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区域金融差异内在形成机制和影响研究
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摘要
区域经济发展存在差异性是大多数国家经济发展过程中的普遍现象,但是,区域差异超过了一定程度,将会导致政治、经济、社会等一系列问题,进而影响社会稳定和发展。金融,作为现代经济的核心,毋庸置疑将成为影响区域经济差异的一个重要因素。改革开放至今已近三十五年,可以非常肯定地说中国区域经济发展不平衡,很大程度上是由于金融发展水平存在差异性。一直以来中央政府对东部沿海地区采取政策倾斜的相应措施,使得东部迅猛发展,大量资金流入东部地区;近十年来,政府开始重视我国东中西部地区经济差异的问题,实行了“西部大开发”,西部地区的经济发展也得以快速的提高。而中部地区的经济发展缓慢问题却始终没能得到很好的解决。西部大开发虽然使得西部的经济快速的发展,但是实际资金使用率却不高,大量的资金并没有作用于西部本土的经济建设,而是又从西部流入了东部地区。东部地区金融发展较快,相应的东部地区的经济增长获得更快更好的金融支持;而在金融发展落后的中西部地区,情况则刚好相反。
     20世纪90年代以来,我国学者在区域金融发展研究方面虽已出现大量的理论文章,但经验证据不够充分,已有的研究也大多只对单个地区内部的描述和与其他地区的差异比较,同时大部分研究都是从各区域内部的金融发展和经济增长的关系入手,没有涉及区域金融差异的内在形成机理的研究,所采用的方法也仅仅是传统的数据的描述性比较和聚类分析。本文在分析区域金融问题上,既有全局观点,也有局部观点,将我国分为东中西部三地区,并且以省际数据为基础,分析中国区域金融差异的问题。首先本文构建衡量区域金融水平差异的指标体系,分别从总体和不同行业两个维度出发,分析了东、中、西部三地区的金融规模、金融深化程度、金融结构、金融风险水平等方面,得出我国区域金融发展水平差异在扩大以及区域金融总量差异明显的两大特征。
     然后,本文运用空间经济学的相关理论构建了三地区非对称FC模型,从理论角度分析了区域金融差异的内在形成机制。理论模型表明:由于东部沿海地区天然的区位优势,资本大量流向东部地区,从而东部地区经济发展水平迅速提高;因此东部地区与中西部地区的金融发展水平存在差异。一旦东部与中西部之间的贸易自由度以及东部与国外之间贸易自由度的提高,中西部的金融资本将会大量流出,同时也伴随着中西部的产业衰弱。随着贸易自由度的提高,中西部地区会逐步成为“产业沙漠”;当贸易自由度充分大时,所有的资本将流入东部。另外,由于本地市场放大效应的存在,本地支出份额的变化会导致本地产业份额更大比例的变化,即金融资本在本区域集聚具有倍增效应。由于本地市场放大效应的存在,东西部金融发展水平的差距会随着东西部资本禀赋的扩大而增大;并且这种差距拉大的速度会随着贸易自由度的提高而加快。
     最后,通过面板数据模型的实证分析,在对东、中、西部三地区的区域金融差异的不同指标的对比之后,可以看出我国区域金融差异会使得我国不同地区间经济发展水平产生差异性,并且这种差异在多种因素的作用下,会导致较为复杂的经济效应。通过全国范围的数据分析,得出结论:区域金融发展水平的差异是促使我国区域经济产生差异的最主要的动力,并且区域金融差异的加大促使了区域经济差异的加大。东中西部应该制定不同的金融政策,在配套政策制度安排下对各地区的金融发展提出了不同的政策建议:实行区域性的货币政策;放松中西部地区的民营资本准入的限制;发展特色金融机构,鼓励金融创新;鼓励东部资金流向中西部地区;实行差别化税收政策和财政转移支付的区域政策调整。为实现地区协调发展提供了建设性意见。另外,本文通过构建数理模型空间经济学的方法运用于区域金融学理论研究,为以后中国区域差异问题提供了一个很好的思路。
Regional economic development differences is a common phenomenon in most countries in the process of economic development, and regional differences, however, more than a certain extent, will lead to a series of questions of the political, economic, social, thereby affecting the social stability and development. Finance, as the core of modern economy, will no doubt become an important factor in the impact of regional economic differences. Nearly thirty five years, it is quite sure that the imbalance of progress of Chinese region economy is largely due to the level of difference of the financial development. The government of the eastern coastal areas has always made east the swift and violent development, substantial inflow of funds into the eastern region. Over the past decade, the government began to pay attention to the problem of China's eastern, central and western regional economic differences, and the government introduced the" western big development" of western region, and the western region's economic development has been increased rapidly. While the central economy is in the awkward geography location, the middle area developed slowly, due to the Geographic location of the area between the economic and financial development gap. Western big development made western area's developed rapidly, but the actual capital utilization rate is not high, and a large amount of money do not make use to the western construction. And a large amount of capital flow from the West into the eastern region. In the financial developed area, the region's economic growth was faster and better financial support, but in the backward area, the financial development is just the opposite. First, we build indicators system to measure differences in the level of regional financial, respectively, starting from the overall and two dimensions of different industries, to analyze the financial scale of the eastern, central and western region, the degree of financial deepening, financial structure, and financial risk level. We concluded that the difference of China's regional financial development level is expanding, and total difference of the regional financial is conspicuous.
     Since the nineteen nineties, many scholars in China regional financial development research has been the emergence of a large number of theoretical articles, but the empirical evidence is insufficient, own research mostly only to individual areas within the description and comparison with other areas, while most of the research is from within each region's financial development and economic growth beginning with the relationship, not related to the regional financial differences between intrinsic formation mechanism, the method used is the only traditional data descriptive comparison and cluster analysis. Therefore, based on the analysis of regional financial issues, both the overall point of view, and also local point of view, China is divided into two areas of East and West, and to the provincial data as the basis, to analyze the problem of China's regional financial differences.
     This paper builds up a Three Regional Asymmetric FC Model with the spatial economy theory; do research on the regional financial differences between intrinsic formations mechanisms from a theoretical point of view. The theoretical model shows that:for the natural geographical advantages of the eastern coastal areas, a large number of that capital flows to the eastern region, and the economic development of the eastern region has improved rapidly. There are differences of the level of financial development between the eastern regions and the western regions. With the freer trade between the eastern and western as well as the freer trade between the east and the foreign improving, the financial capital of the Midwest outflow, also accompanied the weakness of Midwest's industrial. With the improvement of freer trade, the central and western regions will gradually become the "industrial desert", then overseas. When the freer trade is free enough, capital will flow to the east. In addition, due to the local market zoom effect, changes in the local share of expenditures will lead to the change of a greater proportion of the share of local industry. It is also means that the gathering of financial capital in the region has a multiplier effect. Due to the amplification effect the local market, the gap between the eastern and the level of financial development will increase with the expansion of the eastern and capital endowments; and the increasing gap will speed up with the increasing freer trade.
     Through empirical analysis of panel data model, this paper shows that the increased of regional financial difference aggregate the difference of region economy. The government of the eastern, central and western should develop different financial policies, and should put forward to different policy recommendations for regional financial development in the supporting policies proposed institutional arrangements: introducing a regional monetary policy; relaxing the restrictions on access to private capital of the central and western regions; developing specialized financial institutions and encouraging financial innovation; encouraging the eastern capital to flow to Midwest region; implying differentiated tax policies and regional policy adjustments of transfer payments. This paper offers constructive opinion. to realize the harmonious development of region. In addition, this paper constructs the mathematical model of spatial economics methods applied in regional financial theory research, and provides a good idea to Chinese area difference problem.
引文
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