证券市场、资本空间配置与区域经济协调发展——基于空间经济学的研究视角

Securities Market,Capital Space Allocation and Coordinated Development of Regional Economy——A Perspective of Spatial Economics

区域经济协调发展是长期备受关注的理论与现实问题。资本通过证券市场在空间上的配置和变化,对区域经济协调发展的影响,是一个重要的新问题。本文建立了证券市场资本流动模型(SMM模型),并对模型结果进行数值模拟,证明了证券市场对区域人均收入差距倒"U"曲线有加剧和加快的作用。短期内,证券市场将加速资本向发达地区集聚,加剧区域人均收入差距的扩大;长期来看,证券市场发展将促进区域收入差距收敛。同时,本文基于中国1997年至2011年证券市场与国民经济发展相关省际数据,使用SYS-GMM方法验证了SMM模型相关结论。本文政策含义在于:政府应尊重和正视证券市场资本空间配置发展规律,通过积极促进资本市场发展,扩展与深化资本市场的广度与深度,提高资本流动自由度;支持中西部地区证券市场发展,改善中西部地区参与证券市场的便利度,以资本市场总量的扩大和资本市场空间结构的调整,促进区域经济协调发展。

Coordinated development of regional economy has been a theoretical and practical concern for long time. It is an important question about the capital space allocation and change by securities market and their effect on coordinated development of regional economy. This article establishes securities market spatial movement model（ SMM Model）and describes the result by numerical simulation. SMM model indicates the securities market can aggravate the ＂Inverted U＂ curve of regional average income differences： in a short time, securities market facilitates capital to agglomerate to developed regions, which will increase the regional average income differences. But in a long time, securities market will decrease the regional average income differences. Meanwhile, the article proves the SMM model with SYS-GMM by.the provincial data of securities market and other economic data from 1997 to 2011. This paper holds that, the government should respect the objective laws of securities market capital space allocation, expand and deepen the breadth and depth of capital markets, improve the freedom of capital movements by actively promote the development of capital markets. Also, the government should support the development of securities markets in central and western regions, improve the convenience of participation in the securities markets in central and western regions, promote coordinated regional economic development by enhancing the total capital markets amount and adjusting its spatial structure.