营商环境与金融集聚:基于中国省级与地市级的数据分析  

Business Environment and Financial Agglomeration:A Data Analysis Based on China’s Provincial and Prefecture Levels

作　　者：焦方义[1] 逄佳宁 JIAO Fang-yi;PANG Jia-ning

机构地区：[1]黑龙江大学经济与工商管理学院,哈尔滨150080

出　　处：《求是学刊》2023年第5期68-85,共18页Seeking Truth

基　　金：黑龙江省哲学社会科学研究规划项目“乡村振兴战略下黑龙江省农村贫困群体长线脱贫机制构建研究”(20JYC150);黑龙江省高校智库开放课题重点项目“数字经济赋能我省传统优势特色产业升级路径研究”(ZKKF2022001);黑龙江省社科基金项目“‘品牌强农’战略下黑龙江省农产品地理标志价值提升机理与路径研究”(22JYB228)。

摘　　要：金融集聚作为资本积累与流动的结果,一直是经济学家与政策制定者关注的重要内容。文章以近期中国营商环境为考察对象,探讨营商环境对金融集聚的影响。通过构建2006至2019年省级面板数据以及地市级数据,研究发现:营商环境的改善对金融集聚有着显著的促进作用。该结论即使在控制一系列影响金融集聚的因素以及利用工具变量对内生性估计偏差进行修正后依然稳健。研究还发现,营商环境在经济发展水平较低的地区更能够促进金融集聚的形成,主要是通过在营商环境完善的过程中人力资本的提高和企业数量的增加两个维度促进金融集聚的形成。因此,应积极推进营商环境的改革和优化,这不仅能够促进资本的有效流动,激发市场的创新活力,缩小地区间的发展差距,实现社会公平,同时也为我们深化对于完善统一大市场内资本要素运行机制的理解提供了新的视角。As the result of capital accumulation and flow,financial agglomeration has always been an impor⁃tant content that economists and policy makers pay attention to.Based on the recent business environment in China,this article discusses the influence of business environment on financial agglomeration.By constructing provincial panel data and prefecture-level data from 2006 to 2019,it is found that the improvement of busi⁃ness environment has a significant role in promoting financial agglomeration.This finding remains robust even after controlling for a range of factors affecting financial agglomeration and correcting for endogeneity estima⁃tion bias using instrumental variables.In addition,the study also finds that the business environment is more capable of promoting financial agglomeration in regions with lower levels of economic development,mainly through the two dimensions of human capital improvement and the increase in the number of enterprises in the process of improving the business environment.Therefore,we should actively promote the reform and optimiza⁃tion of the business environment,which can not only promote the effective flow of capital,stimulate the innova⁃tion vitality of the market,narrow the development gap between regions,and achieve social equity,but also pro⁃vide a new perspective for us to deepen our understanding of perfecting the operation mechanism of the capital factors in the unified big market.

关 键 词：金融集聚 营商环境 资本流动 

分 类 号：F279.2[经济管理—企业管理] F832[经济管理—国民经济] D630[政治法律—政治学]