金融集聚的区域经济增长效应研究——基于省域面板数据的实证分析

Research on the Regional Economic Growth Effect of Financial Agglomeration: Empirical Analysis Based on Provincial Panel Data

基于2009—2018年中国31个省份的面板数据,从金融资产、金融机构、金融人才三方面出发构建了金融集聚水平测度指标体系,并在此基础上利用面板回归模型,分析了金融集聚对区域经济增长的影响作用及其作用机制。结果表明:中国金融集聚度存在较大的地区差异性,且这种差异性与经济发展水平差异趋同;金融集聚对经济增长存在显著正向作用,且在不同地区间作用差异明显,金融集聚度越高的地区,其经济效应越明显;通过对金融集聚的经济增长效应内在机制进行研究后发现,金融集聚能通过形成资本积累、促进科技创新、推动产业升级三条途径对区域经济增长产生影响。其中,金融集聚的资本积累效应和科技创新效应作用明显,而产业升级效应相对较弱。

Based on the panel data of 31 provinces in China from 2009 to 2018, this article constructs a level measurement indicator system of financial agglomeration from three aspects including financial assets, financial institutions, and financial talents. Based on this, the panel regression model is used to analyze the impact of financial agglomeration on regional economic growth and its specific mechanism. The results show that there are large regional differences in the degree of financial agglomeration in China, and this difference converges with the differences in economic development levels. Financial agglomeration has a significant positive effect on economic growth, and the effects vary significantly among different regions. The economic effect is more obvious in regions with higher degree of financial agglomeration. After studying the internal mechanism of the economic growth effect of financial agglomeration, it is found that financial agglomeration has impact on regional economic growth through the formation of capital accumulation, the promotion of technological innovation, and the promotion of industrial upgrading. Among them, the capital accumulation effect and the technological innovation effect of financial agglomeration are obvious, while the industrial upgrading effect is relatively weak.