金融产业发展会受外部规模经济的影响,存在鲜明的集聚特征,造就了金融中心城市和非金融中心城市的分异。在一定的时间和空间范围内,金融资源会向金融中心城市聚集,并会对中心和外围区域的福利产生不同影响。在自由资本模型基础上,通过引入外部规模经济,模拟金融产业的地理分布演化及其带来的福利影响,模型推演证明:随着贸易成本的下降,金融业会向中心区域集聚。与此同时,中心区域的福利状况会随着集聚不断改善,而边缘地区的福利状况则因规模经济与贸易成本不同而存在不确定性。基于2005—2018年中国272个地级以上城市数据,以门槛回归模型验证了城市金融部门存在轻微的规模经济,并以面板回归和空间计量方法验证了在只考虑距离摩擦的情况下,金融集聚对于中心城市和外围城市均存在福利改进,但过高的制度成本会阻碍金融中心溢出效应的发挥。建设全国统一大市场以及优化各地营商环境可以降低制度成本,更好发挥金融中心的作用。
The development of the financial industry is affected by external economies of scale and has distinct agglomeration characteristics, which also leads to the differentiation of financial center cities and non-financial center cities. Within a certain range of time and space, the financial resources will gather in the financial center cities. This aggregation process will bring different benefits to the agglomeration centers and peripheral cities. Variety. Based on the free capital model, this paper simulates the evolution of the geographical distribution of the financial industry and its welfare consequences by introducing external economies of scale. The model deduction proves that: as the trade cost decreases, the financial industry will agglomerate to the central area; at the same time, the welfare of the central area will become better with the agglomeration, while the welfare of the peripheral area will be jointly determined by the size of economies of scale and the level of trade costs. Then, based on the data of 272 Chinese cities from 2005 to 2018, this paper verified the existence of slight economies of scale in the urban financial sector by threshold regression, and verified the welfare improvements for both the center and the periphery of financial agglomeration of China's financial center cities in the case of only considering distance friction. However, if the institutional cost is taken into consideration, the current institutional cost significantly hinders the spillover effect of the financial center. With the advancement of the construction of a unified national market and the optimization of the business environment in various places, the reduction of institutional costs is conducive to better exerting the potential Pareto improvement effect of financial center city construction.
[1] 周立. 中国金融发展的地区差距状况分析(1978-1999)[J]. 华南金融研究,2002(2):3-12
[2] 赵伟,马瑞永. 中国区域金融增长的差异——基于泰尔指数的测度[J]. 经济地理, 2006(1): 11-5
[3] 赵伟,马瑞永. 中国区域金融发展的收敛性、成因及政策建议[J]. 中国软科学, 2006(2): 94-101
[4] 王修华,何梦,关键. 金融包容理论与实践研究进展[J]. 经济学动态,2014(11):115-129
[5] 冯涛,宋艳伟,路燕. 财政分权、地方政府行为与区域金融发展[J]. 西安交通大学学报(社会科学版), 2007(5): 20-7
[6] 姚耀军,彭璐. 地方政府干预银行业:内在逻辑与经验证据[J]. 金融评论, 2013(4): 68-78
[7] 余明桂,潘红波. 政府干预、法治、金融发展与国有企业银行贷款[J]. 金融研究, 2008 (9): 1-22
[8] Krugman P. Increasing returns and economic geography [J]. Journal of Political Economy, 1991 (3): 483-99
[9] Fujita M, Krugman P R, Venables A. The Spatial Economy: Cities, Regions, and International Trade [M]. Cambridge:MIT press, 1999
[10] Krugman P, Venables A J. Globalization and the inequality of nations [J]. The Quarterly Journal of Economics, 1995(4): 857-80
[11] Porteous D J. The Geography of Finance: Spatial Dimensions of Inter Mediary Behaviour [M]. Beatty:Avebury, 1995
[12] Leyshon A, Thrift N J. Money Space: Geographies of Monetary Transformation [M]. London:Psychology Press, 1997
[13] Fujita M, Krugman P. The new economic geography: Past, present and the future[J]. Fifty Years of Regional Science, 2004(3): 139-164
[14] Fujita M, Thisse J F. Does geographical agglomeration foster economic growth? And who gains and loses from it? [J]. The Japanese Economic Review, 2003(2): 121-45
[15] Norman V D, Venables A J. Industrial clusters: equilibrium, welfare and policy [J]. Economica, 2004(284): 543-58
[16] Pflüger M, Südekum J. Integration, agglomeration and welfare [J]. Journal of Urban Economics, 2008(2): 544-66
[17] Brakman S, Garretsen H, Schramm M. The strategic bombing of German cities during World War II and its impact on city growth [J]. Journal of Economic Geography, 2004(2): 201-18
[18] 安虎森. 增长极形成机制及增长极与外围区的关系[J]. 南开学报(哲学社会科学版),2007(4):90-101
[19] 梁琦. 关于空间经济研究的若干认识[J]. 广东社会科学, 2010(4): 5-11
[20] 王洪光. 产业集聚与经济增长:一个含有移民和中间产品革新的模型[J]. 南方经济, 2007(5): 22-31
[21] 袁华锡,刘耀彬,封亦代. 金融集聚如何影响绿色发展效率?——基于时空双固定的SPDM与PTR模型的实证分析[J]. 中国管理科学, 2019 (11): 61-75
[22] 张浩然. 空间溢出视角下的金融集聚与城市经济绩效[J]. 财贸经济, 2014(9): 51-61
[23] Martin P, Rogers C A. Industrial location and public infrastructure [J]. Journal of International Economics, 1995 (3-4): 335-51
[24] Forslid R, Ottaviano G I. An analytically solvable core-periphery model [J]. Journal of Economic Geography, 2003 (3): 229-40
[25] Pflüger M. A simple, analytically solvable, Chamberlinian agglomeration model [J]. Regional Science and Urban Economics, 2004 (5): 565-73
[26] Kurata H, Nomura R, Suga N. A Chamberlinian agglomeration model with external economies of scale [J]. Discussion Paper, Series A, 2011(242):1-25
[27] Hansen B E. Threshold effects in non-dynamic panels: Estimation, testing, and inference [J]. Journal of Econometrics, 1999 (2): 345-68
[28] 陶锋,胡军,李诗田等. 金融地理结构如何影响企业生产率?——兼论金融供给侧结构性改革[J]. 经济研究, 2017 (9): 55-71
[29] 黄宪,黄彤彤. 论中国的“金融超发展” [J]. 金融研究, 2017 (2): 26-41
[30] 刘军,张三峰. 产业聚集能提升区域公共福利水平吗[J]. 财经科学, 2015(12): 58-67.
[31] 张文武,梁琦. 劳动地理集中,产业空间与地区收入差距[J].经济学(季刊),2011(2):691-708.
[32] 樊纲,王小鲁,张立文等. 中国各地区市场化相对进程报告[J]. 经济研究, 2003(3): 9-18
[33] 樊纲,王小鲁,朱恒鹏. 中国市场化指数:各地区市场化相对进程2009年报告[M]. 北京:经济科学出版社,2010
[34] 樊纲,王小鲁,朱恒鹏. 中国市场化指数. 各省区市场化相对进程2011年报告[M]. 北京:经济科学出版社,2011
[35] 樊纲,王小鲁,余静文. 中国分省份市场化指数报告(2016) [M]. 北京:社会科学文献出版社, 2017
[36] 王小鲁,樊纲,胡李鹏. 中国分省份市场化指数报告(2018) [M]. 北京:社会科学文献出版社, 2019
[37] 王小鲁,胡李鹏,樊纲. 中国分省份市场化指数报告(2021) [M]. 北京:社会科学文献出版社, 2021
[38] Wang Q. Fixed-effect panel threshold model using Stata [J]. The Stata Journal, 2015 (1): 121-34
[39] 邓胜梁,林华,肖德. 中国银行业的市场结构与规模经济分析[J]. 世界经济, 2005(7): 43-50
[40] Elhorst J P. Spatial Panel Data Models [M]. Spatial Econometrics. Spatial Econometrics. Heidelberg: Springer,2014
[41] Lesage J, Pace R K. Introduction to Spatial Econometrics [M]. Boca Raton:Chapman and Hall/CRC, 2009
[42] 吕冰洋. 从市场扭曲看政府扩张:基于财政的视角[J]. 中国社会科学, 2014(12): 21
[43] Hofstede G, Bond M H. The Confucius connection: From cultural roots to economic growth [J]. Organizational Dynamics, 1988(4): 5-21
[44] Kostova T. Success of the Transnational Transfer of Organizational Practices within Multinational Companies [M]. Ann Arbor:University of Minnesota, 1996
