长三角市场一体化经济增长效应及路径——基于长三角27个城市的考察

Research on the Effect of Market Integration on Economic Growth and Its Path in the Yangtze River Delta:Investigation Based on 27 Cities in the Yangtze River Delta

文章以长三角27个城市为研究对象,运用固定效应模型实证检验2010-2019年区域市场一体化及其细分类型对经济增长的影响,并分析影响的传导机制。回归结果表明:市场一体化及其细分类型对经济增长的影响呈现"倒U"型,商品市场一体化对经济增长呈现显著正向影响,而劳动力市场一体化对经济增长影响不显著;经济开放程度和消费水平对经济增长呈现显著正向影响,而人力资本、政府支出规模和社会资本存量对经济增长并不产生影响。传导路径分析表明:市场一体化及其细分类型商品市场一体化,分别通过对经济开放程度和消费水平的影响,进而影响经济增长;资本市场一体化通过对经济开放程度的影响,进而影响经济增长。

Taking 27 cities in the Yangtze River Delta as the research object,this paper uses the fixed effect model to empirically test the impact of regional market integration and its subdivision type on economic growth from 2010 to 2019,and analyzes the transmission mechanism of the impact.The regression results show that the impact of market integration and its subdivision type of capital market integration on economic growth presents an inverted"U"shape.Commodity market integration has a significant positive impact on economic growth,while labor market integration has no significant impact on economic growth;economic openness and consumption level have a significant positive impact on economic growth,while human capital,government expenditure scale,and social capital stock have no impact on economic growth.The transmission path analysis shows that market integration and its subdivision type of commodity market integration have an impact on economic growth through the impact on economic openness and consumption level respectively;capital market integration has an impact on economic growth through its impact on economic openness.