金融集聚、技术创新与产业结构升级——基于中介效应模型的实证研究

Financial Agglomeration, Technological Innovation and Industrial Structure Upgrade:Empirical Research Based on the Mediation Effect Model

基于2009-2018年中国31个省级行政单位(不包括港、澳、台)的面板数据,构建固定效应模型和中介效应模型,实证研究金融集聚、技术创新以及产业结构升级三者之间的互动关系。研究结果表明,从总体效应看,金融集聚对产业结构升级有明显的促进作用,而且表现出了规律性的地域差异,促进作用强度与金融集聚水平成反比。从中介效应看,技术创新在金融集聚与产业结构升级的关系中起到显著的部分中介效应,中介效应占比为33.59%。此外,受各地区技术创新转化能力的影响,技术创新的中介效应存在明显的地区差异,西部地区技术创新的中介效应最强,东部次之,中部地区最弱。因此,在产业结构调整与升级过程中,应加强金融生态环境建设,提高金融资源的吸引力,为金融集聚创造良好条件。同时,保持金融集聚在合理发展区间,提升金融服务创新发展的能力。

Based on panel data of 31 provincial administrative units in China from 2009 to 2018, this paper constructs fixed effect model and intermediary effect model, and empirically studies the interaction among financial agglomeration, technological innovation and industrial structure upgrading. The results show that, from the perspective of overall effect, financial agglomeration has a significant role in promoting the upgrading of industrial structure, and shows regular regional differences, and the promotion intensity is inversely proportional to the level of financial agglomeration. From the perspective of intermediary effect, technological innovation plays a significant part in the relationship between financial agglomeration and industrial structure upgrading, and the proportion of intermediary effect is 33.59%. In addition, affected by the transformation ability of technological innovation in different regions, there are obvious regional differences in the intermediary effect of technological innovation. The intermediary effect of technological innovation in western region is the strongest, followed by the eastern region, and the central region is the weakest. Therefore, in the process of industrial restructuring and upgrading, we should strengthen the construction of financial ecological environment, improve the attraction of financial resources, and create good conditions for financial agglomeration. At the same time, keep financial agglomeration in a reasonable development range, and improve the ability of financial service innovation and development.