中国区域金融创新研究
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摘要
作为一个区域层次多样化的发展中大国,中国金融创新的区域性特征开始凸显。随着天津滨海新区、温州金融改革实验区、深圳金融创新举措和上海自由贸易区等区域金融发展战略的实施,我国区域金融创新问题成为理论与实务界关注的焦点。然而目前学界对区域金融创新的研究正处于起步阶段,针对区域金融创新的认识仍以政策性解读为主。基于此本文首先通过借鉴Bos(2009)对欧盟各国金融创新的测度方法,用中国2001-2011年的地区面板数据对中国金融创新的区域性特征和内部结构进行了测度,以效率的视角对“区域金融创新”进行了新的解读。
本文提出的区域金融创新研究框架,在理论研究方面借鉴了金融发展理论、区域金融理论、经济增长理论,在实证研究方面采用了效率研究方法、空间计量研究方法等,力图建立起一个理论与实证相结合的完整体系。论文以“效率评价——环境影响——空间效应——经济增长”为主线展开分析。本文运用三阶段DEA方法(Three Stage DEA)分析影响区域金融创新的经济开放等环境因素；采用空间计量方法探究了区域金融创新在空间的外部效应,即区域金融创新与竞争、区域金融创新与集聚的关系；通过引入以利润最大化为特征的金融中介和金融创新部门,分析了区域金融创新与经济增长的关系；最后从区域开放与合作的角度提出了促进区域金融创新良性发展的建议。研究的基本结论为：
(1)省际整体效率水平距离前沿样本省份尚有距离,其中规模效率高于纯技术效率,金融中介创新效率高于其他两个层面的效率水平；从两种分组的区际效率水平比较来看,沿海整体效率水平高于内地的效率水平,泛长江三角洲、泛渤海湾和泛珠江三角洲区域金融创新效率水平较高,按照效率水平划分区域金融创新更易找到区域之间的异质性。
(2)经济基础、地方政府干预、区域金融市场和对外开放水平等外部环境对金融业创新效率产生影响。地方的经济基础易导致金融行业的人员冗余；地方政府对银行贷款的干预会导致资本投入的低效；区域金融市场的建立可以提高资本投入的效率,但这种影响效果将随政策调整的时间变化而减少；对外开放水平的提高可以降低金融业资本投入的低效使用。
(3)宏观方面区域金融创新在空间上具有明显的挤出效应,主要原因在于我国的金融创新具有区域“试点效应”,导致各省份之间为竞争金融资源而导致竞争加剧；微观方面由于金融业在地理上集聚正负力量的作用,即Agion效应和Schumpeter效应的存在,使区域金融创新与金融业地理集聚之间表现出非线性的特征。
(4)金融创新只有在较高金融转化效率的地区或部门才能促进经济增长。由于区域之间的金融创新水平存在很大的差距,处于技术前沿的地区提升了区域内金融竞争力,并通过区域金融创新将区域内的各种金融资源和要素加以重新组合,创造出一种更为有效的金融资源配置方式。
本文的创新之处首先体现在视角选择方面,本文突破性地将金融创新向区域层面延伸,特别是对于经济转轨中的多层次大国更具有现实意义。其次本文运用三阶段数据包络分析方法,在对区域金融创新效率评价的基础上,分析了环境因素对区域金融创新效率的影响。最后本文通过空间计量方法分析了区域金融创新在空间上的外部效应。研究发现：宏观方面缘于区域“试点效应”,区域金融创新在空间上具有明显的挤出效应；微观方面Aghion效应和Schumpeter效应共同存在使得区域金融创新与金融业地理集聚之间表现出非线性。
作为一次大胆的尝试,本文所提出的区域金融创新理论分析框架由于相关理论尚处在起步阶段。相应地,有关区域金融创新的观点不可避免会有很多不完善和存在争议的地方。同时,从内涵、机理、外部环境到作用效果等方面分析区域金融创新的思路虽然囊括了影响区域金融创新的大部分因素,但必然还有疏漏之处,也是内容上需要进一步研究的方向。
The history of financial development is actually made of steps of financial innovation. As a developing country, China's financial industry has been growing up from scratch. The trasinsion of from simple deposit and lending business to the complex derivative transactions, from the dominance of state-owned banks to extensively distributed commercial banks, are actually financial innovation and breakthrough. Although some financial innovation imitated western country; these "imported" financial products in China have distinctive economic environment character and improve financial efficiency. From this point of view, it also reflects the innovative nature of the financial industry in China. On the other hand, during the building of Tianjin Binhai New Area, Wenzhou financial reform pilot area and Shanghai Free Trade Area and other regional financial development strategy, as a diversified regional level developing country, China's inter-provincial levels of financial development and innovation presents regional characteristics. Thus regional financial innovation has grasped the light of theorists and practicer. Based on Bos (2009) for EU countries Measurement of financial innovation, in this paper, we study on China's regional financial innovation characteristics and internal structure by method of efficiency with2001-2011panel data. This paper made a new interpretation on "regional financial innovation " from Perspective of efficiency.
The framework for regional financial innovation in this paper is backed on the theory of financial development, regional financial theory, economic growth theory and spatial economic theory in the area of theoretical research. And in the area of empirical research, we apply the efficiency research methods and spatial econometric research methods, trying to establish a a combination of theoretical and empirical complete system. The frame structure in this paper is from the inside to the outside. With "efficiency evaluation-Environmental Impact-spatial externalities-economic effects" analysis of the main line, we first evaluate the efficiency of China's regional financial innovation issues; secondly identify the impact of regional financial innovation external environment and find to improve the efficiency of regional financial innovation factors; thirdly mine space spillout of financial innovation and present the relationship of regional financial innovation, financial concentration and financial competition; lastly conclude that regional financial innovation policy means cooperation in order to achieve sustainable development. This paper analyses the economic impact of openning and other environmental factors on regional financial innovation with three-stage DEA method; explores relationship of regional financial innovation and competition, financial innovation and agglomeration area by the use of spatial econometric methods; analyses the relationship between regional financial innovation and economic growth by the introduction of profit maximization in financial intermediaries sector and financial innovation sector; presents proposals of development to promote regional financial innovation from a regional perspective of openness and cooperation. The basic conclusions are as follows:
(1) There are differences between the overall level of efficiency of inter-provincial decision units and the frontier, in which the scale efficient is higher than pure technical efficiency, innovation efficiency of financial intermediation is higher than the other two levels of efficiency. From two groups of inter-district level of efficiency comparison, coastal level is higher than the mainland, especially regional financial innovation efficiency level is higher in the Yangtze River, Bohai Bay and the Pearl River. And it is easier to find heterogeneity between regions in accordance with the level of efficiency of financial innovation.
(2) the external environment have impacts on the financial sector innovation such as efficiency economic ground, local government intervention, the regional financial markets and the level of opening. Local economic ground easily leads to financial sector workers redundant; Local government intervention on bank lending will lead to inefficient capital investment; establishment of regional financial markets can improve the efficiency of capital investment, but this effect will vary with the policy adjustment effect time is reduced; raise the level of opening up the financial sector can reduce the inefficient use of capital investment.
(3) From the persepctive of macro, regional financial innovation has obvious crowding out effect in space, mainly because China's financial innovation with a regional "pilot" effect leads to competition between the provinces for financial resources; from the perspective of microscopic, the regional financial innovation and financial sector agglomeration exhibit nonlinear characteristics for the role of positive and negative forces from financial industry as Aghion effect and Schumpeter effect exists.
(4) Financial innovation only in the district or division of higher financial efficiency can promote economic growth. There is a big gap of technology within the provinces as the frontier tries to enhance regional financial competitiveness. Since the frontier province will reallocate financial resources through regional financial innovation within the regions and elements will to be reassembled, which create a more effective financial resource allocation.
The innovation of this paper is reflected in the perspective. This paper extends financial innovation to the regional level. It is in practical significance for economic transition and multi-level country. Secondly, this paper evaluates regional financial innovation efficiency, followed analysis of the impact of environmental factors by Three-stage Data envelopment Analysis. Finally, this paper analyzes special external effects of regional financial innovation by the spatial econometric methods. The study found:regional financial innovation has significant crowding in space due to regional "pilot effect" in the macro aspect; the co-existence of Aghion effects and Schumpeter effects makes nonlinear relationship between regional financial innovation and financial sector Agglomeration in the micro aspect.
Correspondingly, it is inevitable that there will be a lot of imperfections from the new point of view of financial innovation. Meanwhile, we try to encompass most of the area of influence factors from connotation, the mechanism to effects of the external environment and other aspects of regional finance innovative ideas though financial innovation, but inevitably there are omissions which that require further research.
本文提出的区域金融创新研究框架,在理论研究方面借鉴了金融发展理论、区域金融理论、经济增长理论,在实证研究方面采用了效率研究方法、空间计量研究方法等,力图建立起一个理论与实证相结合的完整体系。论文以“效率评价——环境影响——空间效应——经济增长”为主线展开分析。本文运用三阶段DEA方法(Three Stage DEA)分析影响区域金融创新的经济开放等环境因素；采用空间计量方法探究了区域金融创新在空间的外部效应,即区域金融创新与竞争、区域金融创新与集聚的关系；通过引入以利润最大化为特征的金融中介和金融创新部门,分析了区域金融创新与经济增长的关系；最后从区域开放与合作的角度提出了促进区域金融创新良性发展的建议。研究的基本结论为：
(1)省际整体效率水平距离前沿样本省份尚有距离,其中规模效率高于纯技术效率,金融中介创新效率高于其他两个层面的效率水平；从两种分组的区际效率水平比较来看,沿海整体效率水平高于内地的效率水平,泛长江三角洲、泛渤海湾和泛珠江三角洲区域金融创新效率水平较高,按照效率水平划分区域金融创新更易找到区域之间的异质性。
(2)经济基础、地方政府干预、区域金融市场和对外开放水平等外部环境对金融业创新效率产生影响。地方的经济基础易导致金融行业的人员冗余；地方政府对银行贷款的干预会导致资本投入的低效；区域金融市场的建立可以提高资本投入的效率,但这种影响效果将随政策调整的时间变化而减少；对外开放水平的提高可以降低金融业资本投入的低效使用。
(3)宏观方面区域金融创新在空间上具有明显的挤出效应,主要原因在于我国的金融创新具有区域“试点效应”,导致各省份之间为竞争金融资源而导致竞争加剧；微观方面由于金融业在地理上集聚正负力量的作用,即Agion效应和Schumpeter效应的存在,使区域金融创新与金融业地理集聚之间表现出非线性的特征。
(4)金融创新只有在较高金融转化效率的地区或部门才能促进经济增长。由于区域之间的金融创新水平存在很大的差距,处于技术前沿的地区提升了区域内金融竞争力,并通过区域金融创新将区域内的各种金融资源和要素加以重新组合,创造出一种更为有效的金融资源配置方式。
本文的创新之处首先体现在视角选择方面,本文突破性地将金融创新向区域层面延伸,特别是对于经济转轨中的多层次大国更具有现实意义。其次本文运用三阶段数据包络分析方法,在对区域金融创新效率评价的基础上,分析了环境因素对区域金融创新效率的影响。最后本文通过空间计量方法分析了区域金融创新在空间上的外部效应。研究发现：宏观方面缘于区域“试点效应”,区域金融创新在空间上具有明显的挤出效应；微观方面Aghion效应和Schumpeter效应共同存在使得区域金融创新与金融业地理集聚之间表现出非线性。
作为一次大胆的尝试,本文所提出的区域金融创新理论分析框架由于相关理论尚处在起步阶段。相应地,有关区域金融创新的观点不可避免会有很多不完善和存在争议的地方。同时,从内涵、机理、外部环境到作用效果等方面分析区域金融创新的思路虽然囊括了影响区域金融创新的大部分因素,但必然还有疏漏之处,也是内容上需要进一步研究的方向。
The history of financial development is actually made of steps of financial innovation. As a developing country, China's financial industry has been growing up from scratch. The trasinsion of from simple deposit and lending business to the complex derivative transactions, from the dominance of state-owned banks to extensively distributed commercial banks, are actually financial innovation and breakthrough. Although some financial innovation imitated western country; these "imported" financial products in China have distinctive economic environment character and improve financial efficiency. From this point of view, it also reflects the innovative nature of the financial industry in China. On the other hand, during the building of Tianjin Binhai New Area, Wenzhou financial reform pilot area and Shanghai Free Trade Area and other regional financial development strategy, as a diversified regional level developing country, China's inter-provincial levels of financial development and innovation presents regional characteristics. Thus regional financial innovation has grasped the light of theorists and practicer. Based on Bos (2009) for EU countries Measurement of financial innovation, in this paper, we study on China's regional financial innovation characteristics and internal structure by method of efficiency with2001-2011panel data. This paper made a new interpretation on "regional financial innovation " from Perspective of efficiency.
The framework for regional financial innovation in this paper is backed on the theory of financial development, regional financial theory, economic growth theory and spatial economic theory in the area of theoretical research. And in the area of empirical research, we apply the efficiency research methods and spatial econometric research methods, trying to establish a a combination of theoretical and empirical complete system. The frame structure in this paper is from the inside to the outside. With "efficiency evaluation-Environmental Impact-spatial externalities-economic effects" analysis of the main line, we first evaluate the efficiency of China's regional financial innovation issues; secondly identify the impact of regional financial innovation external environment and find to improve the efficiency of regional financial innovation factors; thirdly mine space spillout of financial innovation and present the relationship of regional financial innovation, financial concentration and financial competition; lastly conclude that regional financial innovation policy means cooperation in order to achieve sustainable development. This paper analyses the economic impact of openning and other environmental factors on regional financial innovation with three-stage DEA method; explores relationship of regional financial innovation and competition, financial innovation and agglomeration area by the use of spatial econometric methods; analyses the relationship between regional financial innovation and economic growth by the introduction of profit maximization in financial intermediaries sector and financial innovation sector; presents proposals of development to promote regional financial innovation from a regional perspective of openness and cooperation. The basic conclusions are as follows:
(1) There are differences between the overall level of efficiency of inter-provincial decision units and the frontier, in which the scale efficient is higher than pure technical efficiency, innovation efficiency of financial intermediation is higher than the other two levels of efficiency. From two groups of inter-district level of efficiency comparison, coastal level is higher than the mainland, especially regional financial innovation efficiency level is higher in the Yangtze River, Bohai Bay and the Pearl River. And it is easier to find heterogeneity between regions in accordance with the level of efficiency of financial innovation.
(2) the external environment have impacts on the financial sector innovation such as efficiency economic ground, local government intervention, the regional financial markets and the level of opening. Local economic ground easily leads to financial sector workers redundant; Local government intervention on bank lending will lead to inefficient capital investment; establishment of regional financial markets can improve the efficiency of capital investment, but this effect will vary with the policy adjustment effect time is reduced; raise the level of opening up the financial sector can reduce the inefficient use of capital investment.
(3) From the persepctive of macro, regional financial innovation has obvious crowding out effect in space, mainly because China's financial innovation with a regional "pilot" effect leads to competition between the provinces for financial resources; from the perspective of microscopic, the regional financial innovation and financial sector agglomeration exhibit nonlinear characteristics for the role of positive and negative forces from financial industry as Aghion effect and Schumpeter effect exists.
(4) Financial innovation only in the district or division of higher financial efficiency can promote economic growth. There is a big gap of technology within the provinces as the frontier tries to enhance regional financial competitiveness. Since the frontier province will reallocate financial resources through regional financial innovation within the regions and elements will to be reassembled, which create a more effective financial resource allocation.
The innovation of this paper is reflected in the perspective. This paper extends financial innovation to the regional level. It is in practical significance for economic transition and multi-level country. Secondly, this paper evaluates regional financial innovation efficiency, followed analysis of the impact of environmental factors by Three-stage Data envelopment Analysis. Finally, this paper analyzes special external effects of regional financial innovation by the spatial econometric methods. The study found:regional financial innovation has significant crowding in space due to regional "pilot effect" in the macro aspect; the co-existence of Aghion effects and Schumpeter effects makes nonlinear relationship between regional financial innovation and financial sector Agglomeration in the micro aspect.
Correspondingly, it is inevitable that there will be a lot of imperfections from the new point of view of financial innovation. Meanwhile, we try to encompass most of the area of influence factors from connotation, the mechanism to effects of the external environment and other aspects of regional finance innovative ideas though financial innovation, but inevitably there are omissions which that require further research.
引文
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