金融开放与经济高质量发展——来自中国城市的实证证据

Financial Opening-up and High-quality Economic Development:Empirical Evidence from Urban China

如何引导金融开放战略服务经济高质量发展大局是当前中国经济的重要课题之一。基于2005—2021年280个地级及以上城市的面板数据,考察金融开放对经济高质量发展的影响及其内在机理。研究发现:金融开放能够为经济高质量发展提供“驱动器”式的激励作用,该结论经内生性处理及一系列稳健性检验之后仍然成立。机制分析表明,金融开放会通过激励企业创新、提升创业活跃度等渠道优化经济发展质效。调节效应检验发现,营商环境越好、金融结构偏向市场型的地区,金融开放对城市经济高质量发展的促进作用越大;且两者的调节作用存在显著的非线性门限效应,当两者都跨过一定门限区制之后,金融开放对经济高质量发展的驱动效果大大增强。此外,城市经济高质量发展中金融开放的空间溢出效应也得到了证实。研究结论为深化金融改革开放、提升经济发展质效及优化营商环境与金融结构提供可靠理论依据。

Guiding the financial opening-up strategy to serve the general situation of high-quality economic development has become one of the most important issues in China's economy.Based on panel data from 280 prefecture-level and above cities in China from 2005 to 2021,this study explores the impact of financial openness on high-quality economic development and its underlying mechanisms.The results show the following:Firstly,financial opening-up has a significant driving effect on high-quality economic development,and the conclusion remains valid after endogeneity treatment and robustness tests.Secondly,an in-depth analysis of the mechanism shows that financial opening-up is conducive to enhancing entrepreneurship activity,stimulating enterprise innovation and ultimately providing an important guarantee for high-quality economic development.Thirdly,heterogeneity tests suggest that in regions with better business environments and more market-oriented financial structures,the incentive effect of financial opening-up is stronger.Furthermore,the strengthening effect of the business environment and financial structure has a significant threshold effect,when crossing the maximum threshold,the reinforcement effect of both is greatly enhanced.Additionally,the spatial spillover effect of financial opening-up on high-quality economic development has also been confirmed.This study provides valuable insights for deepening financial reform and opening-up,improving the quality of the real economy,optimising the business environment,enhancing the effectiveness of financial structure,and thus accelerating the transformation of the economic development mode.