粤港澳大湾区金融集聚促进了高新技术产业发展吗?——基于空间面板杜宾模型的实证检验  

Does Financial Aggregation Promote New and High Technology Industries in Guangdong-Hongkong-Macao Greater Bay Area?Empirical Test of Spatial Panel Durbin Model

作　　者：刘刚 张友泽 袁红展 LIU Gang;ZHANG Youze;YUAN Hongzhan(School of Finance,Guangdong University of Finance and Economics,Guangzhou 510320,China)

机构地区：[1]广东财经大学金融学院,广东广州510320

出　　处：《南京财经大学学报》2018年第6期41-52,共12页Journal of Nanjing University of Finance and Economics

基　　金：国家社会科学基金项目(16FGJ002)

摘　　要：基于柯布-道格拉斯生产函数分析粤港澳大湾区金融集聚与高新技术产业投入产出关系及其空间溢出效应,并以2006—2016年粤港澳大湾区城市数据为样本,采用空间面板杜宾模型实证检验金融集聚及其空间溢出与高新技术产业发展的关系。结果表明,粤港澳大湾区金融集聚具备推动高新技术产业发展的能力,但在样本期间尚未得到有效发挥,高新技术产业的发展主要依靠企业研发投入、劳动力投入和固定资产投入推动,金融集聚和科技创新对高新技术产业的推动效果尚未显现,在城市群间表现出较强的负向溢出效应,体现出城市之间缺乏有效的合作机制。因此,必须大力发展直接融资,增加间接融资形式,缓解金融机构与高新技术企业之间的信息不对称,改善政府投入地域的均衡性,并鼓励大型成熟期高新技术企业在边缘城市设立生产中心,以促进高新技术产业发展。This paper analyzes the input-output relationship between financial aggregation and the new and high technology industries of Guangdong-Hongkong-Macao Greater Bay Area under the Cobb-Douglas production function,by adopting city data from 2006 to 2016 in the area as a sample to examine the relationship among financial aggregation and its spatial spillover effect with the development of the new and high technology industries by the spatial panel Durbin model.The result of empirical test shows that the financial aggregation has the capacity to improve the development of the new and high technology industries,but this capacity fail to release potential abilities effectively during the sample period.At present,the development of the new and high technology industries mainly depend on research input from enterprise,labor input and fixed assets input.The driving force from financial aggregation and technology innovation fails to appear,showing the negative spillover effect among the cities,which means that effective cooperation mechanism is absent.Therefore,developing direct financing,enriching indirect financing,relieving the information asymmetry between the finance institution and the new and high technology industries,improving the regional equilibrium of government input,and encouraging large mature enterprises to set up production center in the suburb cities would promote the development of the new and high technology industries.

关 键 词：金融集聚 高新技术产业 柯布道格拉斯生产函数 空间溢出效应 

分 类 号：F260[经济管理—国民经济] F832.0