有效市场、有为政府与粤港澳大湾区资本流动  

Efficient Market, Promising Government and Capital Flows in the Guangdong-Hong Kong-Macao Greater Bay Area

作　　者：史海霞 申嫦娥[1] SHI Haixia;SHEN Chang’e

机构地区：[1]北京师范大学经济与工商管理学院

出　　处：《城市观察》2022年第5期20-31,159,160,共14页Urban Insight

摘　　要：新结构经济学主张在经济发展过程中既要有效的市场,也要有为的政府,二者共同作用。粤港澳大湾区处在“一个国家、两种制度、三个关税区、三种货币”的背景之下,是多个城市高度关联的发展共同体。这使得资本等要素在粤港澳大湾区的畅通流动和高效配置,既要靠市场这只“无形的手”,也尤其需要政府发挥因势利导的作用,培育、监督、保护、补充市场。本研究采用粤港澳大湾区11个城市2016—2019年的数据,从理论与实证层面分析了有效市场与有为政府对粤港澳大湾区资本流动的影响及机制。研究发现:实施符合当地比较优势政策的有为政府能促进粤港澳大湾区资本流动;市场化程度越高,资本流动规模越大,但有效市场无法单独成为推动粤港澳大湾区资本流动的因素;有为政府与有效市场的协同作用促进了粤港澳大湾区资本流动。The new structural economics advocates that in the process of economic development, both an effective market and a promising government should be in place. Under the background of one country, two systems, and three customs zones and currencies, the flows of capital and other factors in the Guangdong-Hong Kong-Macao Greater Bay Area require the government to play a guiding role to nurture, supervise, protect and complement the“invisible hand”of the market. Using the data of 11 cities in the Greater Bay Area from 2016 to 2019, this study theoretically and empirically analyzes the impact and mechanism of efficient market and promising government on capital flows of the GBA. Results show that implementing favorable policies in line with local comparative advantage can promote capital flows in the GBA. The higher the degree of marketization, the larger the scale of capital flows. Efficient market alone, however, can not be the sole driving factor. The GBA relies on a synergy between promising government and efficient market to facilitate capital flows.

关 键 词：有效市场 有为政府 资本流动 新结构经济学 粤港澳大湾区 

分 类 号：F276.44[经济管理—企业管理]