金融资本集聚与区域金融中心形成——基于空间网络的分析视角

Capital Accumulation and the Path Dependence of Regional Financial Center:From the Perspective of Spatial Network Analysis

本文基于2004—2017年中国城市劳动人口就业结构,利用因子分析提取城市实体经济功能结构特征因子,透过金融在城市网络中的集聚与分散趋势,研究中国城市功能与金融资本集聚和区域金融中心形成路径关系。研究发现,区域金融中心的流动转换功能对区域金融资本集聚有正向促进作用,存在空间溢出效应,是区域金融中心的核心功能;地方制造业和地方金融发展有助于提高区域金融资本集聚水平。进一步研究发现,区域金融中心的流动转换功能对区域小微金融和中长期信贷增长有正向促进作用,地方金融发展有助于提升区域直接融资规模占比,区域金融中心产业发展对外资金融机构选址落户有积极影响。

Based on China’s urban employment data from 2004 to 2017,this paper uses factor analysis to extract the characteristic factors of urban real sector’s functional structure.Financial centres,like other agglomerations,are the outcome of both centripetal and centrifugal forces from the economy in the urban networks.This paper explores the path dependence for the regional financial center in China and the impact of the urban economies’structural characteristics to the capital accumulation.The study finds that,the conversion vitality factor is the core function of regional financial centers,has a positive spillover effect on the regional capital accumulation.The development of financial sector and manufacturing industry of the prefecture-level cities contribute to the level of regional capital accumulation.Furthermore,the conversion vitality factor of regional financial centers has a positive effect for the flows of capital to SMEs and helps the real sector to get a long-term credit support.The financial development of the prefecture-level cities contributes to the regional direct financing scales,and the industrial development of regional financial centers has a positive impact for the settlements of foreign financial institutions.