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金融产业集聚及其对区域经济增长的影响研究
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摘要
随着经济一体化和金融全球化的发展,金融资源的流动范围明显扩大,引发金融资源和金融机构在少数金融中心城市高度集聚。从世界范围来看,已经形成了纽约、伦敦和东京三大金融集聚区;在中国大陆,北京的金融街、上海的浦东金融区是我国极具代表性的金融产业集聚地。
     论文在分析我国金融产业集聚现状的基础上,建立了金融产业集聚的综合衡量指标体系,对我国主要城市的金融产业集聚水平进行测定,并以此为样本通过面板数据模型研究金融产业集聚对区域经济增长的影响及其途径。因此,本文的研究具有重要的理论价值和现实意义:首先,从金融资源集聚的角度验证金融发展和经济增长的关系,完善了金融发展理论;其次,对金融产业集聚的内涵、特点、衡量和经济影响进行界定和研究,发展了金融集聚理论;最后,本文的研究有助于中国金融产业集聚的持续发展,加快我国建设国际金融中心的步伐。
     论文的正文共7章,具体安排如下。
     第一章为引言,介绍了论文的研究背景、研究意义、相关概念、主要内容和研究方法。
     第二章主要从金融发展理论、金融资源和可持续发展理论、金融集聚理论等三个方面,对国内外的相关文献进行了梳理和回顾。
     第三章对金融产业集聚的内涵、特点、产生背景和方式进行了概括和提炼,并根据金融功能观、本地溢出模型和金融结构观等理论,研究金融产业集聚对区域经济增长的影响及渠道,为后面的实证分析奠定理论基础。
     第四章论文运用因子分析法测定中国主要城市的金融产业集聚程度。首先,论文建立包含经济实力、金融集散和其他非经济因素的综合衡量指标体系。其次,论文采用因子分析法对我国28个城市的金融集聚水平进行衡量,结果发现:上海、北京的金融产业集聚综合得分大于1,是全国性金融中心;深圳、广州、天津、苏州、重庆、杭州、南京、成都8个城市的金融集聚综合得分为正,为区域性金融中心;其他18个城市的金融集聚综合得分为负,说明未形成明显的金融产业集聚,可视为金融增长极或金融支点。最后,论文根据威尔逊模型计算出10个金融中心城市的金融辐射半径,发现上海、北京、深圳和重庆具有较高的代表性,金融辐射域基本覆盖了长三角、环渤海、珠三角经济圈和中西部的重庆和四川地区。
     第五章分析中国的金融产业集聚的现状。首先从全国范围看,不论是以市场集中度衡量的金融资源,还是以区位熵衡量的金融产业集聚度,都证明了我国存在着明显的金融产业集聚。其次,由于经济发展的差异性较大,论文深入到分地区层面,发现四大经济区和三大经济圈具有不同程度的金融产业集聚。其中,环渤海经济圈、长三角经济圈和珠三角经济圈的金融产业密集程度依次降低,且长三角地区的金融发展水平最高。
     第六章论文对于金融产业集聚和区域经济增长的关系进行实证分析。首先,论文选择各金融中心及辐射域涉及的10个省市作为样本,利用混合OLS、随机效应模型和固定效应模型检验金融产业集聚和区域经济增长的关系,结果发现:金融产业集聚对区域经济增长具有显著地推动作用,在控制变量中,政府力量、基础设施及人力资本对经济增长有推动作用,外资资源对经济增长有阻碍作用。其次,论文把金融产业集聚区分为银行业集聚、保险业集聚和证券业集聚,采用广义矩方法(GMM)验证不同金融资源集聚对区域经济增长的影响,发现银行业集聚和保险业集聚推动经济增长,证券业集聚对经济增长的影响不显著。最后,论文选择上海、北京、深圳和重庆为样本,通过格兰杰因果检验和脉冲响应函数验证金融产业集聚影响区域经济增长的渠道。结果发现:北京市的金融产业集聚对当地经济发展不存在增长效应,对环渤海经济圈经济增长也未实现辐射效应;上海市的金融集聚对当地经济增长实现了增长效应,但未对长三角的经济增长发挥显著的辐射效应;深圳市的金融集聚实现了对当地经济的增长效应及其对珠三角的辐射效应,并形成金融集聚和经济增长的双向因果关系;重庆市的金融集聚实现了对当地的增长效应及其对周边地区的辐射效应,但金融集聚和经济增长的双向因果关系尚未实现。
     第七章论文对整篇文章进行总结,并对未来的研究前景进行展望。根据论文实证结果,上海和北京是我国金融产业集聚程度最高的城市,但与国际金融中心相比还存在一定差距,论文在分析两市优劣势的基础上,提出了发展金融集聚,带动区域经济增长的具体建议。
     本文主要采用归纳分析法、对比分析法、动静态结合方法、实证分析法等,对我国的金融产业集聚及其影响进行分析和研究。其中,实证方法主要采用了因子分析法、威尔逊模型、混合OLS、随机效应模型、固定效应模型、广义矩方法、格兰杰因果分析、脉冲响应函数等,分别用于衡量主要城市的金融产业集聚程度、计算各个金融中心的辐射域、验证金融产业集聚对区域经济增长的影响及渠道。
     本文的创新之处在于:
     第一,论文构建了金融产业集聚的衡量体系并对主要城市的金融产业集聚度进行测定。该衡量体系包含经济实力、金融集散和其他非经济因素共23个指标,在此基础上,论文对我国28个城市的金融产业集聚程度进行计量,根据因子得分将其划分为全国性金融中心、区域级金融中心和金融增长极等三个层次。
     第二,论文利用威尔逊模型,较为准确的确定了金融中心城市的金融辐射域。我们首先计算10个金融中心城市的衰退因子、阀值和资源上限,得出各城市的金融辐射半径,并利用作图软件绘制出辐射域,发现北京、上海、深圳和重庆具有较高的代表性,辐射域基本覆盖了三大经济圈以及中部的四川、重庆。
     第三,论文从金融产业集聚的角度通过面板数据模型验证金融集聚对经济增长的影响及其途径。论文将金融产业集聚分解为银行业集聚、保险业集聚和证券业集聚,发现不同金融资源集聚对区域经济增长具有方向不同、大小不同的影响;金融产业集聚对区域经济增长的影响是通过对核心区的增长效应及其对周边地区的辐射效应实现的,其中深圳和重庆的增长效应及辐射效应较为明显。
In recent years, with the development of economic integration and financial globalization, financial industry cluster has flourished, promoting economic growth in these areas. From global perspective, New York, London and Tokyo are three major financial aggregation areas. In China, financial street of Beijing and Pudong financial district of Shanghai have grown representative of financial industry gathering.
     This paper establishes a measuring system of financial industrial agglomeration, determines degree of financial agglomeration in main cities, and further studies effect and channel of financial industrial agglomeration on regional economic growth. This study has important theoretical and practical value. First, it verifies relation between financial industry aggregation and regional economic growth from the perspective of financial resources, and will contribute to the theory of financial development. Second, it defines the connotation, characteristic, measurement and economic impact of financial industry aggregation, developing theory of financial aggregation. Finally, this study will contribute to further development of financial agglomeration, speeding up the construction pace of international financial center.
     This paper includes7chapters. Chapter Ⅰ is introduction, introducing background and significance of financial industry aggregation, related notions, main content and research method of this paper.
     Chapter Ⅱ is literature review, including theory of financial development, theory of financial resource and sustainable development, theory of financial aggregation.
     Chapter Ⅲ summarizes the connotation, characteristic, background and formation of financial industry aggregation, and investigates the effect and channel of financial aggregation on economic growth, through the theory of financial functions, model of local spill, and the perspective of financial structure.
     Chapter Ⅳ establishes measuring system of financial industry aggregation and weighs degree of financial aggregation in main cities. First, this section builds a measuring system of financial industry aggregation which includes economic strength, financial resource, and other non-economic factors. Then, paper chooses28cities and weighs degree of financial industry aggregation, using factor analysis method. The result is that:The total scores of financial aggregation in Shanghai and Beijing are above1and can be regarded as national financial centers. The total scores of financial aggregation in Shenzhen, Guangzhou, Tianjin, Suzhou, Chongqing, Hangzhou, Nanjing and Chengdu are positive, and can be treated as regional financial centers. The total scores of financial aggregation in other18cities are negative and can be viewed as financial growth pole. Finally, this paper calculates financial radius of10cities and draws their financial radiation domain. We find, financial radiation domain of Shanghai, Beijing, Shenzhen, and Chongqing covers Yangtze River Delta, Bohai Economic Zone, Pearl River Delta, and Sichuan in Midwest area.
     Chapter V analyzes the status quo of financial industry aggregation. First, from national perspective, using degree of market concentration and quotient of location, China has obvious phenomenon of financial industry aggregation. Then, because of diversity of economic development, this paper goes deep into district level, and found verifying degree of financial aggregation in four economic zones and three economic circles. We find Bohai economic rim has the highest degree of financial aggregation, and Yangtze River delta has the highest level of financial development.
     Chapter VI tests empirically the relation between financial industry aggregation and regional economic growth. First, paper chooses financial center and radiation domain as sample, using pooled OLS, random effect model and fixed effect model. We find that after adding control variables, which are government strength, base installation, labor power, and foreign capital, financial aggregation can promote economic growth notably. Secondly, paper divides financial aggregation into banking industry aggregation, insurance industry aggregation, and securities industry aggregation. Using GMM to verify effects of different financial aggregation on regional economic growth, we find that banking aggregation and insurance aggregation can facilitate economic growth, but impact of securities industry aggregation is unnotable. Last, paper chooses typical financial centers, which are Shanghai, Beijing, Shenzhen and Chongqing, to verify channel of financial industry aggregation on regional economic growth through Granger causality test and impulse response function. The result is that:Beijing's financial aggregation doesn't have growth effect and radiation effect, Shanghai's financial aggregation has growth effect on domestic economy, but doesn't have radiation effect on neighboring regions, Shenzhen's financial aggregation has both growth effect and radiation effect, and has bi-directional causality of financial aggregation and economic growth, Chongqing's financial aggregation has both growth effect and radiation effect, but doesn't have bi-directional causality.
     Chapter VU summarizes main conclusions and looks forward to the prospects. Shanghai and Beijing have the highest degree of financial aggregation, but there is still a long distance towards international financial centre.
     This paper studies the financial industry aggregation and its impact on regional economic growth, using the methods of inductive analysis, comparative analysis, combination with dynamic and static, empirical analysis and so on. The empirical analysis method includes factor analysis, Wilson model, pooled OLS, stochastic effects model, fixed effects model, generalized method of moments, Granger causal analysis, impulse response function, and so on. We use these empirical methods to weigh the degree of financial aggregation in main cities, to calculate the radiation region of financial centers, and to verify the effect and channel of financial aggregation on economic growth.
     The innovations of this paper are as follows:
     Firstly, this paper structures a measuring system of financial industry aggregation and weighs the financial aggregation degree of main cities. This system includes economic strength, financial resource, and other non-economic factors. Through empirical result, the28cities can be divided into3levels:national financial centers, regional financial centers, and financial growth pole.
     Secondly, this paper calculated the financial radius of financial centers using Wilson model. We calculate recession factor, threshold value, and resource top limit in order to get financial radius. Then, we draw radiation domain of financial centers, and find that Beijing, Shanghai, Shenzhen and Chongqing's final radiation domain covering three big economic circles and Sichuan in Mideast.
     Thirdly, this paper studies the effect and its channel of financial development on economic growth, through angle of financial industry aggregation. Paper also divides financial industry aggregation into banking aggregation, insurance aggregation, and securities aggregation. We find that their effects have different direction and strength. Financial industry aggregation's effect on regional economic growth is through growing effect of core region and radiation effect of neighborhood, we found that the growing effect and radiation effect are quite obvious in Shenzhen and Chongqing.
引文
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