金融发展与城市全要素生产率增长——以长三角城市群26个城市为例

Financial Development and Urban Total Factor Productivity Growth:A Case Study of 26 Cities in the Yangtze River Delta Urban Agglomeration

根据长三角城市群26个城市2003—2016年的面板数据,应用TOPSIS法对五指标金融发展评价体系进行评价测算,应用DEA-Malmquist法测算城市全要素生产率增长及其分解指标,探讨长三角城市群金融发展与全要素生产率空间分布特征以及时空演变规律,研究发现二者均存在显著的空间自相关与空间非均衡分布特征,整体空间结构呈现出多核集聚特征。此外,通过空间杜宾面板计量模型实证分析金融发展及子指标对城市全要素生产率增长的作用关系与作用路径,研究发现城市金融发展对自身全要素生产率增长有显著促进作用,对周边城市全要素生产率增长有显著负向作用,且这两种作用均主要源自其对技术进步增长的影响。最后针对性提出三点建议:加强长三角区域协调发展、加快长三角金融一体化进程以及重视技术效率改进带来的全要素生产率的提升。

According to the panel data of 26 cities in the Yangtze River Delta Urban Agglomeration from 2003 to 2016,this study evaluates and calculates the financial development by the means of the TOPSIS method,measures the urban total factor productivity growth and its decomposition indicators applying the DEA-Malmquist method,and analyzes the distribution characteristics of financial development and total factor productivity in the Yangtze River Delta Urban Agglomeration.the results are found that both of them have significant spatial autocorrelation and spatial non-equilibrium distribution characteristics,and it overall presents the characteristic of multi-core agglomeration.In addition,through the spatial Dubin model,it analyzes the relationship between urban total factor productivity growth and financial development,sub-indicators,and their the action path.It’s found that urban financial development plays a significant role in promoting the growth of total factor productivity,has a significant negative effect on nearby cities,and both of these effects are mainly due to its impact on the growth of technological progress.Finally,three suggestions are put forward,which are strengthening the coordinated development of the Yangtze River Delta region,accelerating the process of financial integration in the Yangtze River Delta,and attaching importance to the improvement of total factor productivity brought about by technological efficiency improvement.