数字金融如何影响制造业产业集聚?——兼论不同城市群的异质性影响分析  

How Does Digital Finance Affect Manufacturing Industry Agglomeration?——A Concurrent Analysis of the Heterogeneous Impacts Across Different Urban Clusters

作　　者：董良 李文瑞 陈铮 李晶晶 胡晓刚 DONG Liang;LI Wenrui;CHEN Zheng;LI Jingjing;HU Xiaogang(The School of Finance,Hunan University of Technology and Business;Xiaomang E-commerce Co.,Ltd;Baker Tilly China Certified Public Accountants;Hengtai Changcai Securities Co.,Ltd)

机构地区：[1]湖南工商大学财政金融学院 [2]小芒电子商务有限责任公司 [3]天职国际会计师事务所 [4]恒泰长财证券有限责任公司

出　　处：《金融经济》2024年第8期67-78,共12页Finance Economy

基　　金：长沙市哲学社科规划课题“数智金融赋能长沙先进制造业高质量发展路径与对策研究”(2024CSSKKT07)。

摘　　要：制造业产业集群的构建对提高生产效率、带动区域经济增长具有重要意义,而数字金融通过推动“数字产业化”和“产业数字化”融合发展,深刻改变了制造业的组织架构和运行方式。本文从城市群视角出发,基于京津冀、珠三角、长三角、长江中游、成渝五大城市群2011—2019年的数据探讨数字金融对制造业集聚的影响。研究发现数字金融对制造业集聚有显著的正向影响,这种影响存在维度异质性,即其促进作用主要来源于数字金融覆盖广度的扩展,且数字金融对不同城市群的影响存在异质性。区域技术创新能力的提升和地区人力资本水平的提高在数字金融促进制造业产业集聚的过程中发挥着中介效应。本文依据实证结果提出各地区应根据当地经济发展情况制定相应的数字金融发展政策、实行区域发展协调战略等政策建议,以实现数字金融与实体经济的深度融合。The formation of manufacturing industry clusters is of great significance for improving production efficiency and driving regional economic growth.Digital finance,by promoting the integrated development of"digital industrialization"and"industrial digitization",has profoundly transformed the organizational structure and operational methods of the manufacturing industry.This paper explores the impact of digital finance on manufacturing agglomeration from the perspective of urban clusters,based on data from five major urban clusters(Beijing-Tianjin-Hebei,Pearl River Delta,Yangtze River Delta,Middle Reaches of the Yangtze River,and Chengdu-Chongqing)from 2011 to 2019.The study finds that digital finance has a significant positive impact on manufacturing agglomeration,with dimensional heterogeneity in its effects.Specifically,the promotion mainly stems from the expansion of digital finance coverage,and the impact of digital finance varies across different urban clusters.The enhancement of regional technological innovation capability and the improvement of local human capital levels play a mediating role in the process by which digital finance promotes manufacturing agglomeration.Based on empirical results,this paper proposes corresponding policy recommendations:each region should formulate digital finance development policies according to local economic conditions,implement regional development coordination strategies,and achieve deep integration of digital finance with the real economy.

关 键 词：数字金融 制造业集聚 城市群 技术创新 人力资本 区域协调发展 

分 类 号：F832[经济管理—金融学] F427