城市群、集聚效应与“投资潮涌”——基于中国20个城市群的实证研究

发布时间：2018-05-28 16:49

本文选题：城市群 + 集聚效应　；参考：《中国工业经济》2017年11期

【摘要】：本文根据《国家新型城镇化规划(2014—2020年)》对中国20个核心城市群的划分,以沪深两市2003—2016年间全部A股上市公司作为研究对象,探讨城市群通过其空间集聚特征影响企业间投资支出行为的作用机制。基于集聚经济理论分析,从集聚效应的不同来源将其分为行业内集聚和跨行业地区集聚两个方面,并构建相应的衡量指标进行检验。研究结果表明:城市群不仅会通过行业内集聚效应影响同行业企业间的投资策略联动性,且跨行业的同地区集聚效应也会导致同区域内的企业间投资支出产生"潮涌"现象。本文还进一步从主导行业的外部溢出效应和上下游纵向关联性,以及不动产抵押融资担保渠道视角,检验了城市群的空间集聚效应对企业投资支出联动影响的传导路径。这为客观评估城市群对区域经济发展的影响提供了一个来自转型发展中国家的微观证据,也对中国未来城市群建设和区域发展具有重要的政策启示。
[Abstract]:According to the classification of 20 core urban agglomerations in China according to the National New urbanization Plan 2014-2020, this paper takes all A-share listed companies in Shanghai and Shenzhen stock markets from 2003-2016 as the research object. This paper probes into the mechanism of the urban agglomeration's influence on the inter-firm investment expenditure behavior through its spatial agglomeration characteristics. Based on the theoretical analysis of agglomeration economy, this paper divides agglomeration into intra-industry agglomeration and cross-regional agglomeration from different sources of agglomeration effect, and constructs corresponding measurement indexes to test them. The results show that urban agglomeration not only affects the linkage of investment strategies among enterprises in the same industry through the effect of intra-industry agglomeration, but also leads to the phenomenon of "surge" of inter-firm investment expenditure in the same region. Furthermore, from the perspective of the external spillover effect, upstream and downstream vertical correlation of leading industries and the guarantee channel of real estate mortgage financing, this paper examines the transmission path of the spatial agglomeration effect of urban agglomeration on the linkage of enterprise investment expenditure. This provides a microcosmic evidence from developing countries in transition to objectively assess the impact of urban agglomeration on regional economic development. It also has important policy implications for China's future urban agglomeration construction and regional development.
【作者单位】：南开大学经济学院;南开大学金融学院;清华大学经济管理学院;
【基金】：国家社会科学基金重点项目“深化政策性金融改革研究”(批准号14AZD032) 教育部人文社会科学重点研究基地重大项目“全球金融体系变革下的跨国公司投资”(批准号14JJD790020)
【分类号】：F299.2

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