高铁开通、金融资源配置与区域经济发展不平衡--基于PSM-DID模型的估计  

High-speed Rail,Financial Resource Allocation,and Inequality in Regional Economic Development--An Estimation Based on PSM-DID Model

作　　者：郑联盛[1] 孟雅婧 李俊成 ZHENG Liansheng;MENG Yajing;LI Juncheng(Institute of Finance and Banking,Chinese Academy of Social Sciences,Beijing 100710,China;School of Economics,Nankai University,Tianjin 300071,China)

机构地区：[1]中国社会科学院金融研究所 [2]南开大学经济学院

出　　处：《金融评论》2022年第3期39-61,124,125,共25页Chinese Review of Financial Studies

摘　　要：本文以我国268个地级市为样本,通过PSM-DID模型考察高铁开通对金融资源配置的影响,并对高铁开通带来的金融资源配置与区域经济发展之间的关系进行实证分析。实证结果显示,高铁开通促进了所在城市金融资源的更快增长并形成集聚效应。分地区来看,高铁开通对中部城市金融资源配置的促进作用最为明显,东部次之,而对西部整体没有呈现显著的正向效应。与此同时,高铁开通对于金融资源占比较小的城市的资源集聚促进作用较为显著。另外,高铁开通有利于缩小省内和地区内城市间的发展差距,但反而扩大了全国范围内的城市发展差距。Using a sample of 268 cities over the period of 2006-2016,this paper applies a difference-in-differences approach to investigate the impact of high-speed railway(HSR)on the geographic allocation of financial resources and its relationship with regional development in China.The empirical results show that the HSR connection promote the regional accumulation of financial resource.This positive effect is most significant in the cities of Central China and much weaker in cities of East China.In cities of West China,the HSR connection has no significant impact on financial development.The HSR connection’s positive effect on financial resource accumulation is also more significant in the small cities who are often in a disadvantaged position in financial resource allocation.Furthermore,the paper finds that HSR narrows the development gaps between the cities in the same provinces and areas(East,Central,and West China)but increases the average development gaps between the cities at the country scale.

关 键 词：高速铁路 金融资源 区域发展 

分 类 号：F532[经济管理—产业经济] F832F124