金融集聚对区域经济影响的空间效应研究  

The Research on the Spatial Effect of Financial Agglomeration on Regional Economy

作　　者：武耀华 蒋勇 付晓东[3] Wu Yaohua;Jiang Yong;Fu Xiaodong

机构地区：[1]中国长城资产管理股份有限公司,北京100045 [2]恒泰证券股份有限公司,北京100032 [3]中国人民大学应用经济学院,北京100872

出　　处：《经济问题探索》2021年第8期82-93,共12页Inquiry Into Economic Issues

摘　　要：金融集聚是当前金融发展的显著空间分布结构特征。文章以经典内生增长模型作为框架,用金融集聚因素和创新研发支出作为对全要素生产率的解释因子,就金融集聚对区域经济的空间效应展开实证研究。通过汇集全国285个地市11年的GDP、存贷款余额等基础数据,并采用"永续盘存法(PIM)"计算各地的实际资本存量,得到计量面板数据。计量分析部分采用SDM、SEM等模型进行空间回归,为了克服模型的内生性问题,使用动态GMM模型进行对比分析,测算金融集聚的空间溢出效应。研究结果发现金融集聚水平对当地和周边区域经济发展具有促进作用,但不同的金融资源集聚对区域经济的影响作用不尽相同。将全国分为四个区域开展空间计量,发现不同类型的金融集聚对于不同区域经济影响有所差别。金融集聚是影响区域经济发展的重要因素,可以通过促进金融集聚带动本地区域经济增长,影响周边区域经济发展。Financial agglomeration is a significant spatial distribution structural feature of current financial development.This paper mainly studies the spatial effect of financial agglomeration on regional economy.In this paper,the classical endogenous growth model is used as the framework,the financial agglomeration factor and innovation R&D expenditure are used as the explanatory factors of TFP,so as to construct the econometric equation of regional economic growth and financial agglomeration.By collecting the basic data of financial institutions of 285 cities in China in recent 11 years,and using the"PIM"method to calculate the actual capital stock of each region,we get the panel data of econometric analysis.The results of.SDM,and GMM regression analysis show that the financial agglomeration has a promoting effect on the local and surrounding regional economic development,but different financial resource agglomeration has different effects on the regional economy.Financial agglomeration is an important factor affecting the development of regional economy.It can promote the economic growth of local region and surrounding regions by promoting financial agglomeration.

关 键 词：金融集聚 集聚测度 空间效应 区域经济 

分 类 号：F832.7[经济管理—金融学] F061.5