中国金融资源配置效率时空异质性及其影响因素

Spatiotemporal heterogeneity of the financial resource allocation efficiency and its influencing factors in China

提升金融资源配置效率是防范重大金融风险以及推动经济高质量发展的重要途径。基于StoNED模型测算了2007—2019年中国31个省份的金融资源配置效率,剖析中国金融资源配置效率时空异质性,并采用时空地理加权回归模型分析了时空异质性的影响因素。结果表明:(1)2007—2019年,整体上中国金融资源配置效率不高,具有“先上升后下降、再上升而后缓慢下降”的“M”型时序变化特征。(2)中国金融资源配置效率呈现总体分片、块状聚集的“连片状”空间格局,且东部地区金融资源配置效率明显高于中西部地区。(3)金融结构、财政支出能有效支持各省份金融资源有效配置;经济水平、金融水平、信贷结构、储蓄规模、金融开放、产业结构高级化和所有制结构对各省份金融资源配置效率的影响作用存在异质性。本文研究发现为新时期如何推进金融资源配置提效、优化金融资源布局与协调区域经济发展提供了决策参考。

Improving the allocation efficiency of financial resources is an important way to prevent major financial risks and promote high-quality economic development.Based on the StoNED model,the efficiency of financial resource allocation in 31 provinces in China during 2007-2019was measured,the spatiotemporal heterogeneity of financial resource allocation efficiency was analyzed,and the geographically weighted regression model was used to analyze the influencing factors of the temporal and spatial heterogeneity.The results show that:(1)From 2007 to 2019,the overall efficiency of China’s financial resource allocation was not high,with a M-shaped trend of temporal change,rising first and then falling,and rising again and then falling slowly.(2)China’s financial resource allocation efficiency presents a“continuous”spatial pattern of overall fragmentation and block aggregation,and the financial resource allocation efficiency in eastern China is significantly higher than that in central and western China.(3)Financial structure and fiscal expenditure can effectively support the effective allocation of financial resources in each province,but there are heterogeneities in the effects of economic level,financial level,credit structure,savings scale,financial opening-up,industrial structure upgrading,and ownership structure on the efficiency of financial resources allocation in each province.The research findings provide a reference for decision making on how to improve the allocation of financial resources,scientifically and reasonably distribute financial resources,and coordinate regional economic development in the new era.