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

doi:10.16381/j.cnki.issn1003-207x.2019.11.007

摘要/Abstract

摘要： 金融集聚从资本支持、资源效率配置、技术创新等方面提升绿色发展效率的贡献日益凸显，而这种影响的空间效应有多强、范围有多大以及时空过程有何规律性，都亟待深入研究。本文基于空间距离衰减与中间机制两大假说，利用中国2003-2014年272个地级及以上城市的面板数据，综合采用空间面板杜宾模型（SPDM）与面板门槛模型（PTR）实证考察金融集聚对绿色发展效率的空间溢出效应及其衰减边界，并对导致二者之间产生非线性关系的中间机制进行了探讨。研究发现，①金融集聚对绿色发展效率存在明显的空间溢出效应，且这种空间溢出表现出明显的空间衰减特征，在300公里以内为负向空间外溢的密集区域，400-600公里则为正向空间溢出的密集区域。②在金融集聚、城市规模与对外开放水平三种机制调节下，金融集聚对绿色发展效率的影响呈现"梯度式"增强的特征，而在经济发展水平机制的介入过程中，金融集聚对绿色发展效率的促进作用却是一个"先减后增"的过程。值得注意的是，现阶段这种促进作用十分有限。上述结论在多种稳健性检验后，结论仍然成立。

关键词: 金融集聚, 绿色发展效率, 空间面板杜宾模型, 面板门槛回归

Abstract: The improvement of the impact of financial aggregation on green development efficiency is increasingly prominent from the aspects of capital support, resource allocation efficiency and technological innovation. However, the intensity, scope and pattern of its spatial effect remain to be further investigated. On the basis of space distance attenuation hypothesis and intermediate mechanism hypothesis, with panel data of 272 cities in China from 2003-2014, spatial panel durbin model (SPDM) and panel threshold regression (PTR) are used to explore the spatial spillover effects and its attenuation boundary of the impact of financial aggregation on green development efficiency, and then discuss the intermediate mechanism which leads to a nonlinear relationship between the two. Our empirical results show that:(i) There exists significant spatial dependence in the impact of financial agglomeration on green development efficiency, which shows evident spatial attenuation characteristics. The dense area of negative space spillover is within 300 km, whereas the dense area of positive space spillover is within 400-600 km. (ii) The impact of financial agglomeration on green development efficiency shows the characteristic of "gradient enhancement" under the regulating mechanism of financial aggregation, city size and level of opening-up, while shows the characteristic of "first decrease and then increase" under the constraint of economic development level. Nevertheless, it is worth noting that this promotion is very limited at the present stage.This study not only helps to fully grasp the relationship between financial agglomeration and green development efficiency, but more importantly, provides empirical evidence for government departments to develop regional economic development policies and promote regional green development efficiency.

Key words: financial agglomeration, green development efficiency, spatial panel durbin model, panel threshold regression

中图分类号:

F205

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, 27(11): 61-75.

YUAN Hua-xi, LIU Yao-bin, FENG Yi-dai. How does Financial Agglomeration Affect Green Development Efficiency? Empirical Analysis of SPDM and PTR Models Considering Spatio-temporal Double Fixation[J]. Chinese Journal of Management Science, 2019, 27(11): 61-75.

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