金融集聚、数字金融与区域经济差距

Financial Agglomeration, Digital Finance and Regional Economic Gap

摘要

高质量发展是全面建设社会主义现代化国家的首要任务，促进区域协调发展则是实现高质量发展的内在要求。金融作为现代经济的核心，是影响区域经济发展的重要因素。作为一种空间现象，金融集聚在提升局部金融效率的同时，也可能会拉大区域经济差距。在数字经济深入发展的背景下，数字金融的快速普及为传统金融体系注入了新动能，但其在金融集聚影响区域经济差距的过程中究竟发挥何种作用，仍缺乏系统研究。基于此，利用中国大陆31个省份2011—2023年的面板数据，构建双向固定效应模型实证检验金融集聚对区域经济差距的影响，并引入北京大学数字普惠金融指数及其覆盖广度、使用深度和数字化程度3个维度，通过交互项分析数字金融的调节效应。研究结果表明：1）金融集聚显著拉大了区域经济差距，该结论在替换变量、缩小样本范围、采用工具变量法等多种稳健性检验下均保持稳健。2）数字金融显著减轻了金融集聚对区域经济差距的拉大作用，并且3个维度也呈现出显著的负向调节作用。3）异质性分析显示，金融集聚对区域经济差距的显著正向影响主要存在于东部和中部地区，在西部地区则不显著；相应地，数字金融的负向调节效应也仅在东部和中部地区显著存在。因此，政府应加大对金融集聚程度较低地区金融发展的支持力度；欠发达地区应加快数字金融发展，提高数字金融的可获得性和普惠性；应推进数字金融和传统金融协同发展，构建高效的现代金融体系，为缩小区域经济发展差距、推进共同富裕提供有力支撑。

Abstract

High quality development is the primary mission for a nation's modernization, which internally requires a coordinated regional development. Finance serves as key factor in regional economy, its agglomeration improves local financing efficiency, but it may enlarge the regional economic gap. Fast growth of digital economy powers the traditional financing system, but left unknown what kind of roles it will play during impacting regional economic gap in financial agglomeration areas. This paper uses 2011 to 2023 panel data of China's 31 provinces to establish a bi-directional fixed effect model to verify the impact of financial agglomeration on regional economic gap, and applies PKU's common financial index, covering spreading and using deepness and digitalization to study its adjusting effects. Financial agglomeration largely expands regional economic gap, validated by its stability in replacing variables, shrinking sample ranges and applying tool variables. Digital finance outstandingly relieves the expansion of financial agglomeration on regional economic gap, and negatively adjusts the three dimensions. Heterogeneity shows financial agglomeration outstandingly impacts regional economic gap positively mainly in eastern and central China, but little in western China. Its negative adjustment outstandingly exists only in eastern and central China. This paper presents suggestions on supporting financial development in low financial agglomeration areas, boosting digital finance in developing areas to raise accessibility and inclusiveness, advancing a co-integrated development of digital and traditional finance to construct an efficient modern financial system, aiming at minimizing regional economic gap.

关键词

金融集聚 / 数字金融 / 区域经济差距

Key words

financial agglomeration / digital finance / regional economic gap

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基金资助

西省哲学社会科学规划课题一般课题(2024YB177)