数字金融、传统金融与城市群全要素生产率增长——基于金融地理空间演进视角

Digital Finance,Traditional Finance and Total Factor Productivity Growth in Urban Agglomerations--From the Perspective of Financial Geographical Spatial Evolution

论文利用中国八大城市群139个城市2011—2019年的面板数据,基于金融地理空间演进视角实证考察了数字金融、传统金融驱动城市群全要素生产率(TFP)增长的空间作用机制及影响效应。研究发现,地理距离和经济距离空间权重矩阵下数字金融总指数和数字金融覆盖广度均对城市群TFP增长产生强劲且显著的正向激励效应;数字金融总指数和数字金融覆盖广度均能通过缓解金融集聚程度驱动城市群TFP提升;不同类型空间权重矩阵下数字金融与传统金融对城市群TFP增长的空间效应方向和强度具有显著的时空异质性,地理距离因素影响下数字金融与传统金融易于形成相互促进的耦合协同效应,经济距离因素影响下数字金融与传统金融之间易于产生相互竞争的替代补充效应。研究结论表明,数字金融作为传统金融的技术性升级和延续性创新,能够重塑以金融集聚为核心特征的金融地理空间格局,但其依然对传统金融供给及其金融地理结构表现出较强的路径依赖性。

Based on the panel data of 139 cities in eight urban agglomerations in China from 2011 to 2019,this paper empirically investigated the spatial mechanism and impact effect of digital finance and traditional finance driving the growth of TFP in urban agglomerations from the perspective of financial geographic spatial evolution.The results show that the aggregate index of digital finance and the coverage breadth of digital finance have a strong and significant positive incentive effect on the growth of TFP in urban agglomeration under the spatial weight matrix of geographical distance and economic distance.Both the aggregate index of digital finance and the coverage breadth of digital finance can drive the improvement of TFP in urban agglomeration by alleviating the degree of financial agglomeration.The direction and intensity of the spatial effects of digital finance and traditional finance on the growth of TFP in urban agglomerations under different types of spatial weight matrix have significant spatial and temporal heterogeneity.Digital finance and traditional finance tend to form mutually promoting coupling synergistic effects under the influence of geographical distance.Under the influence of economic distance,digital finance and traditional finance tend to compete with each other.The conclusion of this paper shows that digital finance,as a technical upgrade and continuous innovation of traditional finance,can reshape the financial geographic spatial pattern with financial agglomeration as the core feature,but it still shows a strong path dependence on traditional financial supply and financial geographic structure.