长三角金融市场一体化中的行政边界壁垒测度——基于企业债务融资成本的实证研究

Research on Regional Administrative Boundary Barriers under the Perspective of Financial Integration in the Yangtze River Delta:An Empirical Analysis Based on the Cost of Corporate Debt Financing

基于一价定律,从企业债务融资成本的新视角研究长三角金融市场行政边界壁垒的动态趋势、空间分布及突破重点等。研究发现:长三角部分城市间已不存在行政边界壁垒,但其他大部分城市的边界壁垒仍呈递增趋势,金融市场一体化进程相对滞后;各城市边界壁垒在空间分布上大致呈现以上海为中心,离上海越近边界壁垒越小的规律;各城市的省际边界壁垒远大于省内的市际边界壁垒。壁垒形成的主要原因在于,地方金融机构的跨区域经营限制和地方行政分割引致的资本跨区域流动信息成本增加等。长三角金融市场一体化的推进重点在于建立长三角企业信用信息的完全共享,尝试建立跨区域性的金融机构如联合发展银行、联合发展基金等,以进一步突破地区间的行政边界壁垒。

It is an important basis for realizing the financial integration strategy of the Yangtze River Delta to furtherly break the regional administrative boundary barriers.This paper studies the dynamic trends,spatial distribution and development priorities of the border effect of the financial market in the Yangtze River Delta based on the new perspective of corporate debt financing costs.The study found that:(1)Most of the inter-provincial and inter-city boundary barriers of the cities in the Yangtze River Delta are still increasing,and the integration process of financial markets is relatively lagging;(2)The boundary barriers of cities are generally centered on Shanghai.The closer to Shanghai a city is,the smaller the boundary effect between them;(3)The inter-city boundary barriers of cities in the province are much smaller than their corresponding inter-provincial boundary barriers.Therefore,the integration of the financial market in the Yangtze River Delta is focused on the issue of interprovincial border barriers,but it can fully authorize the coordinated promotion at the city level.To break through the inter-regional administrative border barriers,attempts can be made to build Yangtze River Delta’s regional financial institutions such as the Joint Development Bank,Joint Credit Platform.