制度分割视域下粤港澳大湾区金融集聚对制造业升级的影响

The Impact of Financial Agglomerations on Manufacturing Upgrading in the Context of the GBA from the Perspective of Institutional Segmentation

基于粤港澳大湾区特殊的制度背景,构建金融集聚作用于制造业升级的理论框架以及制度距离影响金融集聚结构红利效应的内在机理,并以粤港澳大湾区“9+2”共11个城市2000~2020年的面板数据为样本进行实证检验。研究表明:粤港澳大湾区金融集聚能显著促进制造业升级,但金融集聚结构红利效应的发挥存在边界,伴随金融集聚程度的由弱变强,金融集聚的结构红利效应将呈现边际递减效果;制度距离的扩大不仅对制造业升级具有直接抑制作用,还将通过弱化金融集聚的结构红利效应间接影响湾区内制造业升级的速度与质量。据此,在重视金融集聚结构红利优势释放的同时,应合理把握金融集聚水平,积极消除金融要素流动的制度性障碍。

This paper primarily conducts an empirical analysis on the panel data of 1l cities within the Guangdong-Hong Kong-Macao Greater Bay Area in accordance with the theoretical framework as to how financial agglomerations may influence on manufacturing upgrading as well as with the internal mechanism with respect to how institutional distance may affect the structural dividend effect of financial agglomerations,especially,in the institutionally peculiar context of the Greater Bay Area.It finds that whilst the financial agglomerations in the Greater Bay Area can help promote local manufacturing upgrading in a general sense,an evident diminishing marginal effect is witnessed with respect to the structural dividend effect of financial agglomerations.In addition,the enlargement of institutional distance not only exerted a direct inhibiting effect on the upgrading of the manufacturing,but also indirectly undermines the efficiency and quality of the upgrading process by vitiating the structural dividend effect of financial agglomerations.Therefore,it is suggested that local governments should pursue a more reasonable scale of the financial agglomeration within their territories,and play a more active role in eliminating a variety of institutional obstacles which impedes the integration of the Greater Bay Area.