我国城市金融集聚的空间福利后果研究  

Spatial welfare consequences of financial agglomeration in China's cities

作　　者：郭靖 倪鹏飞[2] 徐海东 GUO Jing;NI Peng-fei;XU Hai-dong

机构地区：[1]深圳大学政府管理学院 [2]中国社会科学院财经战略研究院

出　　处：《城市问题》2023年第3期80-91,共12页Urban Problems

基　　金：国家自然科学基金面上项目(71774170)——“多中心群网化中国城市新体系的决定机制研究”;深圳市人文社会科学重点研究基地资助项目。

摘　　要：金融产业发展会受外部规模经济的影响,存在鲜明的集聚特征,造就了金融中心城市和非金融中心城市的分异。在一定的时间和空间范围内,金融资源会向金融中心城市聚集,并会对中心和外围区域的福利产生不同影响。在自由资本模型基础上,通过引入外部规模经济,模拟金融产业的地理分布演化及其带来的福利影响,模型推演证明:随着贸易成本的下降,金融业会向中心区域集聚。与此同时,中心区域的福利状况会随着集聚不断改善,而边缘地区的福利状况则因规模经济与贸易成本不同而存在不确定性。基于2005—2018年中国272个地级以上城市数据,以门槛回归模型验证了城市金融部门存在轻微的规模经济,并以面板回归和空间计量方法验证了在只考虑距离摩擦的情况下,金融集聚对于中心城市和外围城市均存在福利改进,但过高的制度成本会阻碍金融中心溢出效应的发挥。建设全国统一大市场以及优化各地营商环境可以降低制度成本,更好发挥金融中心的作用。The development of the financial industry is affected by external economies of scale and has distinct agglomeration characteristics,which also leads to the differentiation of financial center cities and non-financial center cities.Within a certain range of time and space,the financial resources will gather in the financial center cities.This aggregation process will bring different benefits to the agglomeration centers and peripheral cities.Variety.Based on the free capital model,this paper simulates the evolution of the geographical distribution of the financial industry and its welfare consequences by introducing external economies of scale.The model deduction proves that:as the trade cost decreases,the financial industry will agglomerate to the central area;at the same time,the welfare of the central area will become better with the agglomeration,while the welfare of the peripheral area will be jointly determined by the size of economies of scale and the level of trade costs.Then,based on the data of 272 Chinese cities from 2005 to 2018,this paper verified the existence of slight economies of scale in the urban financial sector by threshold regression,and verified the welfare improvements for both the center and the periphery of financial agglomeration of China’s financial center cities in the case of only considering distance friction.However,if the institutional cost is taken into consideration,the current institutional cost significantly hinders the spillover effect of the financial center.With the advancement of the construction of a unified national market and the optimization of the business environment in various places,the reduction of institutional costs is conducive to better exerting the potential Pareto improvement effect of financial center city construction.

关 键 词：自由资本模型 外部规模经济 福利 公平与效率 

分 类 号：F832.7[经济管理—金融学]