经济开放、金融集聚与金融支持实体经济效率

Economic Openness, Financial Agglomeration and the Efficiency of Finance in Supporting Real Economy

本文利用2002—2016年中国30个省(自治区、直辖市)的样板数据,考察了中国经济开放对金融支持实体经济效率的影响,对金融集聚发挥的中介效应进行了检验。本文分析得出以下结论:第一,经济开放与金融支持实体经济效率之间存在显著的U型关系,只有当经济开放水平超过某一临界值时,经济开放才会提升金融支持实体经济效率。第二,经济开放与金融集聚之间存在显著的倒U型关系,当经济开放水平超过某一临界值时,其对金融集聚将产生抑制作用,现阶段中国的经济开放对金融集聚主要起促进作用。第三,金融集聚在经济开放与金融支持实体经济效率关系中扮演了重要的渠道角色。

Since the 18 th CPC National Congress,China has continuously promoted high-level opening up.Against the background of economic restructuring and high-level opening up,the interaction mechanism among trade openness,financial agglomeration and the efficiency of finance in supporting real economy is an urgent problem to be studied.Using the panel data set of 30 provinces,autonomous regions and municipalities in China from 2002 to 2016,this paper examines the impact of China’s trade openness on the efficiency of finance in supporting real economy,and the intermediary effect of financial agglomeration.According to the empirical results,the following conclusions are drawn.Firstly,the relationship between trade openness and the efficiency of finance in supporting real economy is a significant"positive U"shape.Secondly,the current financial agglomeration in China has an inhibitory effect on the efficiency of finance in supporting real economy.Thirdly,there is a significant"inverted U"relationship between trade openness and financial agglomeration.At present,China’s trade openness has a positive promoting effect on financial agglomeration.Finally,in the relationship between trade openness and the efficiency of finance in supporting real economy,financial agglomeration plays an important channel role,with about 5%~15%of the total effects acting on the efficiency of finance in supporting real economy through this channel.Combined with the above conclusions,this paper puts forward the following policy suggestions.Firstly,under the premise of weighing the exogenous financial risks,we should appropriately improve the degree of trade openness to give full play to the effect of economies of scale brought by international trade.Secondly,we should guard against the financial crowding effect caused by excessive trade openness,which will damage the efficiency of finance in supporting real economy.Thirdly,we should pay attention to the coordinated development of financial agglomeration and real economy,deepen financial reform,improve the operation efficiency of financial system,and better serve the real economy.