金融集聚、市场一体化与城市经济效率

Financial Agglomeration,Market Integration and Urban Economic Efficiency

选取2011—2020年中国274个地级市面板数据,利用交互效应模型、门槛效应模型以及GMM估计等方法,实证检验金融集聚、市场一体化与城市经济效率三者的内在逻辑关系。研究发现:金融集聚对城市经济效率的影响存在先升后降的倒“U”型曲线特征,市场一体化对城市经济效率具有正向促进作用。从作用路径来看,市场一体化在金融集聚对城市经济效率的作用路径中具有倒“U”型调节效应和门槛效应。从多维度异质性视角看,金融集聚、市场一体化与城市经济效率间的关系存在地区异质性和创新等级城市异质性。未来应加快完善现代金融体系建设、持续优化区域经济结构与布局、不断发挥市场一体化发展优势,助力城市经济效率提升,为建设经济强国提供有力支撑。

Based on the panel data of 274 prefecture level cities in China from 2011 to 2020,this paper empirically tests the internal logical relationship between financial agglomeration,market integration and urban economic efficiency by using interactive effect model,threshold effect model and GMM estimation.It is found that the impact of financial agglomeration on urban economic efficiency has the characteristics of inverted U-shaped curve,which rises first and then falls,and market integration has a positive role in promoting urban economic efficiency.From the perspective of action path,market integration has inverted U-shaped adjustment effect and threshold effect in the action path of financial agglomeration on urban economic efficiency.From the perspective of multi-dimensional heterogeneity,the relationship between financial agglomeration,market integration and urban economic efficiency has regional heterogeneity and innovation-level urban heterogeneity In the future,we should speed up the construction of modern financial system,continue to optimize the regional economic structure and layout,constantly give play to the advantages of market integration development,promote the improvement of urban economic efficiency,and provide strong support for building an economic power.