粤港澳大湾区金融集聚空间溢出效应及异质性研究

The Spatial Spillover Effect of Financial Agglomeration and Heterogeneity in Guangdong-Hong Kong-Macao Greater Bay Area

金融资源跨区域的聚散,影响了金融网络中相关节点的信息传输与资金流通,进而影响经济增长。基于2000-2019年粤港澳大湾区11个城市的面板数据,利用空间计量经济模型,通过全样本和分样本实证分析金融集聚对经济增长的空间溢出效应及异质性,研究发现:金融集聚与周边经济增长存在倒"U"型曲线关系,适度的金融集聚对周边地区经济增长有显著的正向空间溢出效应。金融集聚过度抑制周边经济增长,扩大区域间经济差距,不利于区域协调发展;体制机制、国家政策影响金融集聚对周边经济增长的溢出效应,体现在倒"U"型曲线陡峭度的变化。因此,建议加快粤港澳大湾区金融集聚建设,促进金融集聚正向空间溢出效应的产生,推动湾区经济高质量增长。

The degree of clustering of financial resources across regions can affect the transmission of information and the circulation of funds at relevant nodes in the financial network,which then influences economic growth.Based on the panel data of 11 cities in the Guangdong-Hong Kong-Macao Greater Bay Area from 2000 to 2019 and using the spatial econometric model,we analyzed the spatial spillover effect and heterogeneity of financial agglomeration on economic growth with a full sample and sub-samples.The empirical evidence suggests that there is an inverse U-shape relationship between financial agglomeration and economic growth in the peripheral areas and that appropriate agglomeration has a significant positive spatial spillover over the economic growth in the peripheral areas.Besides,excessive financial agglomeration would inhibit such economic growth and widen the economic gap among regions,which does not bode well for regional coordinated development.The institutional mechanism and government policy affect the spillover effect of financial agglomeration on peripheral economic growth,which is reflected in the change in the steepness,inflection point and position of the inverted U-shaped curve.Therefore,relevant departments should speed up the construction of financial agglomeration in the Guangdong-Hong Kong-Macao Greater Bay Area,promote the positive spatial spillover effects of financial agglomeration,and promote high-quality economic growth in the Bay Area.