工业化后期中国三大湾区金融资本产出效率的审视——中国三大湾区44个城市面板数据的实证

The Observation on Output Efficiency of Financial Capital in China's Three Bay Areas at the Final Stage of Industrialization

以中国三大湾区44个城市进入工业化后期以来(2004-2015)的面板数据为样本,对三大湾区的金融资本产出效率进行实证检验。对三大湾区之间金融资本产出效率的差异性进行实证检验的结果为:三大湾区在工业化后期的金融资本产出效率存在较大差异,粤港澳大湾区的金融资本效率是环渤海大湾区的1.73倍。对三大湾区内部金融资本产出效率的不均衡性进行实证检验的结果为:环渤海大湾区的金融资本产出效率具有较好的内部均衡性,内部三个组别之间的差异性不大;沪杭甬大湾区内部金融资本产出效率的不均衡性要大于环渤海大湾区;粤港澳大湾区内部金融资本产出效率呈现了一个倒金字塔结构,金融资本产出效率的排序为:低收入组>中等收入组>高收入组,收入越高的组别,金融资本产出效率越低,并且在内部不均衡程度上,粤港澳大湾区也是最大的。在以上结果的基础上,得出了一些启示。

Taking the panel data of China＇ s three bay areas fi＇om 2004 to 2015 in the final stage of industrialization as sample, the paper empirically tests the output efficiency of financial capital. The results of the empirical test on the difference of output efficiency of financial capital among the three great bay areas are as follows ： the output efficiency of financial capital of three great bay areas differs starkly, and the output efficiency of financial capital of Guangdong-Hong kong-Macao Greater Bay Area is 1.75 times as high as the output efficiency of financial capital of Bay Area surrounding the Bohai Sea. The results of empirical test on inter difference of output efficiency of financial capital in every bay area are as follows： the output efficiency of financial capital of Bay Area surrounding the Bohai Sea has a good internal balance, with a small difference among three goups ; the degree of inter imbalance of output efficiency of financial capital in Shanghai-Hangzhou-Ningho Greater Bay Area is bigger than that in Bay Area surrounding the Bohai Sea; the inter output efficiency of financial capital of Guangdong-Hong kong-Macao Greater Bay Area presents a inverted pyramid structure, which means that the higher the income of goup is, the lower the output efficiency of financial capital of goups is. And the degree of inter imbalance of output efficiency of financial capital in Guangdong-Hong kong-Macao Greater Bay Area is the biggest in three bay areas. According to the results of empirical test, some enlightenment is offered by the paper.