金融集聚与经济高质量发展——基于技术创新的中介效应分析  

Financial Agglomeration and High-quality Economic Development:Analysis of the Mediating Effect of Technological Innovation

作　　者：钱晶晶[1] 钟韵 张横峰[1] Qian Jingjing;Zhong Yun;Zhang Hengfeng(Research Center of Central China Economic and Social Development/School of Economics and Management,Nanchang University,Nanchang 330031,Jiangxi,China;School of Economics and Management,Nanchang University,Nanchang 330031,Jiangxi,China)

机构地区：[1]南昌大学中国中部经济社会发展研究中心/经济管理学院,江西南昌330031 [2]南昌大学经济管理学院,江西南昌330031

出　　处：《金融经济学研究》2021年第6期130-141,共12页Financial Economics Research

基　　金：国家社会科学基金重大项目(18ZDA047);国家社会科学基金青年项目(18CGL012);江西省高校人文社会科学重点研究基地项目(JD19103)。

摘　　要：基于中国31个省、市、自治区(不含港澳台地区)2005—2019年的面板数据,采用固定效应、中介效应和门限回归模型对金融集聚、技术创新与经济发展质量三者的关系进行实证分析,研究发现,中国各省市金融集聚整体上对经济发展质量有显著的促进作用,但各区域之间存在异质性;金融集聚通过影响技术创新从而对经济发展质量具有显著效应,亦即技术创新在其中起到中介作用;政府干预能够显著正向调节金融集聚对经济发展质量的促进效应。因此,建议各地区推动金融集聚建设,提升技术创新水平,促进中国经济社会高质量发展。This study analyzes empirically the relationship among financial agglomerations,technological innovation,and the quality of economic development based on 2005 to 2019 panel data from 31 provincial-level administrative regions(excluding Hong Kong,Macao,and Taiwan)in China’s Mainland.The analysis is done using fixed effect,mediating effect,and threshold regression models.The results reveal that the financial agglomerations in China’s provinces and cities have a significant positive effect on economic development quality,although there is heterogeneity among the regions.These financial agglomerations have a significant effect on economic development quality through technological innovation,that is,technological innovation plays a mediating role.Thus,government intervention can significantly and positively regulate the stimulating effect of financial agglomerations on economic development quality.The results suggest that all regions should promote the growth of financial agglomerations and technological innovation improvement to stimulate high-quality economic and social development in China.

关 键 词：金融集聚 技术创新 经济发展质量 中介效应 门槛效应 

分 类 号：F830.3[经济管理—金融学]