黄河流域金融集聚对绿色经济效率影响的空间溢出效应研究——兼论环境规制的调节作用

Spatial spillover effects of financial agglomeration on green economy efficiency in the Yellow River Basin:Also on the regulating effect of environmental regulation

在推动黄河流域生态保护和高质量发展战略的过程中,金融集聚发挥着不容忽视的重要作用。本文使用2007—2019年黄河流域75个样本城市数据,绘制空间分位图分析黄河流域金融集聚与绿色经济效率的时空格局,构建面板计量模型检验黄河流域金融集聚对绿色经济效率的影响以及环境规制在其中发挥的调节作用,最后构建空间杜宾模型检验金融集聚对绿色经济效率产生的空间溢出影响。研究表明:(1)黄河流域金融集聚与绿色经济效率的空间差异显著,既表现出一致性,同时还存在一定的错位性。(2)黄河流域金融集聚对绿色经济效率的影响呈“倒U形”特征,并且环境规制在此影响过程中发挥着正向调节作用。(3)黄河流域金融集聚对绿色经济效率的非线性影响以及环境规制发挥的正向调节作用在上中下游城市中呈现出异质性。(4)黄河流域整体的金融集聚对绿色经济效率的空间溢出影响也呈现“倒U形”的特征,并且空间溢出影响在上中下游城市中表现出异质性。研究结论对于提升金融服务实体经济的能力以及推动黄河流域生态保护和高质量发展具有重要的借鉴意义。

In the process of promoting the ecological protection and high-quality development strategy of the Yellow River Basin,financial agglomeration plays an important role that cannot be ignored.By using the data of 75 sample cities in the Yellow River Basin from 2007 to 2019,a spatial partition map was drawn to analyze the spatial and temporal pattern of financial agglomeration and green economic efficiency in the Yellow River Basin.Then,a panel econometric model was constructed to examine the impact of financial agglomeration on green economy efficiency in the Yellow River Basin and the regulatory role played by environmental regulations.Finally,the spatial Dubin model is constructed to test the spatial spillover effect of financial agglomeration on green economy efficiency.The results show that:1) There are significant spatial differences between financial agglomeration and green economy efficiency in the Yellow River Basin,which not only show consistency,but also have certain dislocation.2) The effect of financial agglomeration on green economic efficiency in the Yellow River Basin is "inverted U-shaped",and environmental regulation plays a positive moderating role in this process.3) The nonlinear effect of financial agglomeration on green economic efficiency and the positive moderating effect of environmental regulation show heterogeneity in the upper,middle and lower reaches of the Yellow River Basin.4) The spatial spillover effect of financial agglomeration on green economic efficiency in the Yellow River Basin also shows an "inverted U-shaped",and the spatial spillover effect shows heterogeneity in the upper,middle and lower reaches of the cities.The conclusion of this study has important reference significance for improving the ability of financial services to serve the real economy to promote ecological protection and high-quality development of the Yellow River Basin.According to the research conclusions,this paper puts forward four policy recommendations:First,to guide the Yellow River Basin to promote the financial agglomeration reasonably,maximize its economic and environmental effects;Second,we should continue to improve and strictly implement environmental regulation policies in the Yellow River Basin,and assist financial institutions in identifying green projects to achieve green development.In addition,the cities in the upper,middle and lower reaches of the Yellow River Basin should be developed according to local conditions.Finally,the spatial layout of the financial industry in the Yellow River Basin is optimized,and the construction of the regional financial center system is planned to fully release the spatial spillover dividends of financial agglomeration and promote the coordinated improvement of the green economy efficiency in the Yellow River Basin.