金融集聚与城市经济增长研究
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摘要
金融产业集聚能产生规模经济和范围经济效应、金融网络效应等,可以使集聚区金融机构获得递增效益。但由于空间因素与经济发展差异,地区金融集聚程度差异较大,对城市经济增长与发展的作用不同。如纽约、伦敦、香港等国际金融中心,其城市功能不仅增强了城市经济实力,也促进了城市经济增长。除了国际级金融中心能够发挥强大的经济功能外,目前一些城市金融服务业的经济地位也不断增强,其金融产业集聚效应对城市经济发挥的作用也越来越大。
     在中国金融业对外开放与国际金融业巨变的背景下,本文从城市视角,选择了金融集聚、金融集聚与城市经济增长、促进城市经济增长的金融集聚对策等内容进行研究,运用理论研究与实证分析相结合,静态分析与动态分析相结合,以及社会网络分析法、产业经济学、区域经济学、城市经济学、空间经济学、金融学、金融地理学、博弈论和计量经济学等理论融合分析的诸多研究方法,进行了多角度、多方法的综合归纳与定量分析。本文借助前人集聚理论分析了金融集聚的内在机理和一般规律,论证了金融集聚于城市的动因和金融集聚效应对城市经济增长的影响机制。通过城市金融业数据收集,测算了城市金融集聚指数。运用面板数据模型,对中国城市金融产业集聚与城市经济增长的关系进行了实证分析。借鉴国际金融中心发展经验与教训,提出了促进城市经济增长的金融集聚对策。
     本文主要观点及创新点如下:
     1.城市是区域经济发展的集中点。现代城市是集经济、社会与物质实体等各种社会经济功能于一体的有机体。本文从城市视角出发,研究城市金融集聚相关的问题。城市是分工的结果,城市功能分为专业化和多样化,城市专业化功能的深化加强了某些优势产业的发展,因此具有金融业发展客观条件的城市会优先形成金融集聚区。而城市特有的集聚经济与网络效应会吸引更多金融机构的进入,使金融网络与城市社会网络融合共生,共同发展。因此,金融集聚于城市的动因来自城市自身优势与金融业特点等方面。
     2.本文从理论上分析了金融集聚效应产生过程。金融集聚效应主要包括规模经济和范围经济效应、金融网络效应、金融知识与技术溢出效应、城市金融创新效应和自我强化效应等。研究认为,金融集聚效应对城市经济增长发生的作用,主要从成本与效益两个方面表现出来:一是金融业的规模经济会产生较低的平均成本,即一定生产规模内的长期平均成本曲线向下倾斜,最终产生报酬递增;二是通过金融集聚各种效应综合作用的发挥,可倍增金融机构个体效益,使城市金融集聚出现报酬递增,从而促进城市经济快速增长。
     3.本文运用统计分析方法,从金融机构数量与金融从业人员人数、金融业务与金融增加值等角度,对金融集聚作了统计描述。通过对金融从业人员和金融业增加值等统计资料整理,发现北京和上海相较于其它城市有一定程度的金融集聚,表现出较强的集聚力。近几年,我国部分城市金融业对城市经济增长的贡献率较大,其中北京、上海和深圳三个城市的金融业对城市GDP的贡献率超过10%。本文运用SPSS17对主要样本城市进行了金融集聚水平的综合评价,对金融发展与集聚水平处于前10位的城市进行排序,依次是:北京、上海、深圳、广州、天津、重庆、济南、苏州、杭州、大连,其中北京和上海的金融集聚优势较明显。
     4.运用面板数据模型对我国城市金融集聚与城市经济增长相关性作了实证研究。本文采用区位熵的测量方法,计算了金融集聚指标并分析了我国城市金融集聚特点。从样本城市区位熵看,样本城市的区位熵数值较大,显示城市金融业专业化水平较高。本文采用了Baldwin和Martin的关于经济集聚与区域经济增长之间的内生互动关系模型,根据以往研究结果和本文的研究内容选定了影响经济增长与金融集聚的多个变量,构建出了金融集聚与城市经济增长的模型,并运用面板数据对金融集聚与城市经济增长的相关性进行检验与分析得出,城市金融集聚对城市经济增长影响明显,金融集聚是城市经济增长的原因;城市经济发展对金融业集聚也具有重要作用。
     5.国际金融中心的发展需要一定的先发比较优势,包括优越的地理与区位优势,发达的实体经济或贸易,便利的交通,健全的法律法规与金融监管制度,开放、成熟的金融市场以及丰富的人力资源等,都是国际金融中心发展的重要条件。通过我国较具金融集聚的城市与国际金融中心的数据比较分析,得出我国金融集聚城市与国际金融中心差距巨大。因此,我国金融集聚城市的发展应借鉴国际金融中心的经验与教训。
     6.本文以美国金融危机为例,从金融集群风险来源、传染与传播路径、表现等方面分析了金融集群风险的发生过程,认为金融集群风险不仅是集群层面的风险,更可能是金融集聚区金融机构个体发生风险而引发的集群风险。为了减少金融集群风险对集群或地区经济的损害程度,应从政府、集群和金融机构个体三方面进行金融集群风险防范与治理。借鉴国际金融中心的发展经验与教训,提出了促进城市经济增长的金融集聚对策与建议。
     本文研究了金融集聚、金融集聚与城市经济增长关系以及促进城市经济增长的金融集聚对策等问题,认为金融集聚或金融中心的发展可以提高城市竞争力,促进城市经济增长。同时,金融集聚区也面临着风险发生与传播等负效应。因此,本文对金融集聚等相关问题的论证和所得出的结论,对制定我国城市金融集聚或区域金融中心战略、制定促进城市经济增长的金融集聚政策具有理论与现实意义。
Financial industry agglomeration can make all kinds of effects such as the economies of scale and scope, the financial network effect and so on. These effects would have the increasing benefits to financial instructures in the region where there is financial industry agglomeration. However, there is very different degree in financial industry agglomeration in different regions because of the differences in space and economic development,then it can have the distinct influences on economic growth and development of the city. Not only the functions that these cities make can enhance some cities'economic strength, but also can promote economic growth of the cities in the international financial centers, like New York, London, HongKong. Nowadays economic functions of financial service industry in some cities is also growing and the agglomeration effects of the financial industry can play a increasing role in the urban economy in addition to powerful economic functions from metropolis like international financial centers.
     In the background of China's open policy to financial industry and the great changes of the international financial industry we select a series of contents including financial agglomeration, financial agglomeration and urban economic growth, financial agglomeration risk and financial agglomeration countermeasures to promote urban economic growth to study deeply from the city's perspective in this paper. This paper studies the financial agglomeration and urban economic growth using various research methods from the multi-angle and multi-synthesis induction and quantitative methods combining theoretical research and empirical analysis, static analysis and dynamic analysis, and other methods such as social network analysis, Industrial economics, Regional economics, Urban economics, Finance, Financial Geography and Econometrics.We analyze inherent mechanism and the general laws of the financial agglomeration based on the study of the previous scholars and demonstrate the motives of financial industry agglomerating in cities and mechanism of the impact from financial agglomeration effect on urban economic growth.Based on collected actual data in financial industry and the financial agglomeration indexes of city are estimated in the article. Then the relationship between the financial industry agglomeration of Chinese cities and urban economic growth is discovered through the empirical analysis using panel data model. At last drawing on development experiences and lessons of international financial centers we analyze the risks from financial agglomeration as American financial crisis example and propose the prevention and management measures of financial agglomeration risks and financial agglomeration countermeasures to promote urban economic growth.
     The main contents and innovations can be summarized as follows:
     1.The city is a focal point for regional economic development.The modern city is an integrated organism combing social and economic functions such as the economy, society and physical entities.So in the article we study the issues related to urban financial agglomeration from perspective of city. Deepening of urban specialized functions have strengthened the development of some competitive industries within the city, so some cities with the objective conditions to develop financial industry can give priority to form financial agglomeration area where financial institutions concentrated. The city-specific agglomeration economies and network effects can attract the entry of financial institutions and combining the financial networks with urban social network to integrate and develop commonly. On the other hand, financial characteristics such as the complex and informative financial business itself, the liquidity of financial products, economies of scale of financial assets and capital-specific characteristics in the financial industry, make geographic factor strong to financial industry.The city location advantage is an important condition for the location of financial institutions. Therefore, the motivation of financial agglomeration in the city from the two aspects:the city's own advantages and the characteristics of the financial industry.
     2.In this paper we theoretically analyze the process of agglomeration effects and financial agglomeration effects including economies of scale and economies of scope, the financial network effect, the financial knowledge and technology spillovers effect, urban financial innovation effects and self-strengthening effect and so on. After the study its conclusion is that mechanism of the impact from financial agglomeration effect on urban economic growth is shown two aspects mainly from the costs and benefits. First, in the long run, economies of scale in the financial industry can result in lower average costs because in a certain production scale the long-run average cost curve slopes downward and it results in increasing returns. Second, the effects of individual financial institution in the financial clustering can be multiplied through the coordination of various effects of financial agglomeration, and there can be increasing returns to the city. In conclusion it can make the city's economy grow rapidly and continuously.
     3.In this paper we analyze the status of the urban financial agglomeration and urban economic development. Through the use of statistical methods we make a statistical description to financial agglomeration from the number of financial institutions and financial professionals, financial businesses and financial added value. Beijing and Shanghai have a certain degree of financial agglomeration compared to other cities from the number of financial professionals and financial added value. While in Beijing, Shanghai and Shenzhen the financial industry plays an important role in urban economic development, the contribution rate of financial industry on urban GDP to the three larger cities exceed ten percent.In this paper the comprehensive evaluation to financial agglomeration level to the main sample city using SPSS, shows the top10level of financial agglomeration in order:Beijing, Shanghai, Shenzhen, Guangzhou, Tianjin, Chongqing, Jinan, Suzhou, Hangzhou, Dalian.Beijing and Shanghai have more obvious advantages in financial agglomeration.
     4.In the article we research the relationship between urban financial agglomeration and urban economic growth using panel data model empirically. We caculate the location quotient of financial industry and analyze urban financial agglomeration status and characteristics in China based on the analysis of indexes calculated above,and then study the relation between urban financial agglomeration and urban economic growth by panel data model.The conclusion is that the financial agglomeration is the cause of urban economic growth and it shows that the impact of urban agglomeration on urban economic growth is obvious. In this paper we use Baldwin and Martin's endogenous and two-way interaction model about the relationship of the economic agglomeration and the regional economic growth,build the financial agglomeration and economic growth of the cities based on the previous research results and the research content of this paper,and select affect of economic growth and financial agglomeration. We use panel data model to study relationship of financial agglomeration and the urban economic growth.The conclusion shows financial agglomeration has a significant impact on urban economic growth and urban economy is power to attract financial agglomeration.
     5. It requires a certain comparative advantage, superior geographical and regional advantages, advanced economic entity or trade, and convenient transportation for the development of an international financial center. Also it requires perfect legal system such as sound financial laws and regulations, strict accounting,information disclosure system, and a series of open and mature financial markets and rich human resources. All those are important conditions for development of the international financial centers. By using data comparative method there is a huge gap between Chinese cities and the international financial centers in financial agglomeration compared Chinese cities with financial agglomeration advantages with international financial centers.Therefore,Chinese cities to develop financial industry agglomeration should draw experiences and lessons of international financial centers..And the policy should be made from the three aspects:government, cluster and financial institutions.In the end we propose financial agglomeration policy to promote urban economic growth in the reference of international financial centers.
     6.We take example by American financial crisis and analyze the process of financial agglomeration risk from sources, infection and transmission path, and performance of financial agglomeration risk. Financial agglomeration risk not only exists in financial agglomeration level but also comes from some individual financial institution, which financial risk happened in one of financial institusions, in the financial agglomeration area and that it can lead to financial agglomeration risk in whole financial agglomeration area possibly. To reduce the losses that financial agglomeration risk makes it is important to make financial agglomeration risk prevention and management policy.And the policy should be made from the three aspects:government, cluster and financial institutions.In the end we propose financial agglomeration policy to promote urban economic growth in the reference of international financial centers.
     In this paper, after studying a series of problems related to financial agglomeration,such as financial agglomeration, financial agglomeration and urban economic growth, and financial agglomeration policy to promote urban economic growth policies we draw the conclusion that not only the development of financial agglomeration and financial centers can bring strong competitiveness to the city, but also it can promote the growth of urban economy.At the same time, the financial agglomeration area must also face negative effects such as the occurrence and spread of risk. Therefore, what we demonstrate in this article will have great significance to formulate strategy and policy of financial agglomeration area and financial center,risk prevention and management countermeasures,and financial agglomeration policy to promote urban economic growth.
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