金融空间分布、制造业融资与空间外溢模式——基于“中心-外围”视角  

Financial Spatial Distribution,Manufacturing Financing,and Spatial Spillover Patterns:Based on the Perspective of“Center Periphery”

作　　者：肖冬利 肖锐 班琦 XIAO Dongli;XIAO Rui;BAN Qi

机构地区：[1]西南财经大学中国金融研究院 [2]复旦大学应用经济学博士后流动站

出　　处：《中央财经大学学报》2025年第2期5-20,共16页Journal of Central University of Finance & Economics

基　　金：国家社会科学基金重点项目“基于最优金融分权框架的我国地方中小银行危机研究”(项目编号:21AJY002);广东金融学会2023—2024年度基础课题“中国式现代化背景下党组织参与公司治理的效果及路径探讨”(项目编号:JCKT202316)。

摘　　要：金融资源作为最具流动性的要素,在空间上呈现特有的非均衡分布特征,持续向中心城市聚集,但是制造业却在向外围城市迁移而难以获得融资,制造业面临特有的融资困境。本文通过构建新经济地理模型进行多维数值模拟,运用人工神经网络测度金融聚集程度,利用空间计量模型进行实证检验。研究发现:(1)金融资源在城市中聚集有利于当地制造业融资,这在城市群中更为明显;(2)欠发达地区中心城市对外围制造业融资影响呈现虹吸效应,发达地区则呈现辐射效应;(3)不同区域随距离增加的空间外溢模式存在异质性:全国呈现倒U形,欠发达地区呈现线性衰减,发达地区呈现■形;(4)城市信息传输效率、交通便利性、城市群分工、市场分割等因素是影响金融聚集空间外溢的重要机制。由此,支持城市间合理分工、协调发展,发挥中心城市金融辐射作用,支持银行跨区域经营成为本文直接的政策含义。Financial resources,as the most liquid factor of production,exhibit distinctive spatial non-equilibrium distribution patterns,consistently clustering in central cities.In contrast,the manufacturing sector,which is increasingly relocating to peripheral cities,faces significant financing challenges due to limited access to financial resources.This study employs a new economic geography model to conduct multidimensional numerical simulations,utilizes artificial neural networks to quantify financial agglomeration,and applies spatial SARAR models for empirical analysis.The findings reveal that:(1)financial resource agglomeration in cities enhances local manufacturing financing,with the effect being particularly pronounced in urban agglomerations;(2)in underdeveloped regions,central cities exert a siphoning effect on peripheral manufacturing financing,whereas in developed regions,this relationship manifests as a radiation effect;(3)spatial spillover patterns vary across regions as distance increases:nationwide trends display an inverted U-shape,underdeveloped regions exhibit linear decay,and developed regions follow a distinctive pattern;(4)key factors such as information transmission efficiency,transportation accessibility,functional division of labor within urban agglomerations,and market segmentation significantly influence the spatial spillover of financial agglomeration.Based on these findings,the study advocates for promoting rational division of labor and coordinated development among cities,harnessing the financial radiation effects of central cities,and encouraging cross-regional bank operations as critical policy measures.

关 键 词：金融空间外溢 制造业融资 中心-外围 

分 类 号：F832.4[经济管理—金融学] F224