区域金融产业资本聚集差距问题及实证研究

发布时间：2018-05-28 08:13

本文选题：区域金融产业 + 资本聚集差距　；参考：《西南大学》2012年博士论文

【摘要】：本论文是关于区域金融产业资本聚集差距理论与实证的研究。该研究是在深入考察我国金融产业资本集聚发展历程和现实状况的基础上,借鉴吸收国内外学者关于金融产业、金融资本、金融发展、均衡增长等相关理论研究成果基础上,构建了区域金融产业资本集聚的理论研究框架。综合运用理论分析、实证分析、制度分析、比较分析、动态分析、静态分析等多种研究方法,进一步揭示区域金融产业资本集聚差距的形成原因与影响效应。基于区域经济与区域金融均衡发展以及区域金融服务均等化的理论依据,开创性提出区域金融产业资本集聚均衡化发展理论设想。进而深入探寻区域金融产业资本集聚均衡化发展的思路、模式、指导思想、机制和战略以及配套的政策框架。 1研究的主要结论 (1)中国区域金融产业资本集聚特征十分显著。一是区域金融产业资本集聚程度与区域经济社会发展程度呈现正相关关系；二是区域金融产业资本集聚程度与区域金融产业发展程度呈现正相关关系；三是区域金融产业资本集聚程度由于经济社会金融等多种条件差异而凸显出差距；四是区域金融产业资本的稀缺性和同质性引发资本集聚竞争格局的存在；五是组成金融产业资本集聚的资本要素呈现出同样的集聚形态和集聚特征。 (2)中国区域金融产业资本集聚的差距明显。主要表现为区域金融产业资本的主要构成要素银行产业资本、证券产业资本、保险产业资本、信托产业资本集聚差距显著。区域之间在金融产业资本构成要素上的集聚差距也有所差异,在银行产业资本、证券产业资本、保险产业资本与信托产业资本上的集聚各具优势,这对于发展差异化的区域金融产业资本集聚形态具有重要意义。 (3)导致中国区域金融产业资本集聚差距的原因多元化。主要是区域真实经济实力、人才供给水平、区域对外开放水平及宏观政策倾斜程度不同而引起的。区域实体经济是金融产业资本集聚的根本,也是其服务的核心；区域人力资本存量与增量是金融产业资本集聚的人力基础,也是其集聚的操作基础；区域对外开放水平是金融产业资本集聚的空间条件和环境因素；区域宏观政策倾斜是金融产业资本集聚的动力条件和政府推力。 (4)中国区域金融产业资本集聚效应具有反馈机制和倒逼机制。作为一种不均衡金融经济增长形态,区域金融产业资本集聚差距的存在,通过金融影响经济的传导效应而影响到宏观层面实体经济的发展,进而影响到微观层面居民收入水平和居民消费能力。 (5)要促进区域经济协调发展必须实现区域金融产业资本聚集均衡化。依据区域金融产业资本聚集的路径以及聚集均衡化的特点,区域金融产业资本聚集均衡化的模式,可以分为内生绝对均衡模式、内生相对均衡模式、外生绝对均衡模式以及外生相对均衡模式等四种模式。各个模式均有其各自特征,各个区域在分析区域金融产业资本聚集均衡化的模式时应当结合实际情况,采取具体情况具体分析的方式进行研究。 (6)在设计区域金融产业资本聚集均衡化机制时,必须要综合考虑该机制系统的运行机制、诱导机制、风险机制以及监管机制。区域金融产业资本聚集均衡化的运行机制重点在于针对资源禀赋较差的区域突破资源约束；诱导机制重点在于突破区域政策制度软环境约束；风险机制重点在于明确政府财政金融的供给风险以及市场金融产业资本的投机风险；监管机制重点在于针对风险机制确立两种监测机制。 (7)要实现区域金融产业资本聚集均衡状态,需要避免产业同构建设所造成的产业恶性竞争状态,保证区域产业良性发展。需要将政府财政金融资源合理配置到硬件资源禀赋不足的区域,消除金融产业资本配置低效率的情况；需要消除区域软性资源约束,更要消除软性政策制度环境瓶颈。要从产业发展战略、资源配置战略、人力资本战略、制度创新战略、对外开放战略等方面系统实施促进区域金融产业资本聚集均衡化的战略。 2研究的重要观点 (1)区域金融产业资本集聚是金融产业发展到一定阶段由自然方式和政府推动方式而出现的资本在时空上的动态运动,且这种运动具有不同强度和较为明确的方向,进而形成一种集聚式的状态和结果。区域金融产业资本集聚既是一种金融产业资本的循环运动,也是一种服务实体经济发展并受实体经济制约的经济运行趋势。 (2)区域金融产业资本集聚遵循着市场自发形成、政府强力推动或是市场与政府混合推进的演进轨迹。区域金融产业资本集聚会促成区域遵循区域性金融中心——全国性金融中心——世界性金融中心的发展趋势。区域金融产业资本集聚既要重视看不见手——市场的自发形成、规模效益,外部效应与信息优势,也要重视看得见手——政府的引导、配合、协调和服务。各区域应根据各地经济发展、产业升级与结构调整的需要,混合运用两种力量推进区域金融产业资本集聚,推动区域建成金融服务类别与空间辐射范围差异化的金融中心。 (3)区域金融产业资本集聚内生性的决定了其在区域间的差距性,这种差距存在是由多种条件交织而成的,集中表现为真实经济实力、区域对外开发程度、人力资本供给以及宏观政策倾斜上。加速区域金融产业资本集聚应该优先发展实体经济,扩大区域对外开放程度,提高全民受教育水平和人才引进力度,在宏观政策上要对金融产业、金融人才、金融机构、金融运行给予优惠政策和多项倾斜。 (4)区域金融产业资本集聚差距具有对其成因的反馈和倒逼机制,影响到宏观层面的实体经济增长和微观层面的居民收入与消费。金融产业资本集聚程度高的区域,经济发展、区域收入与区域消费都凸显较高水平。推进区域金融产业资本集聚是拉动区域经济增长、推动区域收入改善和大力推进内需经济发展的有效手段。而区域经济均衡增长、区域金融与经济协调发展、金融服务的准公共产品属性以及基本公共服务均等化都需要区域金融产业资本集聚均衡化。 (5)基于区域经济均衡发展与区域公共服务均等化,提出促进区域金融产业资本集聚均衡化的新思路,需要设计合理的均衡化模式和机制作为实现路径。确定区域金融产业资本聚集均衡化在外生绝对均衡模式、外生相对均衡模式、内生绝对均衡模式以及内生相对均衡模式等四种模式中的定位,设计均衡化的运行、诱导、风险、监管机制,实施产业发展、资源配置、人力资本、制度创新与对外开放多重战略,辅之以财政、金融、产业三大调控政策的配合支持,实现区域金融产业资本聚集的均衡化发展。 3研究的政策建议 (1)区域金融产业资本聚集均衡化的财政政策。在改善区域硬性资源条件方面,可以采取财政转移支付、财政直补、发行地方政府债券、财政入股特定产业发展基金等方式；在改善区域软性资源条件方面,可以采取财政补贴教育公共品、财政补贴特定急需人才津贴、民办教育机构财政税收减免、民办教育机构校址建设用地成本进行财政补偿等方式；在改善区域政策制度软环境约束方面,可以采用税收减免政策、期限内税收豁免政策以提高市场金融产业资本进入区域的积极性,采用区域产品出口补贴、出口退税、缩减进口关税额度等举措促进区域市场进出口贸易活力,扩大区域市场对外开放水平、减少地方保护主义。 (2)区域金融产业资本聚集均衡化的金融政策。在改善区域硬性资源条件方面,金融政策可以采取政策性金融投资、社会资本入股、政府性金融担保、政策性金融投资证券化等政策方式；在改善区域软性资源条件方面,可以采取政策性金融直接投入建设教育公共品、民办教育机构信贷利率优惠、政策性金融入股教育公共基金等方式；在改善区域政策制度软环境约束方面,可以采用金融信贷优惠政策、直接信用控制政策、民间资本产业投资配额等政策措施以降低金融产业资本投资成本、提高市场金融产业资本进入区域的积极性,针对区域进出口贸易,利用政府信用担保进出口信贷、产品进出口信贷利率优惠措施、提高进出口信贷额度、延长进出口信贷配额期限等举措促进区域市场进出口贸易活力,扩大开放。 (3)区域金融产业资本聚集均衡化的产业政策。在运行机制方面,区域在消除软性资源约束以及硬性资源约束后,可以结合区域改善后的资源条件,运用产业组织政策以及产业区域布局政策,通过产业孵化机制并利用市场金融产业资本培育区域主导产业。在监管机制方面,针对区域产业同构风险问题,通过产业规划政策以改变金融产业资本投资导向,将低配置效率的金融资本转移到其他产业,以优化金融资本配置；对于区域产业泡沫风险,需要配合区域泡沫产业壁垒政策,提高投机资本进入区域泡沫产业的成本,并结合区域产业结构政策分流市场金融资本由投机性向投资性转变。在战略实施方面,需要利用产业组织政策以及产业结构政策以促进区域内产业集群发展,在区域间政府职能部门协调产业发展规划的前提下,运用产业分布政策以及产业结构政策,以促进区域间形成产业链,推进区域内外的产业实现差异化发展,保证区域经济协调发展与区域金融产业资本聚集均衡实现良性循环。 (4)促进区域金融产业资本聚集均衡化的政策配合。首先,需要改善制约区域经济发展的硬性资源约束以及软性资源约束。其次,需要消除减少区域制度政策环境的约束。第三,在消除软性资源约束以及硬性资源约束后,可以结合区域改善后的资源条件,运用产业组织政策以及产业区域布局政策,通过产业孵化机制发展例如密切结合区域气候资源以及自然环境的特色农业、旅游产业等特色产业,并通过金融市场利用金融产业资本培育区域主导产业。 4研究的主要创新 (1)构建了区域金融产业资本聚集差距成因及影响的研究框架。系统的研究框架包括：区域金融产业资本集聚的基本理论分析；区域金融产业资本集聚的制度变迁；区域金融产业资本集聚差距的表现及其度量；区域金融产业资本集聚差距的形成原因的理论与实证分析；区域金融产业资本集聚差距的影响效应的表现与实证研究；区域金融产业资本集聚均衡化的内涵、模式及机制设计；促进区域金融产业资本集聚均衡化的模式选择与政策设计。 (2)综合辨析了金融产业、资本集聚与均衡增长之间的关系,提出了区域金融产业资本集聚均衡化发展的理念。虽然产业集聚的提出已经有较长的历史,但是金融产业这一概念的提出也只有十几年的历史,而金融产业资本集聚更是最近几年的新兴事物,而把金融产业资本集聚作为研究对象,探究其与区域经济金融均衡增长却是本文提出的新研究课题。鉴于这一思路,本课题提出了区域金融产业资本聚集均衡化发展的设想。不仅阐述了其内涵、特征,还对其模式、机制和战略进行了深入探索。 (3)深入剖析了虚拟经济与真实经济,金融经济与实体经济,金融产业与其他产业,金融资本与物质资本之间的关系,提出了区域金融产业资本集聚均衡化发展的模式。明确了实体经济为本,金融经济为辅的整体经济发展模式,建立起金融与经济,金融产业与经济产业协调发展的路径,并形成了与实体经济相适应的金融产业资本均衡集聚的模式,主要凸显为外生绝对均衡模式、外生相对均衡模式与内生绝对均衡模式、内生相对均衡模式。 (4)在研究方法上,综合运用和创新尝试了多种研究方法。综合运用了静态分析与动态分析相结合、制度分析与比较分析相结合、理论分析与实证分析相结合的研究方法。创新尝试了综合运用了时间序列与面板数据计量方法,构建了弹性模型、var模型、聚类分析等多种模型,在样本数据容量、变量指标测度及模型设计上进行了扩张,尤其是选择了聚类指标、综合指标与单项指标相结合的指标群,使得数据更详实、模型更严密、计量更科学、结论更可靠。
[Abstract]:Based on the study of the development course and the reality of regional financial industry capital agglomeration , the paper constructs the theoretical research framework of regional financial industry capital agglomeration based on the research results of the theory analysis , empirical analysis , system analysis , comparative analysis , dynamic analysis and static analysis .

Main findings of the study

( 1 ) The characteristics of regional financial industry capital agglomeration are very significant . One is the positive correlation between the degree of regional financial industry capital agglomeration and the degree of regional economic and social development ;
Second , the degree of regional financial industry capital accumulation is positively correlated with the development degree of regional financial industry ;
Third , the degree of regional financial industry capital accumulation highlights the gap due to various conditions such as economic and social finance ;
Fourth , the scarcity and homogeneity of regional financial industry capital trigger the existence of capital agglomeration competition pattern ;
Fifth , the capital elements that make up the agglomeration of financial industry capital have the same aggregate form and agglomeration characteristic .

( 2 ) The gap between regional financial industry capital accumulation in China is obvious . It is mainly characterized as the main components of regional financial industry capital , such as industrial capital , securities industry capital , insurance industry capital and trust industrial capital accumulation gap .

( 3 ) The diversification of regional financial industry capital agglomeration gap in China is mainly caused by different regional real economic strength , talent supply level , regional opening - up level and macro - policy inclination degree . Regional entity economy is the foundation of financial industry capital agglomeration and the core of its service .
Regional human capital stock and increment is the human foundation of financial industry capital agglomeration , and it is also the basis for its agglomeration .
The level of regional opening to outside world is the space condition and environment factor of financial industry capital agglomeration ;
Regional macro - policy inclination is the dynamic condition and government thrust of financial industry capital agglomeration .

( 4 ) The agglomeration effect of regional financial industry capital has a feedback mechanism and an overwhelming mechanism . As a form of unbalanced financial economic growth , the existence of regional financial industry capital agglomeration gap affects the development of macro - level physical economy through the conduction effect of financial impact economy , and further affects the level of micro - level resident income and residents ' consumption ability .

( 5 ) To promote regional economic coordination development , regional financial industry capital accumulation balance must be realized . According to the characteristics of regional financial industry capital accumulation , the pattern of regional financial industry capital accumulation and equalization can be divided into four modes : endogenous absolute equilibrium model , endogenous relative equilibrium model , exogenous absolute equilibrium model and external relative equilibrium model .

( 6 ) In designing regional financial industry capital accumulation equilibrium mechanism , it is necessary to take into account the operating mechanism , inducing mechanism , risk mechanism and supervision mechanism of the mechanism system .
The emphasis of the inducing mechanism is to break through the soft environmental constraints of the regional policy system ;
The emphasis of risk mechanism lies in the clear government financial and financial supply risk and the market financial industry capital speculation risk ;
The regulatory mechanism focuses on the establishment of two monitoring mechanisms for risk mechanisms .

( 7 ) In order to realize the equilibrium state of regional financial industry capital , it is necessary to avoid the vicious competition state of industry caused by the construction of industrial structure and guarantee the benign development of regional industry .
It is necessary to eliminate the constraint of regional soft resources , and to eliminate the bottleneck of soft policy system environment . To implement the strategy of promoting regional financial industry capital accumulation and equalization from the aspects of industry development strategy , resource allocation strategy , human capital strategy , institutional innovation strategy and opening strategy of the outside world .

The important point of view of the study

( 1 ) The agglomeration of regional financial industry capital is the dynamic movement of capital in the time and space of the development of the financial industry to a certain stage , and this kind of movement has different strength and definite direction , and then forms an accumulation type state and result .

( 2 ) The agglomeration of regional financial industry capital follows the development of market spontaneous formation , strong government push or mixed market and government . Regional financial industry capital agglomeration can lead to regional follow - up development trend of regional financial center _ national financial center _ world financial center .

( 3 ) The existence of regional financial industry capital agglomeration determines the gap between regions , which is formed by many conditions : real economy strength , region ' s external development degree , human capital supply and macro - policy inclination . The acceleration of regional financial industry capital agglomeration should give priority to developing entity economy , expand the regional opening to outside world , improve the education level of all people and the introduction of talents , and give preferential policies and multiple inclination to financial industry , financial talents , financial institutions and financial operation .

( 4 ) The regional financial industry capital accumulation gap has the feedback and the reversing mechanism of its origin , which affects the economic growth at the macro level and the resident income and consumption at the micro level . The regional financial industry capital agglomeration is an effective means to pull regional economic growth , promote regional income improvement and promote the development of domestic demand .

( 5 ) Based on the balanced development of regional economy and the equalization of regional public services , this paper puts forward a new idea to promote the equilibrium of regional financial industry capital . It needs to design rational equilibrium model and mechanism as the realization path .

3 . Policy recommendations for the study

( 1 ) Financial policy of regional financial industry capital accumulation and equalization . In terms of improving regional hard resource conditions , financial transfer payment , financial direct compensation , issuance of local government bonds and special industrial development funds for financial shares can be adopted ;
in that area of improve the condition of soft resources in the area , the financial subsidy education public goods , the special nee - needed talents allowance for the financial subsidy , the financial tax reduction of the privately - run educational institution and the cost of the construction land of the privately - run educational institution shall be financially compensated ;
In terms of improving the soft environment constraints of the regional policy system , we can adopt tax reduction policies , tax exemption policies within the time limit to improve the enthusiasm of the market financial industry capital to enter the region , adopt measures such as regional product export subsidies , export tax rebates and reduced import tariff lines to promote the vitality of import and export trade in regional markets , expand the opening level of regional markets , and reduce local protectionism .

( 2 ) The financial policy of regional financial industry capital accumulation and equalization . In the improvement of regional hard resource conditions , the financial policy can take the policy mode of policy financial investment , social capital inflow , government financial guarantee , policy financial investment securitization , etc .
in that area of improve the condition of soft resources in the area , policy finance can be applied directly to the construction of education public goods , the credit interest rate of the private education institution and the public fund of the policy financial entry education ;
In terms of improving the soft environment constraints of regional policy system , policies such as financial credit preferential policy , direct credit control policy and civil capital industry investment quota can be adopted to reduce the investment cost of financial industry capital , improve the enthusiasm of market financial industry capital to enter the region , improve the import and export credit line , extend the quota period of import and export credit , improve the import and export trade vitality of regional market , and expand opening .

( 3 ) The regional financial industry capital gathers the equilibrium industrial policy . In the aspect of operating mechanism , the region can combine the resource condition after the flexible resource constraint and the rigid resource constraint , use the industrial organization policy and the industrial region layout policy , adopt the industry incubation mechanism and use the market financial industry capital to cultivate the regional leading industry . In the aspect of the supervision mechanism , the financial capital of the low allocation efficiency is transferred to other industries through the industry planning policy to change the investment direction of the financial industry capital , so as to optimize the financial capital allocation ;
In order to promote the development of regional industrial clusters , it is necessary to use industrial organization policy and industrial structure policy to promote the development of industrial clusters in the region .

( 4 ) To promote the policy coordination of regional financial industry capital accumulation and equalization . First , it is necessary to improve the rigid resource constraints and flexible resource constraints that restrict the economic development of the region . Secondly , it is necessary to eliminate the constraint of reducing the regional system policy environment . Third , after the flexible resource constraints and hard resource constraints are eliminated , the special industries such as the regional climate resources and the special agriculture and tourism industry of the natural environment can be developed through the industrial incubation mechanism , and the regional leading industry is cultivated through the financial industry capital by the financial markets .

4 . Key innovations of the study

( 1 ) The research framework of the origin and influence of regional financial industry capital accumulation gap is constructed . The research framework of the system includes : the basic theoretical analysis of regional financial industry capital agglomeration ;
Institutional change of regional financial industry capital agglomeration ;
The Performance and Measurement of Regional Financial Industry Capital Accumulation Gap ;
Theoretical and Empirical Analysis on the Cause of Formation of Regional Financial Industry Capital Accumulation Gap ;
Performance and Empirical Study on the Effect of Regional Financial Industry Capital Cluster Gap
The connotation , pattern and mechanism design of regional financial industry capital accumulation and equalization ;
To promote the mode selection and policy design of regional financial industry capital accumulation and equalization .

( 2 ) Based on the analysis of the relationship between financial industry , capital agglomeration and balanced growth , the paper puts forward the idea of the development of regional financial industry capital accumulation .

( 3 ) The relationship between virtual economy and real economy , financial economy and real economy , financial industry and other industries , financial capital and material capital is analyzed in depth . The model of regional financial industry capital accumulation equilibrium development is put forward .

( 4 ) In the research method , a variety of research methods have been tried in combination with the combination of static analysis and dynamic analysis , the combination of system analysis and comparative analysis , the theory analysis and the empirical analysis .
【学位授予单位】：西南大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F832

【参考文献】