金融发展对跨境人民币结算的空间溢出效应及异质性研究  

Research on the Spatial Spillover Effect and Heterogeneity of Financial Development on Cross-Border RMB Settlement

作　　者：李艳丰[1,2] 黄纪强 LI Yanfeng;HUANG Jiqiang(Business School,Xiangtan University,Xiangtan,Hunan411105,China;School of Finance,Hunan University of Finance and Economics,Changsha,Hunan410205,China;School of Finance and Taxation,Zhongnan University of Economics and Law,Wuhan,Hubei430073,China)

机构地区：[1]湘潭大学商学院,湖南湘潭411105 [2]湖南财政经济学院财政金融学院,湖南长沙410205 [3]中南财经政法大学财政税务学院,湖北武汉430073

出　　处：《财经理论与实践》2022年第5期10-18,共9页The Theory and Practice of Finance and Economics

基　　金：国家社会科学基金一般项目(20BJL061);湖南省哲学社会科学基金一般项目(17YBA054);湖南省教育厅优秀青年科学研究项目(20B099)。

摘　　要：基于2011-2019年我国30个省(区、市)平衡面板数据研究跨境人民币结算的空间集聚特征,使用空间计量模型实证分析金融发展对跨境人民币结算的空间溢出效应及异质性。发现省际跨境人民币结算呈现高高、低低的聚集趋势。通过构建多维度金融发展指标检验发现,金融发展规模、金融集聚、金融开放度均能有效推动跨境人民币结算,并呈现显著的正向溢出效应,金融开放度的影响效应更为明显。金融发展对跨境人民币结算在时间和空间上存在显著的异质性,正向溢出效应从2015年之后转变为负向溢出效应,通过更换权重矩阵发现结论依旧成立。Based on the balanced panel data of 30 provinces in China from 2011 to 2019,this paper studies the spatial agglomeration characteristics of cross-border RMB settlement,and constructs a spatial econometric model to discuss the spatial spillover effect of financial development on cross-border RMB settlement.The study found that the inter-provincial cross-border RMB settlement showed a clustering trend of high-high and low-low.Through the construction of multi-dimensional financial development indicators,it is found that the scale of financial development,financial agglomeration,and financial openness can effectively promote cross-border RMB settlement,and show a significant positive spillover effect,and the impact of financial openness is more obvious.Financial development has significant heterogeneity in time and space for cross-border RMB settlement.The positive spillover effect has changed from 2015 to a negative spillover effect.By changing the weight matrix,it is found that the conclusion is still valid.

关 键 词：金融发展 金融集聚 金融开放 跨境人民币结算 空间溢出效应 

分 类 号：F832.6[经济管理—金融学]