金融集群对金融支持实体经济效率的影响  

The Impact of Financial Clusters on the Efficiency of Financial Support for the Real Economy

作　　者：黄威栋 张雪松 冯豫 储利丛 张军青 HUANG Weidong;ZHANG Xuesong;FENG Yu;CHU Licong;ZHANG Junqing(China Construction Bank Corporation Hebei Branch,Hebei Shijiazhuang 050000)

机构地区：[1]中国建设银行股份有限公司河北省分行,河北石家庄050000

出　　处：《西部金融》2022年第10期27-34,共8页West China Finance

基　　金：国家自然科学基金面上项目“网络借贷市场风险识别、传染与防控研究:基于复杂网络理论的视角”(项目编号:71873079)的阶段性成果;河北省社会科学基金项目“上市公司债务违约、债务融资成本与投资效率研究”(HB19GL048)。

摘　　要：目前,中国已进入经济高质量发展的新格局,金融集群作为影响经济增长的新方式,在促进中国经济发展的道路上起着至关重要的作用。当下中国金融集聚水平在各地区发展不均衡,东部地区发展水平最高,带动经济发展的作用更明显,而中西部地区金融集聚程度较低,对经济增长的影响低于东部。本文利用2017-2020年中国31个省域(自治区、直辖市)面板数据,考察金融集聚程度对金融支持实体经济效率的影响。研究发现,地区金融集聚程度能够显著提升金融支持实体经济效率,通过稳健性检验、内生性检验之后核心结论依然成立。异质性分析发现,东部地区金融集聚程度对金融支持实体经济效率的影响高于中西部地区,这可能是因为东部地区资本集中程度更高、金融体系更加完善、区域创新能力更强,因此提升效果更加明显。最后,本文提出相关政策建议,以期为中国经济高质量发展提供有益思路。At present,China has launched a new pattern of high-quality economic development.As a new way to influence economic growth,the financial cluster effect plays a vital role on promoting the development of China’s economy.The current level of financial agglomeration in China is unevenly developed in various regions.The financial agglomeration in the eastern region is at the highest level and has a stronger driving force on the local economic development.By contrast,the level of financial agglomeration in the central and western regions is relatively low,and its impact on economic growth is relatively weaker.This paper uses the panel data of 31 provinces(autonomous regions and municipalities)in China from 2017 to 2020 to examine the impact of financial agglomeration degree on the efficiency of financial support for the real economy.It is found that the degree of regional financial agglomeration can significantly improve the efficiency of financial support for the real economy,and the core conclusion still holds after passing the robustness test and endogeneity test.The finding of heterogeneity analysis is that the degree of financial agglomeration has a higher impact on the efficiency of financial support for the real economy in the eastern region in contrast with in the central and western regions possibly because the eastern region has a higher degree of capital concentration,a more complete financial system,and stronger regional innovation capabilities.Thus,the improvement effect in the eastern region is relatively obvious.Finally,this paper presents relevant policy suggestions to provide useful ideas for the high-quality development of China’s economy.

关 键 词：金融集群 实体经济 经济效率 

分 类 号：F830.31[经济管理—金融学]