中国金融地理供给如何影响地区经济增长质量?--基于地方金融和区域金融中心建设的视角

Does China’s Financial Geography Supply Affect the Quality ofRegional Economic Growth?--From the Perspective of Local Finance and Regional Financial Center Construction

本文基于金融地理视角,研究金融空间供给影响经济高质量增长的内在机理,在此基础上,区分金融中心与本地金融,构建金融空间供给影响经济高质量增长的分析框架,并利用2003-2016年中国283个地级以上城市面板数据构建面板数据模型检验金融影响经济高质量增长的空间效应。研究发现,区域性金融中心建设促进了邻近城市的经济高质量增长,本地金融对本地经济高质量增长影响不显著。另外,欠发达地区的区域性金融中心更能促进邻近城市的经济高质量增长,发达地区的本地金融对本地经济高质量增长效应则显著。随后对区域性金融中心与本地金融影响经济高质量增长的机制进行了检验,发现区域性金融中心主要通过促进经济增长效率和支持节能减排促进了邻近城市的经济高质量增长,地方金融促进了本地经济结构升级、成果分享,但也支持了高污染与高能耗企业,从而并没有促进经济高质量增长。本文研究结论有助于理解金融空间结构与经济高质量增长的关系,为制订相应的金融发展政策以支持经济高质量增长提供了金融地理视角的解释。

Based on the perspective of financial geography,this paper studies the internal mechanism of financial space supply affecting high-quality economic growth.On this basis,it distinguishes financial centres from local finance,constructs an analytical framework of financial space supply affecting high-quality economic growth,and constructs a plane using panel data of 283 cities above prefecture level in China from 2003 to 2016.The board data model examines the spatial effects of Finance on high-quality economic growth.The study finds that the construction of regional financial centers promotes the high-quality economic growth of adjacent cities,while the local finance has no significant impact on the high-quality economic growth.In addition,regional financial centers in less developed regions can promote the high-quality economic growth of neighboring cities,while local finance in developed regions has a significant effect on the high-quality growth of local economy.Subsequently,the mechanism of regional financial centers and local finance affecting high-quality economic growth is tested.It is found that regional financial centers promote high-quality economic growth of adjacent cities mainly by promoting economic growth efficiency and supporting energy conservation and emission reduction.Local finance promotes upgrading of local economic structure and sharing of results.It also supports enterprises with high pollution and energy consumption,thus not promoting high-quality economic growth.The conclusions of this paper are helpful to understand the relationship between financial spatial structure and high-quality economic growth,and provide an explanation from the perspective of financial geography for formulating corresponding financial development policies to support high-quality economic growth.