城市网络视角下金融中心性与经济增长质量:影响效应与作用机制

Research on Financial Development and Economic Performance from the Perspective of Urban Network:Influence Effect and Mechanism

基于当前城市网络和金融地理研究,应用社会网络分析法构建城市金融中心性指标以衡量金融发展水平,并运用中国2006—2016年285个地级及以上城市面板数据对金融发展和城市经济增长质量的关系进行实证研究。结果显示,城市网络视角下的金融发展能够提高经济效率,城市金融中心性指数每提高1个百分点,经济增长质量将上升0.024~0.039个百分点。城市金融中心性的增强主要通过推动区域技术创新、促进产业结构升级、加快生产资本形成来提升区域经济增长质量,其中产业升级效应的作用效果更加显著。此外,研究还发现,金融发展对城市经济增长质量的促进作用在地区之间存在较大的差异,东部地区表现较强,而其他地区较弱。金融危机前后金融发展对城市经济质量的影响明显不同,危机后的作用效果下降明显。在经济新常态时期,要进一步深化金融供给侧结构性改革,强化金融对实体经济的服务功能,从而提升城市经济增长质量。

Based on the current urban network and financial geography research,applying social network analysis method to construct urban financial central indicators to measure the level of urban financial development,and using the panel data of 285 prefecture-level cities and above in China from 2005 to 2016 to empirically study the relationship between financial development and urban economic performance.The results show that financial development from the perspective of urban networks can improve economic efficiency,For each 1 percentage point increase in the city's financial centrality index,total factor productivity will increase by 0.024~0.039 percentage points.The financial development mainly improves the total factor productivity of the city by promoting the progress of innovation and technology,promoting the upgrading of industrial structure and accelerating the formation of production capital.The effect of industrial upgrading effect is more significant.In addition,it also finds that the role of financial development in promoting urban performance is quite different among regions,with strong performance in the eastern region and weak in other regions.The above results indicate that in the new normal period of the economy,it is necessary to further deepen the financial supply-side structural reforms,strengthen the financial service function of the real economy,and then promote high-quality urban development.