财政分权、金融集聚与城市高质量发展

Fiscal Decentralization,Financial Agglomeration,and High Quality Urban Development

文章基于五大发展理念并用熵值法测度出中国270个地级市2006—2018年高质量发展指标,分析了财政分权、金融集聚影响城市高质量发展的理论机理,构建动态SYS-GMM实证检验两者及其交互项对高质量发展的影响,并通过脉冲响应函数探讨其对高质量发展的长期冲击效应,进一步以城市规模等级及细分五大发展维度进行异质性分析。研究发现:财政分权对城市高质量发展的影响不论是全局效应还是异质性效应均呈现“先抑后升”的“U”型关系;金融集聚对城市高质量发展的影响呈现“U”型关系,异质性效应下呈现“U”或“倒U”型等非线性关系;两者关联效应抑制了城市高质量发展水平,异质性结果有所差异;脉冲响应函数结果发现,财政分权、金融集聚及两者交互项对城市高质量发展水平的长期冲击效应为正并具有很强的延续性;稳健性检验进一步证实了上述结果的有效性。因此,需要优化财税制度引导金融流向,助力城市高质量发展。

Based on the five development concepts and entropy method,this paper measures the high-quality develop⁃ment indicators of 270 prefecture level cities in China from 2006 to 2018,and analyzes the theoretical mechanism of fis⁃cal decentralization and financial agglomeration affecting urban high-quality development.This paper constructs a dy⁃namic SYS-GMM empirical test to test the impact of the two and their interaction items on high-quality development,dis⁃cusses their long-term impact effect on high-quality development through impulse response function,and further analyz⁃es the heterogeneity by urban scale level and subdivision of five development dimensions.It is found that the impact of fis⁃cal decentralization on urban high-quality development shows a"U-shaped"relationship of"inhibition first and then rise"in both global effect and heterogeneity effect;the impact of financial agglomeration on urban high-quality develop⁃ment presents a"U-shaped"relationship,and the heterogeneity effect presents a"U"or"inverted U-shaped"nonlinear relationship;the correlation effect of the two inhibits the high-quality development level of the city,and the heterogeneity results are different;the results of impulse response function show that the long-term impact effect of fiscal decentraliza⁃tion,financial agglomeration,and their interaction on urban high-quality development level is positive and has strong con⁃tinuity;the robustness test further confirmed the effectiveness of the above results.Therefore,it is necessary to optimize the fiscal and tax system,guide the financial flow,and help the high-quality development of the city.