交通基础设施对金融集聚的影响研究——基于铁路和高速公路的证据  

A Study on the Impact of Transportation Infrastructure on Financial Agglomeration: An Evidence Based on Railways and Highways

作　　者：王梓利 林晓言[1] 高宏伟[1] Wang Zili;Lin Xiaoyan;Gao Hongwei

机构地区：[1]北京交通大学经济管理学院

出　　处：《宏观经济研究》2020年第12期47-61,120,共16页Macroeconomics

基　　金：国家社会科学基金重大项目“中国高铁经济理论解析框架及演化路径研究”(17ZDA084)的阶段性成果。

摘　　要：本文基于1998—2016年中国铁路与高速公路的省级面板数据,探讨了交通基础设施对金融集聚的影响。结果表明,交通基础设施的完善对本地金融集聚起促进作用,铁路的影响强于高速公路。通过中介效应模型检验交通对金融集聚的作用机制,认为经济规模扩张、产业结构优化和知识溢出在交通基础设施对金融集聚的影响过程中均起到中介效应。进一步考察交通基础设施的空间效应,发现铁路和高速公路的作用存在异质性,高速公路表现为空间溢出效应;铁路则相反,加剧了空间集聚效应。分析其原因,认为公路建设降低了区域间运输成本,促进各地贸易往来,带来的金融需求使各地区金融集聚水平的差异有所减少,而铁路带来的劳动力流动往往使金融业人力资本在核心地区积累,促进金融集聚。Based on the provincial panel data of China’s railways and highways from 1998 to 2016, this paper explores the impact of transportation infrastructure on financial agglomeration. The results show that the improvement of transportation infrastructure promotes local financial agglomeration, and the influence of railways is stronger than that of highways. Through the mediation effect model to test the mechanism of transportation on financial agglomeration, it is believed that economic scale expansion, industrial structure optimization and knowledge spillover all play an mediation effect in the influence of transportation infrastructure on financial agglomeration. Further investigation of the spatial effects of transportation infrastructure finds that the roles of railways and highways are heterogeneous. Highways act as spatial spillover effect;railways, on the contrary, railways aggravate the spatial agglomeration effect. Analyzing the reasons, it is believed that highway construction has reduced inter-regional transportation costs, promoted regional trade, and the financial demand brought by it has reduced the difference in the level of financial agglomeration in various regions, and the labor mobility brought by railways tends to accumulate human capital in the financial industry in core areas and promote financial agglomeration.

关 键 词：交通基础设施 金融集聚 空间计量 中介效应 

分 类 号：F512[经济管理—产业经济] F832