区域金融化、地方政府行为与产业结构升级——基于中国四大经济区域面板数据的实证研究

Regional Financialization,Governmental Behavior and Industrial Structure Upgrading——An Empirical Study on the Panel Data of four Economic Regions in China

通过我国四大经济区域2006—2015年面板数据,运用工具变量法实证分析了区域金融化水平提升对产业结构升级的影响,以及存在不同程度地方政府干预金融业行为时,这种影响是否存在显著差异。研究发现:(1)区域金融化水平提升对产业结构升级有显著促进作用,且欠发达相较于发达地区边际贡献效应更大。(2)地方政府干预属地金融业运行导致金融功能抑制与市场化配置机制扭曲,削弱了对产业结构升级的促进作用,且财政收支压力越大的地区负面影响越严重。因此,要建立金融化与产业结构升级的良性循环机制,其核心在于加快区域金融市场化改革进程,将财政体制改革纳入同一分析框架,实现与区域金融化演进的协调有序推进。

Based on the panel data of Chinag four economic regions from 2006 to 2015, this paper empirically analyzes the impact of promotion of regional financialization on industrial structure upgrading by using instrumental variable method and whether the impacts are significantly different under different degrees of government intervention in the financial sector. And the following conclusions are achieved： （ 1 ） the rising of level of regional financialization has a significant role in promoting the industrial structure upgrading, and the less developed region has a larger contribution margin than the developed region. （2）the intervention of local government in the financial sectors leads to the distortion of financial function and market allocation mechanism, which will weaken the promotion of industrial structure upgrading. The greater pressure on fiscal revenue and expenditure, the more serious the weakening effect. Therefore, to establish a benign circulation mechanism of financialization and industrial structure upgrading, the core is to accelerate the reform of regional financial marketization, putting the fiscal system reform into the same analysis framework to realize the coordinated and orderly development with regional financial evolution.