金融市场分割、资本扩张与科技-金融耦合脆弱性  

Financial Market Segmentation,Capital Expansion and the Coupling Vulnerability of“Technology-Finance”

作　　者：王仁祥[1] 石显云 Wang Renxiang;Shi Xianyun(School of Economics,Wuhan University of Technology,Wuhan 430070,China)

机构地区：[1]武汉理工大学经济学院,武汉430070

出　　处：《工业技术经济》2022年第12期115-122,共8页Journal of Industrial Technological Economics

基　　金：国家社会科学基金项目“经济高质量发展背景下金融与科技耦合脆弱性及有效性研究”(项目编号:21BJY253)。

摘　　要：基于2009~2020年省际面板数据,本文在探究金融市场分割、资本扩张对脆弱性作用机理的基础上,运用静态面板模型、曲线调节效应、空间杜宾模型进行实证分析。研究表明:(1)资本扩张与脆弱性呈现先改善后加剧的U型关系,金融市场分割是资本扩张影响脆弱性的重要调节变量,随着金融市场分割程度提高,资本扩张与脆弱性的U型曲线形状更加平缓、拐点提前出现、整体水平提高;(2)考虑地区异质性,金融市场分割均削弱了资本扩张对脆弱性的改善作用,但对东、西部的削弱作用高于中部;(3)金融市场分割的调节效应不仅体现在本地区,还会通过空间溢出传导到周边地区,即通过直接效应和空间溢出影响资本要素状态,抑制资本扩张活动,从而提高脆弱性。Based on the inter provincial panel data from 2009 to 2020,this paper uses static panel model,regulatory effect model and spatial Dubin model to make empirical analysis on the basis of exploring the mechanism of financial market segmentation and capital expansion on vulnerability.The research shows that:(1)the relationship between capital expansion and vulnerability presents a U shape,which improves first and then intensifies.Financial market segmentation is an important adjustment variable and threshold variable for capital expansion to affect vulnerability.With the improvement of financial market segmentation,the shape of the U-shaped curve of capital expansion and vulnerability becomes more gentle,the inflection point appears in advance,and the overall level improves.(2)Considering regional heterogeneity,financial market segmentation weakens the improvement of capital expansion on vulnerability,but the weakening effect on the east and west is higher than that in the middle.(3)The regulatory effect of financial market segmentation is not only reflected in the region,but also transmitted to the surrounding areas through spatial spillovers,that is,through direct effects and spatial spillovers,the state of capital factors is affected,capital expansion activities are inhibited,and vulnerability is improved.

关 键 词：资本扩张 金融市场分割 科技-金融耦合 脆弱性 调节效应 区域异质性 

分 类 号：F832[经济管理—金融学] F124.3