粤港澳大湾区城市金融发展质量与金融辐射效应研究  

Research on Urban Financial Development Quality and Financial Radiation Effect in Guangdong-Hong Kong-Macao Greater Bay Area

作　　者：徐维军[1,2] 王玉越 张晓晴 张卫国 XU Wei-jun;Wang Yu-yue;ZHANG Xiao-qing;ZHANG Wei-guo(School of Business Administration,South China University of Technology,Guangzhou 510640,Guangdong,China;Guangzhou Financial Services Innovation and Risk Management Research Base,Guangzhou 510640,Guangdong,China)

机构地区：[1]华南理工大学工商管理学院,广东广州510640 [2]广州金融服务创新与风险管理研究基地,广东广州510640

出　　处：《华南理工大学学报（社会科学版）》2022年第2期1-17,共17页Journal of South China University of Technology(Social Science Edition)

基　　金：国家自然科学基金-广东联合基金“粤港澳大湾区跨境融资金融风险度量及协同管理创新研究”(U1901223);国家自然科学基金面上项目“基于文本挖掘风险指标的信用违约资产定价及配置研究”(71771091);广东省哲学社会科学规划项目“粤港澳大湾区大力发展特色金融产业研究”(GD20SQ11);广东省基础与应用基础研究基金“社交媒体环境下公司信息披露决策和投资者反应研究:基于市场微观结构模型和文本分析方法”(2019A1515011752)。

摘　　要：粤港澳大湾区是我国开展金融开放、金融创新、金融支持活动的前沿阵地,是构建国内国际“双循环”新发展格局的重要力量。围绕金融规模、金融集聚、金融效率及经济基础四个维度,构建大湾区城市金融发展质量评价指标体系,运用因子分析模型测算大湾区各市金融发展质量水平,进一步利用威尔逊模型对得分为正的城市进行金融辐射范围测算,并结合引力模型测算出金融辐射强度。实证结果表明,粤港澳大湾区金融发展质量水平整体较为稳定,香港地区金融发展质量与辐射效应最强,广州、深圳次之,节点城市金融发展质量水平较低;香港、广州、深圳金融影响力涵盖了整个湾区,其中香港金融辐射效应逐渐减弱,广州、深圳的金融辐射效应逐渐增强;“强强联手”和“近水楼台先得月”的空间联系现象显著。从构建错位发展的金融格局、构建创新型金融合作网络、加快金融人才引进与集聚三个角度,提出具体的对策建议以供实践参考。The Guangdong-Hong Kong-Macao Greater Bay Area is an important carrier for Chinese financial opening,financial innovation,and financial support,and an important force in building a new pattern of“dual cycles”.This paper has constructed an evaluation index system for the urban financial development quality of the Greater Bay Area around the four dimensions of financial scale,financial agglomeration,financial efficiency and economic foundation;used the factor analysis model to measure the financial development quality level of each city in the Greater Bay Area;used the Wilson model to calculate the financial radiation range of cities with positive scores,and combined the gravity model to calculate the financial radiation intensity.The empirical results were obtained as follows:firstly,the overall financial development quality of the Guangdong-Hong Kong-Macao Greater Bay Area is relatively stable,and the financial development quality and radiation effect of Hong Kong is the strongest,followed by Guangzhou and Shenzhen,while the financial development quality of the node cities is relatively low.Secondly,the financial influence of the three cities covers the entire Bay Area.Among them,the financial radiation effect of Hong Kong has gradually weakened,and the financial radiation effect of Shenzhen and Guangzhou have gradually increased.Thirdly,the phenomenon of spatial connection of strong cooperation and geographical proximity is significant.Finally,specific countermeasures are put forward from three perspectives of building a dislocation development financial pattern,building an innovative financial cooperation network,and accelerating the introduction and gathering of financial talents for practical reference.

关 键 词：粤港澳大湾区 金融发展质量 金融辐射效应 因子分析 威尔逊模型 

分 类 号：F832.5[经济管理—金融学]