中国区域金融市场竞争差异的实证研究--来自1997-2006年的经验证据

An Empirical Study of Competition Difference Among Regional Financial Markets in China——Based on the Data from 1997 to 2006

各区域市场化进程的不同步导致中国各区域金融市场的发展水平出现差异。文章以勒纳指数为区域金融发展的代理变量,从全国面板数据、各年截面数据和各省市时间序列数据三个角度对各区域金融市场的勒纳指数和发展水平进行了测算。结果显示,中国的金融市场仍具有较高的垄断程度,各区域金融市场发展水平存在着地区差异,且与经济发展程度高度相关。此外,随着金融体制改革的深入,各区域金融市场呈现出发展水平缓慢提高、垄断程度缓慢下降的趋势。为加速金融市场的发展,政府应继续深化金融体制改革,缩小区域金融市场差异并推进全国金融市场一体化发展。

The asynchrony of marketization process among different regions results to their disparities in the development level of financial market. This paper employs Lerner Index to represent the regional financial development, and measures each region＇s Lerner Index with data from three dimensions： the nationwide panel data, cross-sectional data of each year and time series data of each province and city. The results show that Chinese financial market is still a high monopoly market. There are significant disparities in the development of financial market among regions, which is highly correlated to the level of local economic development. With the reform of financial system, each regional financial market has been improved slowly and the degree of monopoly is decreasing slowly as well. In order to accelerate the growth of financial market, the authority should continue to deepen the reform on financial system, reduce the regional differences and promote the integrated development of the nationwide financial market.