金融深度、数字经济与市场一体化  

Financial scale,digital economy,and market integration

作　　者：张智龙 黄伟 ZHANG Zhilong;HUANG Wei(The School of Economics,Shanghai University of Finance and Economics,Shanghai 200433,China;School of Economics,Zhejiang University of Finance and Economics,Hangzhou 310018,China)

机构地区：[1]上海财经大学经济学院,上海200433 [2]浙江财经大学经济学院&数量经济研究中心,杭州310018

出　　处：《系统工程理论与实践》2024年第9期2872-2886,共15页Systems Engineering-Theory & Practice

基　　金：国家自然科学基金面上项目(71873085);国家自然科学基金重点项目(71833004)。

摘　　要：推动金融系统为我国经济社会发展提供高质量服务是进一步深化金融改革的题中之义.基于我国2004–2020年281个地级市层面的数据,对金融深度如何影响市场一体化水平进行了检验.研究发现,金融深度可促进区域一体化发展,主要是通过促进当地基础设施建设水平、优化劳动力与资本配置效率实现的;通过采用省级样本、选取工具变量利用两阶段最小二乘进行估计以及更换变量测量方式等一系列稳健性检验,保证了该结论的一般性.基于理论分析与实证检验还发现,数字经济能够优化金融业市场环境、提高银行服务能力,从而可强化金融深度的促进作用.进一步的异质性分析表明,中央宏观层面的发展规划、区域金融监管水平都有利于银行推动一体化发展,而过高的地方政府债务规模则可能会限制金融深度的积极作用.文章丰富了金融发展、一体化的相关研究,能为建设国内统一大市场、深化金融体系改革提供一些意见参考.Promoting the financial system to provide high-quality services for China’s economic and social development is the key point of further deepening financial reform.Based on data of 281 prefecture level cities in China from 2004 to 2020,this study examines how financial depth affects the level of market integration.Research has found that financial depth can promote regional integration development,mainly through raising the level of local infrastructure construction and optimizing the efficiency of labor and capital allocation to achieve it.The generality of this conclusion is ensured through a series of robustness tests such as using provincial-level samples,selecting instrumental variables for estimation using two-stage least squares,and changing variable measurement methods.Based on theoretical analysis and empirical testing,it has also been found that the digital economy can optimize the market environment of the financial industry and improve bank service capabilities,which will strengthen the effects of financial depth on integration.Further heterogeneity analysis indicates that the central macro level development plan and regional financial regulatory level are conducive to enhancing the positive impact of banks on integration,while excessively high local government debt levels may limit the positive impact of financial depth.The article enriches relevant research on financial development and integration,and can provide some opinions and references for building a unified domestic market and deepening financial system reform.

关 键 词：金融深度 数字经济 市场一体化 金融监管 

分 类 号：F127[经济管理—世界经济]