【作者】 黄桂良；

【导师】 陈恩；

【作者基本信息】 暨南大学 ， 区域经济学， 2011， 博士

【摘要】 近年来,我国区域金融发展差距逐步扩大,已成为影响经济社会协调发展的重要因素。区域金融差距的变动趋势与演变规律,受到了社会各界的广泛关注。本文基于经济增长收敛理论、金融发展与经济增长因果互动理论,研究区域金融发展收敛的存在性和实现机制,并对粤港澳区域进行实证检验,以期为国内其他区域制定金融发展战略、促进区域金融协调发展提供参考依据。首先,在新古典增长模型中引入金融发展变量,构造一个包含金融部门的区域经济模型,揭示区域金融发展与经济增长的关系,阐释区域金融发展收敛的存在性及其内在机理。研究表明,在区域经济金融体系达到稳态以前,区域内部各地区经济增长速度与金融发展速度呈现正比例关系的变动态势；当区域经济金融体系处于稳态时,各地区的经济增长速度等于金融发展速度。由于各经济体金融发展速度与初始金融发展水平成反比,长期而言落后地区金融发展速度高于发达地区,区域金融发展趋于收敛。接着,基于区域经济增长收敛实现机制的理论,探讨资本流动、金融创新扩散和制度创新等三个机制促进区域金融发展收敛的内在机理、作用途径以及实现条件。研究结果表明,资本流动机制是指在资本边际收益递减规律的作用下,资本从发达地区流向欠发达地区,从而促进区域金融发展的收敛；金融创新扩散机制是指金融创新从发达地区向落后地区扩散和传播,提高了落后地区的金融运行效率,从而促进区域金融发展的收敛；制度创新机制是指金融制度创新通过优化金融资源配置、降低交易成本,引导金融资源流入落后地区,加快落后地区的金融发展速度,促进区域金融发展趋于收敛。然后,本文在理论分析的基础上,对粤港澳区域金融发展的收敛性进行实证检验。计量结果表明,粤港澳区域金融发展存在显著的收敛性。1979-2009年,粤港澳各城市人均贷款余额的变异系数总体呈现下降的趋势,区域金融发展存在6收敛。1979-2009年,粤港澳区域金融发展具有显著的p收敛性,而且港澳回归以来收敛速度更快。1979-2009年,港澳珠三角区域金融发展存在着俱乐部收敛。进一步,本文对粤港澳区域金融发展收敛的实现机制进行实证检验。计量结果表明,资本流动是促进粤港澳区域金融发展收敛的重要实现机制。1986-2009年,香港对广东的资本净流入规模越大,粤港澳区域金融发展σ收敛的特征越明显。金融创新扩散是促进粤港澳区域金融发展收敛的另一个重要因素。1985-2009年,香港银行卡业务创新向广东的扩散使得粤港澳区域金融效率差距趋于缩小；而粤港澳区域金融效率差距的缩小促进了区域金融发展σ收敛。作为重要制度创新,CEPA及其补充协议的实施对于粤港澳区域金融发展收敛具有促进作用。基于1979-2009年数据的计量结果表明,CEPA及其补充协议的实施,使得粤港澳人均贷款的变异系数趋于下降,促进了粤港澳金融发展σ收敛。最后,本文基于区域金融收敛实现机制发挥作用的前提条件,从促进区域内资本流动、引导金融创新扩散、加大制度创新力度等角度,提出加快区域金融发展收敛的政策建议,以促进我国地区间金融的协调发展。更多还原

【Abstract】 As a large developing country, China’s regional disparity in financial development becomes larger and larger, which influences economic and social development in coordination. Based on the theory of the interaction between financial development with economic growth, and the theory of convergence, the paper discuses the existence and mechanism of convergence in regional financial development, and carries out the empirical test by using the data of Guangdong, Hong Kong and Macau, in order to provide reference for other regions to put forward financial strategy.Firstly, the paper constructs a regional economic growth model including the financial sector, by introducing the variable of financial development into neoclassical growth model. By using the model, the paper reveals the relationship between regional economic growth and financial development, and explains the existence and mechanism of convergence in regional financial development from the theoretical point of view. The results show that the speed of regional financial development is direct proportion with that of regional economic growth before the economy reaches steady state. And the speed of regional financial development is equal to that of regional economic growth when the economy reaches steady state. In long term, the speed of financial development in backward areas will be higher than that of developed areas. That is, the regional financial development will take place a process of convergence.Secondly, the paper explores the mechanism of regional capital flows, financial innovation diffusion and institutional innovation in financial development’s convergence, based on the theory of mechanism of convergence in economic growth. The mechanism of capital flows is that capital flows from developed areas to backward areas under the law of diminishing marginal returns of capital, promoting the convergence of the regional financial development. The mechanism of financial innovation diffusion is that the financial innovation diffusing from developed areas to backward areas, which improves the financial efficiency of backward areas and promotes the convergence of regional financial development. The mechanism of institutional innovation is that institutional innovation accelerates the speed of financial development in backward areas by optimizing the allocation of financial resources and lowering transaction costs, thus causing the convergence of regional financial development.Again, by using the data of Guangdong, Hong Kong and Macau, this paper empirically analyzes the existence of convergence in regional financial development based on the theoretical analysis. The results show that the region of Guangdong, Hong Kong and Macau has significant convergence in regional financial development.1979-2009, the coefficient of variation of per capita total loans in Guangdong, Hong Kong and Macau shows a downward trend, which means a process ofσconvergence has taken place in this region.1979-2009, the region of Guangdong, Hong Kong and Macau showsβconvergence in regional financial development, and the trend is more significant during the period 1997-2009. 1979-2009, a process of club convergence has taken place in the regions of Greater Pearl River Delta, the East and West wings and the Mountain.Further, the paper empirically analyzes the mechanism of convergence in regional financial development by using the data of Guangdong, Hong Kong and Macau. The results show that Capital flows is important mechanism of financial development’s convergence in Guangdong, Hong Kong and Macau.1986-2009, the net inflow of capital from Hong Kong to Guangdong is lager, the more significantly a convergence of regional financial development shows in the region of Guangdong, Hong Kong and Macau. The innovation diffusion is another mechanism of financial development in the region of Guangdong, Hong Kong and Macau.1985-2009, the financial innovation diffusing from Hong Kong to Guangdong, decreases the gap of financial efficiency among Guangdong, Hong Kong and Macau. And the reduction of the financial efficiency’s gap causesσconvergence of financial development in the region of Guangdong, Hong Kong and Macau. As an important institutional innovation, the implementation of CEPA and its Supplemental Agreements promotes the convergence of financial development in the region of Guangdong, Hong Kong and Macau. The results of empirical study show that the implementation of CEPA and its Supplemental Agreements helps decrease the coefficient of variation of per capita total loans in Guangdong, Hong Kong and Macau during the period of 1979-2009.Finally, based on the prerequisites of mechanism of regional financial convergence, the paper puts forward the recommendations of stimulating convergence of regional financial development and causing regional financial development in coordination, including promoting capital flows within the region, guiding the diffusion of financial innovation, and accelerating institutional innovation.更多还原