金融集聚与区域经济增长的理论及实证研究
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摘要
从上世纪80年代开始,随着全球经济一体化和金融业的迅速发展,国际金融资源在区域间流动加速,金融业呈现出金融企业重组并购趋势,这也引起了金融活动和金融机构在某一中心城市高度集聚的现象。西方发达国家的金融集聚发展经验表明,金融发展与经济发展之间存在极为紧密的互动关系,我国区域经济发展的差距在很大程度上取决于区域金融发展的差异,虽然我国目前已经形成了相对完善的金融体系,也形成了一定规模的金融集聚区域,但在金融资源整体布局和金融中心建设等方面存在许多需要解决的问题。特别是中国加入世贸组织后,中国的金融集聚呈现出哪些特征,金融集聚对中国区域金融发展和区域经济增长有什么样的影响,所形成的区域金融集聚地理分布有什么样的特征,如何促进的区域金融可持续发展,这些问题的研究对中国区域经济及区域金融的发展具有很大的现实意义,同时这对补充金融服务业集群理论研究具有较大的理论价值。
论文首先针对我国金融集聚的发展现状以及存在的问题,提出了本文的研究的意义和现实动因,总结分析了国内外金融集聚研究现状并给出了论文的研究思路、主要内容和技术路线。然后论文通过总结吸收金融地理学、金融中心理论和产业经济学对金融集聚的研究成果,在此基础上论文分析了金融集聚的动因、特征,结合金融产业本身的特征,进而对金融集聚这一特殊的产业集群现象的运行机制进行分析,并对金融集聚对区域经济增长的作用机制进行了系统研究,从而构成论文的理论研究框架。在理论分析的基础上,论文对金融集聚与区域经济增长的关系进行了计量经济模型分析,为了分析我国金融集聚的发展的地域特征,首先通过计算中国金融集聚的区位熵检验了中国金融集聚的空间差异性,然后运用我国2003-2007年省际截面数据和面板数据对金融集聚与区域经济增长的互动关系进行了计量模型分析,结果显示中国金融集聚与我国区域经济增长存在长期稳定的互动关系,而且银行业集聚对经济增长的弹性系数要大于证券业集聚与保险业集聚对经济增长的弹性系数,而且其弹性系数呈现比较明显的上升趋势。考虑到我国金融集聚的空间地理特征,论文运用前沿的计量经济方法-空间计量分析方法对金融集聚与区域经济增长的空间效应进行了分析,通过计算中国金融业的Moran'I指数确定中国金融集聚存在空间相关性,并刻画了2003年与2007年中国金融集聚的Moran'I指数散点图,得出中国各省金融集聚地理空间相关模式,在此基础上,论文通过建立SLM、SEM和SDM空间计量模型检验了金融集聚对区域经济增长的空间溢出效应。然后论文选取中国金融集聚现象最显著的长三角地区作为研究对象,运用协整检验对长三角地区的金融集聚对区域经济增长的辐射作用进行实证研究,研究结果显示上海金融集聚不仅对上海本地的经济起到了明显的促进作用,而且其银行业和证券业发展还对整个长三角地区起到了明显辐射作用,在此基础上论文从资源配置、技术外溢、技术创新三个渠道检验了长三角地区金融集聚对区域经济增长的作用机制。
在理论分析和实证检验基础上,结合当前国际金融发展趋势和中国经济金融发展现状,提出了中国建立多层次区域金融中心的战略构想,以及东、中、西部金融集聚区域的战略定位和如何实现区域间的金融合作等政策建议。
Since from 20th century 70s, with the economic integration and financial globalization, international capital flows accelerated and the reorganization of international financial industry, caused financial activities and financial institutions aggregated in the financial center. Modern market economy has proved that there exists very close interaction between financial development and economic development. And China'China's regional economic development differences is depends on the regional differences in financial development in a large part. Although China has established a relatively sound financial system, but also formed a certain scale of financial concentration regions, but there are also many problems need to be solved, like the layout of financial resources and financial center construction, etc. The study on the finance agglomeration has great actual significance for the development of China regional economic and finance. Like the study on the characteristics of financial concentration in China, the impact to regional economic development, promoting regional financial healthy development and the strategies of financial reforms. And these studies have great theoretical significance to financial services industrial cluster theory research.
Firstly, the paper proposed the significance and practical motives of this research according the development of China's financial status. The paper gives the concentration of research papers research ideas, main content and technical line based on the research summary. Then paper summarized the inclusion of financial geography, spatial economics and financial research of industrial economics spatial concentration. The paper analyzed the characteristics and causation of finance agglomeration from the point of view of processes and phenomena of financial concentration. The paper analyzed operational mechanism of finance agglomeration combined with the characteristics of the financial industry. Then the paper analyzed operational mechanism of the effect from finance agglomeration regional economic growth. On the basis of the theoretical analysis, papers did the econometric model analysis relation between financial agglomeration and regional economic growth. First, the paper analyzed the.spatial differences of China's finance agglomeration by calculating the Location entropy of China's finance agglomeration. The paper did the econometric analysis on the relation between financial agglomeration and regional economic growth by use China's inter-provincial cross-section date and panel data of from 2003 to 2007. The result shows that there exists long-term stable equilibrium relationship between China's financial agglomeration and regional economic growth. The result shows that the elasticity coefficient of banking is greater than the securities industry and the insurance industry agglomeration. And the elasticity coefficient shows obvious upward trend. Because of spatial geographical characteristics of China's financial concentration, the paper analyzed the spatial effect from financial agglomeration to regional economic growth by use the space econometric method. The paper proved the existence of spatial correlation by calculating the Moran'I index of China's financial concentration. The paper draws the Moran'I scatter diagram of 2003 and 2007 and obtained the Space-related model of China's province. On this basis, the tested the space spillover effects from financial agglomeration to regional economic growth through the establishment of SLM, SEM, and SDM space measurement model. Then the paper did cointegration test on the radiation effect from financial agglomeration to regional economic growth in Yangtze River Delta region which is the highest degree area of financial concentration in China. The research result shows that Shanghai's financial gather not only impact the Shanghai local economy, and its banking and securities industry also affect the economy of the whole Yangtze River Delta region. Then the paper test the mechanism of financial gather to Yangtze River Delta region economic gowth from the three channels of allocation of resources, technology spillovers, technological innovation.
On the basis of theoretical analysis and empirical tests, the paper strategic vision of multi-level regional financial center Construction in China combined with situation of current international financial development trends and China's economic and financial development. The strategic vision includes strategic positioning of the eastern, central and western parts'financial concentration and how to achieve inter-regional financial cooperation.
论文首先针对我国金融集聚的发展现状以及存在的问题,提出了本文的研究的意义和现实动因,总结分析了国内外金融集聚研究现状并给出了论文的研究思路、主要内容和技术路线。然后论文通过总结吸收金融地理学、金融中心理论和产业经济学对金融集聚的研究成果,在此基础上论文分析了金融集聚的动因、特征,结合金融产业本身的特征,进而对金融集聚这一特殊的产业集群现象的运行机制进行分析,并对金融集聚对区域经济增长的作用机制进行了系统研究,从而构成论文的理论研究框架。在理论分析的基础上,论文对金融集聚与区域经济增长的关系进行了计量经济模型分析,为了分析我国金融集聚的发展的地域特征,首先通过计算中国金融集聚的区位熵检验了中国金融集聚的空间差异性,然后运用我国2003-2007年省际截面数据和面板数据对金融集聚与区域经济增长的互动关系进行了计量模型分析,结果显示中国金融集聚与我国区域经济增长存在长期稳定的互动关系,而且银行业集聚对经济增长的弹性系数要大于证券业集聚与保险业集聚对经济增长的弹性系数,而且其弹性系数呈现比较明显的上升趋势。考虑到我国金融集聚的空间地理特征,论文运用前沿的计量经济方法-空间计量分析方法对金融集聚与区域经济增长的空间效应进行了分析,通过计算中国金融业的Moran'I指数确定中国金融集聚存在空间相关性,并刻画了2003年与2007年中国金融集聚的Moran'I指数散点图,得出中国各省金融集聚地理空间相关模式,在此基础上,论文通过建立SLM、SEM和SDM空间计量模型检验了金融集聚对区域经济增长的空间溢出效应。然后论文选取中国金融集聚现象最显著的长三角地区作为研究对象,运用协整检验对长三角地区的金融集聚对区域经济增长的辐射作用进行实证研究,研究结果显示上海金融集聚不仅对上海本地的经济起到了明显的促进作用,而且其银行业和证券业发展还对整个长三角地区起到了明显辐射作用,在此基础上论文从资源配置、技术外溢、技术创新三个渠道检验了长三角地区金融集聚对区域经济增长的作用机制。
在理论分析和实证检验基础上,结合当前国际金融发展趋势和中国经济金融发展现状,提出了中国建立多层次区域金融中心的战略构想,以及东、中、西部金融集聚区域的战略定位和如何实现区域间的金融合作等政策建议。
Since from 20th century 70s, with the economic integration and financial globalization, international capital flows accelerated and the reorganization of international financial industry, caused financial activities and financial institutions aggregated in the financial center. Modern market economy has proved that there exists very close interaction between financial development and economic development. And China'China's regional economic development differences is depends on the regional differences in financial development in a large part. Although China has established a relatively sound financial system, but also formed a certain scale of financial concentration regions, but there are also many problems need to be solved, like the layout of financial resources and financial center construction, etc. The study on the finance agglomeration has great actual significance for the development of China regional economic and finance. Like the study on the characteristics of financial concentration in China, the impact to regional economic development, promoting regional financial healthy development and the strategies of financial reforms. And these studies have great theoretical significance to financial services industrial cluster theory research.
Firstly, the paper proposed the significance and practical motives of this research according the development of China's financial status. The paper gives the concentration of research papers research ideas, main content and technical line based on the research summary. Then paper summarized the inclusion of financial geography, spatial economics and financial research of industrial economics spatial concentration. The paper analyzed the characteristics and causation of finance agglomeration from the point of view of processes and phenomena of financial concentration. The paper analyzed operational mechanism of finance agglomeration combined with the characteristics of the financial industry. Then the paper analyzed operational mechanism of the effect from finance agglomeration regional economic growth. On the basis of the theoretical analysis, papers did the econometric model analysis relation between financial agglomeration and regional economic growth. First, the paper analyzed the.spatial differences of China's finance agglomeration by calculating the Location entropy of China's finance agglomeration. The paper did the econometric analysis on the relation between financial agglomeration and regional economic growth by use China's inter-provincial cross-section date and panel data of from 2003 to 2007. The result shows that there exists long-term stable equilibrium relationship between China's financial agglomeration and regional economic growth. The result shows that the elasticity coefficient of banking is greater than the securities industry and the insurance industry agglomeration. And the elasticity coefficient shows obvious upward trend. Because of spatial geographical characteristics of China's financial concentration, the paper analyzed the spatial effect from financial agglomeration to regional economic growth by use the space econometric method. The paper proved the existence of spatial correlation by calculating the Moran'I index of China's financial concentration. The paper draws the Moran'I scatter diagram of 2003 and 2007 and obtained the Space-related model of China's province. On this basis, the tested the space spillover effects from financial agglomeration to regional economic growth through the establishment of SLM, SEM, and SDM space measurement model. Then the paper did cointegration test on the radiation effect from financial agglomeration to regional economic growth in Yangtze River Delta region which is the highest degree area of financial concentration in China. The research result shows that Shanghai's financial gather not only impact the Shanghai local economy, and its banking and securities industry also affect the economy of the whole Yangtze River Delta region. Then the paper test the mechanism of financial gather to Yangtze River Delta region economic gowth from the three channels of allocation of resources, technology spillovers, technological innovation.
On the basis of theoretical analysis and empirical tests, the paper strategic vision of multi-level regional financial center Construction in China combined with situation of current international financial development trends and China's economic and financial development. The strategic vision includes strategic positioning of the eastern, central and western parts'financial concentration and how to achieve inter-regional financial cooperation.
引文
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