金融发展与国际贸易:来自长三角地区的经验证据

Financial Development and Foreign Trade: Evidence from Yangtze River Delta

长三角地区既是中国外向型经济发展的典型代表也是中国金融发展进程中的领跑者。本文基于1998—2010年长三角地区16个市面板数据，检验了金融发展对国际贸易的影响。结果显示，在控制了物质资本与人力资本禀赋、外商直接投资、民营化水平与政府干预这些因素后，银行中介发展对国际贸易具有显著的促进作用，而股票市场发展在一定程度上对国际贸易具有阻碍作用。

Yangtze River Delta is typically representative of China＇ s export-oriented economy development, and is a leader in the financial development process. Applying the panel data of 16 prefecture-level cities in Yangtze River Delta from 1998-2008, the paper tests the effect of financial development on international trade. Results show that, af- ter controlling some factors such as material capital and human capital endowment, foreign direct investment, the lev- el of privatization and government intervention, bank intermediation development significantly promotes international trade, and stock market development impedes international trade to a certain extent.