金融集聚与城市层级

Financial Agglomeration and Urban Hierarchy

金融集聚引致金融空间层级结构特征是现代经济的显著特点。本文分析金融层级结构的形成因素及其与城市层级体系的关系。首先基于空间经济学建立一个理论模型,接着通过构造城市金融集聚指标,与中国的城市层级变量进行匹配,并利用固定效应、工具变量法等计量方法进行实证检验。本文初步构建了金融空间结构理论的基本框架,说明集聚形成金融中心,而金融中心是以城市为表征的;金融中心是有层次的,且与城市层级体系是正向匹配的;但金融集聚的态势更为突出,金融层级结构比城市层级体系更为简洁。要想打造金融中心,必先提升城市层级。全面开放并有科技创新中心支撑,有利于打造国际金融中心。

The research background of this paper is as follows.First,finance is at the core of the modern economy and an important tool for resource allocation and macroeconomic regulation.As China has become the world's second largest economy with the largest manufacturing industry in the world,to further promote the steady and sustained growth of the country's real economy,it is necessary to accelerate financial reform and development.Goldsmith considers that the essence of financial development is the change in the financial structure.The financial spatial structure is an important part of the financial structure,from a spatial perspective.What are the characteristics of the financial spatial structure?Second,since the implementation of the reform and opening up policy,China has experienced the world's fastest and largest process of urbanization.A number of city clusters and metropolitan areas have emerged,among which the largest are the Guangdong Hong Kong Macao Greater Bay Area and the Yangtze River Delta.What is the relationship between the financial spatial structure and the urban hierarchy?Third,as part of the competition for the construction of metropolitan areas,some cities have adopted a strategy to build a financial center.What characteristics should a city have to become a financial center?To answer these questions,this paper first illustrates that the accumulation of financial resources in central cities forms a financial center.Thus,from the perspective of the urban industrial structure,it analyzes the factors constituting the structure of financial centers,indicating that financial centers are hierarchical.Based on these findings,it discusses the relationship between the hierarchical structure of financial centers and the urban hierarchy system.In terms of research methods,this paper develops a spatial economic model and uses data at the prefectural level and above from different yearbooks,such as China Urban Statistical Yearbooks and China Urban Construction Statistical Yearbooks,to construct an urban financial agglomeration index,using various indicators of the financial development level of cities and applying corresponding weights.In addition,this paper constructs a city hierarchy index using data based on the following five aspects:the level of development in the commerce and trading industry,the service industry,and the manufacturing industry,the level of spatial connection,and the level of openness.Finally,an urban innovation capability index is selected from the literature.Empirical tests are conducted using the fixed effects model,the instrumental variable method,and the quantile regression approach to estimate panel models.The robustness and heterogeneity of the results are also discussed.Based on the theoretical models and empirical tests described above,this paper establishes a preliminary theoretical framework for the hierarchical financial spatial structure,describing its basic characteristics.(1)The financial center is the carrier of the financial spatial structure.(2)The city is the manifestation of a financial center.A financial center cannot develop in a place other than a city.Factors such as technical efficiency and market scale determine a city's attractiveness to financial resources.(3)The financial spatial structure is characterized by a hierarchical distribution of financial centers.(4)The financial spatial structure closely matches the urban hierarchy.The higher the position a city occupies in the urban hierarchy,the more financial resources it attracts,and the higher it is in the hierarchy of the financial spatial structure.(5)Financial resources are more concentrated than other factors of production.The degree of financial agglomeration is more prominent than the agglomeration of the urban population and the siphon effect of top cities on financial resources is more significant.(6)Due to the increased concentration of finance and increased connectivity with cities,one of the two main differences between financial agglomeration and the agglomeration of the manufacturing industry is that financial agglomeration only occurs in cities with a high level of hierarchy.The second difference is that financial agglomeration is less sensitive to distance because of the virtuality of finance.These two characteristics of financial agglomeration imply that the financial spatial hierarchical structure is more concise than the urban hierarchy.(7)International financial centers are first tier cities in world class metropolitan areas.