金融集聚对实体经济发展的影响机制分析——基于长三角和珠三角城市群的实证研究

The impact of financial agglomeration on the development of the real economy and its mechanism analysis: an empirical study based on the Yangtze River Delta and Pearl River Delta urban agglomerations

长三角和珠三角城市群是我国最发达的两大经济圈,金融集聚效应十分明显.选取长三角城市群和珠三角城市群2010—2019年的市级面板数据研究了金融集聚对实体经济发展的影响,并运用中介效应检验模型对其作用机制进行了分析.结果表明:长三角城市群的金融集聚与实体经济发展之间具有显著的倒“U”型关系,且科技创新和区域金融发展水平在其中具有显著的中介效应;反观珠三角城市群,由于区域金融集聚程度过高,其对实体经济发展具有显著的抑制作用,且科技创新对这种抑制作用具有显著的遮掩效应,而地区金融发展水平的间接传导效应不显著.基于此,政府应构建协调的区域金融发展机制,适当调整区域金融集聚水平与实体经济发展相适应,同时制定相关政策鼓励企业加大技术创新投入与人才引进力度.此外,各地政府还应加大对实体企业的投入,并引导资源向实体企业流入,加速实体企业的现代化转型.

The Yangtze River Delta and Pearl River Delta urban agglomerations are the two most developed economic circles in China,the financial agglomeration effect is very obvious.This paper selects the city-level panel data of the Yangtze River Delta urban agglomeration and the Pearl River Delta urban agglomeration from 2010 to 2019 to study the impact of financial agglomeration on the development of the real economy,and uses the mediation effect test model to analyze its mechanism.The results show that there is a significant inverted“U”-shaped relationship between the financial agglomeration of the Yangtze River Delta urban agglomeration and the development of the real economy,and technological innovation and the level of regional financial development have a significant mediating effect.The excessive degree of financial agglomeration has a significant inhibitory effect on the development of the real economy,and technological innovation has a significant masking effect on this inhibitory effect,while the indirect transmission effect of the regional financial development level is not significant.Based on this,the government should build a coordinated regional financial development mechanism,appropriately adjust the level of regional financial agglomeration to suit the development of the real economy,and formulate relevant policies to encourage enterprises to increase investment in technological innovation and talent introduction.At the same time,local governments should also increase investment in real enterprises,and guide the inflow of resources to real enterprises to accelerate the modernization and transformation of real enterprises.