚和跨行业地区集聚两个方面,并构建相应的衡量指标进行检验。研究结果表明:城市群不仅会通过行业内集聚效应影响同行业企业间的投资策略联动性,且跨行业的同地区集聚效应也会导致同区域内的企业间投资支出产生"潮涌"现象。本文还进一步从主导行业的外部溢出效应和上下游纵向关联性,以及不动产抵押融资担保渠道视角,检验了城市群的空间集聚效应对企业投资支出联动影响的传导路径。这为客观评估城市群对区域经济发展的影响提供了一个来自转型发展中国家的微观证据,也对中国未来城市群建设和区域发展具有重要的政策启示。According to 20 urban clusters in China divided by ＂New Urbanization Plan of the State （2014- 2020）＂, this paper uses the A-share listed companies in Shanghai and Shenzhen Stock Market from 2003 to 2016 as the research subject, and empirically investigates how the urban clusters influence the investment behavior of enterprises through the spatial agglomeration effect. Considering the different sources of spatial agglomeration effect, the paper constructs the measurement index from two aspects： the effect within the same industry and cross- industry. The results show that the investment expenditures of neighboring enterprises have investment wave phenomenon within the same industry, as it is even across those different industries. Furthermore, this paper also examines two specific transmission channels. One is the external spillover effect and the vertical correlation between the upstream and the downstream of the dominant industry. The other is the financing collateral channel of real estate mortgage. The paper provides microeconomie evidences from the transitional developing country to evaluate the function of urban cluster. It also has the important policy implications for the construction of urban clusters and the regional economic development in the future.

关 键 词：城市群 集聚效应 投资潮涌 主导行业 不动产抵押 

分 类 号：F290[经济管理—国民经济]