长三角城市金融辐射力研究

A Study on the Urban Financial Radiation in the Yangtze River Delta

金融辐射力是理解城市金融竞争力的一个重要方面,但是往往难以进行定量的研究。经济地理理论中的威尔逊模型为解决金融辐射的问题提供了洞见。选取经调整后的外商直接投资和上海证券交易所的融资额作为度量长三角各城市外向融资总量指标,用它来计算金融阻力。影响城市接受金融辐射的能力有两个主要因素:一个是城市的位置,另一个是金融阻力,后者反映了地方政府吸引资金的能力和意愿。用剔除了地理因素影响的金融阻力因素来度量各中心城市接轨上海的能力以及各自的金融影响力,并计算出它们的辐射半径,可见,长三角主要城市已经形成了一个联系紧密的网络,各城市的区域相互重叠,金融资源频繁互动的格局已基本形成。

Financial radiation, a concept vital in understanding urban financial competition in an area, is usually difficult in quantitative＇ analysis. Thanks to the latest development in economic geography, we can apply the Wilson Model to deal with it. We first select from the shanghai security exchange the adjusted FDI and the capital of each city as an index for external financial amount （EFA）, and the from Wilson Model which defines the resistance factor. We argue that the EFA is well approximate to the urban financial radiation power for three reasons. Firstly, there are three ways of financing in this country, i.e. the FDI, the capital market and the credit. The third one has strict regional restrictions, so we apply only the former two. Secondly, we accept the assumption that cities in the Yangtze River Delta obtain capital through shanghai, including the capital from shanghai exchange market, multiplying FDI with an adjusted coefficient. Thirdly, the two components of EFA are closely complementary. Only by measuring both can we synthetically describe the urban financial radiation power. There are two main factors which determine a city＇s ability to accept the financial radiation. One is the location of the city, which is a geographic factor, and the other is its financial resistance, which is an institutional factor. Attention should be paid to the second factor as it refers to the ability and willingness of the local governments to accept the capital flow. We again use Wilson Model on this factor. We get different results and find that local governments vary in their abilities to attract capital. Finally, we measure the abilities of the cities to coalesce with Shanghai in financial areas and the financial influential power of each central city in the Yangtze River Delta, and then calculate the radius of the power. With the help of special software, we are able to draw a picture of the major cities＇ financial radiation power. We conclude that major cities in the Yangtze River Delta have an overlapping financial radiation radius, suggesting that they influence each other to some extend. The northern wing of the Yangtze River Delta shows more interaction than the southern one.