江苏金融发展空间差异研究

【作者】 成春林；

【导师】 华桂宏；

【作者基本信息】 南京师范大学 ， 空间经济学， 2013， 博士

【摘要】 差异和多样性是一切变化的动力之源,任何事物,任何种群,它们的差异性就是事实本身。金融是现代经济的核心,金融发展差异历来是理论界和实务界关注的话题,尽管江苏金融发展处于全国领先的水平,江苏省内仍然存在三大区域、各地级市、各县域金融发展的差异。空间因素是影响金融发展差异的原因之一,但并非唯一决定因素。世界重要的国际金融中心都有良好的区位,位于大型经济体的交通枢纽和商贸中心,拥有便利的交通条件,如纽约和伦敦,但不是所有具有良好区位的地区都能发展成为国际金融中心。江苏金融发展差异又是我国区域经济与金融发展差异的一个缩影和典型代表,对江苏金融发展空间差异进行研究对于缩小我国地区发展差距,制定相应的金融发展政策,保持经济健康运行具有重要意义。具体来说本文分为六大部分：第一部分是导言。首先介绍江苏金融发展空间差异研究的理论和现实背景；创造性地对金融发展的内涵进行重新界定,并对金融发展差异进行系统地定性。金融发展是金融总量由小变大,金融结构由简单到复杂,金融系统由低级到高级,金融功能由旧质到新质的变化过程,那么金融发展差异蕴含金融总量差异、金融结构差异、金融系统差异和金融功能差异,在此基础上对金融发展差异的相关文献进行综述；分析金融发展差异还需要多学科视角,本文集中梳理了不同学科的理论和方法在金融发展差异研究上的运用：发展经济学的“增长极”理论、“循环累积因果关系”论、“不平衡增长”理论以及“核心-边缘”理论等,可以用于分析金融增长的极点、金融发展的不平衡、金融发展过程中的“循环累积”等；金融地理学不仅考虑单纯的地理区位因素,还综合考虑社会经济、文化、制度等对金融发展的影响,强调和重视金融发展的空间相互作用；演化经济学可为金融发展问题提供一些基本方法,强调差异普遍存在的必然性,引入了生物学中重要的概念,如“生态系统”、“变异”、“进化”、“共生”等,由此可以分析金融发展的多样性和共生性、金融发展的系统观,从金融自组织的角度探讨金融支持经济增长的功能等；新经济地理学更多地应用分析金融发展集聚和扩散的具体机制,研究金融发展差异形成的微观基础；最后介绍本文的主要研究内容、技术路线及创新之处。论文的第二部分到第五部分全面系统地探讨江苏金融发展空间差异：首先是第二部分,对江苏金融发展空间差异进行统计描述,研究江苏金融发展差异及其动态变化。采用静态分析与动态分析相结合的方法,静态分析主要是从金融发展的总量和结构视角对江苏金融发展差异的现状进行比较：一是江苏金融发展现状及与周边地区的比较,可知江苏省2011年的金融发展水平在全国处于较为领先的位置；二是江苏三大区域金融发展的比较,在江苏地区金融发展总量水平一直是苏南高于苏中高于苏北,而金融发展增速水平出现苏北高于苏中、苏南的情况；三是江苏13个地级市金融发展的比较,发现苏州近几年金融变量超过了原先第一的南京,南通金融变量超过了扬州和泰州,宿迁绝大多数金融变量总是江苏最后一位；动态分析主要是通过变异系数和泰尔指数对江苏金融发展差异动态变化进行实证研究,得出的结论有两点：一是变异系数与泰尔指数的实证结果呈现不同的特征,泰尔指数分解效果确实比变异系数更好,在泰尔指数实证的诸多变量中,可以发现存款、贷款、存贷款、人均存款、人均贷款、人均存贷款以及FIR都是区域内差异主导总差异,与总差异方向变化几乎一致；而对于总差异的贡献率而言,区域内差异的贡献率在下降,区域间差异的贡献率在上升。二是首次提出江苏金融发展差异动态变化呈现阶段性特征：在2001-2004年,缘于具有区位优势的地区发展外向型经济较早较好,江苏金融发展差异增大；在2004-2006年,缘于江苏沿江开发政策的实施以及苏中苏北地区也利用其后发优势发展外向型经济,金融发展差异有所减小；在2006-2009年,缘于房地产投资和股市的带动,金融资源更多地流动和汇聚到苏南,使得金融发展差异又呈现上升态势；在2009-2011年,由于受到美国次贷危机以及由此引发的金融危机的后续影响,江苏地区外部需求严重萎缩,而苏南地区受到的影响最大,苏中、苏北地区受到的影响相对较小,江苏金融发展差异有所减小。总体来说,江苏金融发展差异呈现先增大-后减小-再增大-再减小的雁形特征。金融发展空间差异的统计描述是各地级市金融综合竞争力结果的反映,论文第三部分对江苏市域金融综合竞争力进行比较,如此可以更加细致扎实地分析影响金融发展差异的因素。既考虑影响金融发展的外部因素,又考虑金融发展本身,从金融发展系统差异的角度去构建江苏市域金融综合竞争力的指标体系。参照波特的五力模型,本文创建了金融综合竞争力的四力模型：区位是金融发展的空间；经济是金融发展的基础；制度是金融发展的环境；金融本身是金融发展的内核,将金融综合竟争力设置成4个分力：区位力用L表示,经济力用E表示,制度力用S表示,金融力用F表示,金融综合竞争力FC可表示成FC=f(L, E, S, F)即LESF模型。各分力变量取2009-2011年数据的均值,对4个分力分别进行因子分析和聚类分析,再以4个分力的得分进行江苏市域金融综合竞争力的因子分析和聚类分析。从实证结果来看,江苏存在市域金融发展不平衡的问题：南京和苏州是江苏金融发展较好的两极,而苏北诸市与苏南相比,落差很大。各分力与金融综合竞争力具有较强的相关性,结合江苏经济金融发展的实际,分别从区位、经济、制度等方面对江苏市域金融发展差异作简要的阐释：第一,区位因素很重要,并非决定性因素。南京在区位力优于苏州,但经济力和制度力逊于苏州,金融综合竞争力也不如苏州。从这个层面来讲,仅仅具有区位优势是远远不够的。第二,经济作为金融发展的基础非常重要。在经济力的聚类分析中可以看到苏南、苏中、苏北分区非常明显,且与金融综合竞争力相关系数较高。第三,制度的作用不可忽视。制度力虽与金融综合竞争力相关系数最低,但制度对经济金融发展的作用不可忽视。苏南在发展外向型经济由于有好的制度设计,加上政府的推动,促进了外向型经济的集聚,也带动了金融资源的集聚。由此可知,金融发展需注重区位、经济、制度、金融的协同。市域金融综合竞争力的研究对影响金融发展差异的区位、经济、制度及金融变量分析属于静态层次,为了更好地动态反映区位、经济、制度对金融发展差异的影响,论文第四部分采用2003-2012年江苏统计年鉴的年度数据,对影响江苏金融集聚的因素进行空间计量,在四力模型的基础上构造了金融集聚的机器人模型：本文认为金融机构的区位选择、金融资本流向的变化、金融系统资源的进入和退出构成了金融系统空间集聚形式(机器人身段),而集聚动力(机器人的头)主要受区位、经济开放状况(机器人两只手)以及制度(主要是国家政策和地方政府竞争,为机器人两只脚)的影响。其中,区位因素选取离上海的距离(AFSH)和区位科技水平(PL或SP),经济因素选取GDP总量和实际利用外资额(UOFC),制度因素选取政府财政支出(GE),先对影响金融集聚的因素进行理论假设并构建实证模型(当期模型和跨期模型),再引入空间因素,对江苏金融集聚影响因素进行空间计量。在江苏13个地级市金融集聚的空间计量中,发现政府作用、科技水平、开放程度等因素是影响金融集聚的主要力量,在不同时期表现出不同的特点；在64个县市的空间计量中,政府支出和离上海的距离对金融集聚的解释一直较强；解释效果优于13个地级市的分析,原因一是县市选择的样本多,二是根据牛顿的引力模型,空间作用效果是跟距离的平方成反比,而县市之间的距离要小于市域之间的距离,县市的实证效果比市域更理想。因此本文认为,进行金融集聚空间计量的应用研究,可在研究区域选择上更为细化。总体来说,通过本章的研究可以发现：从区位因素角度看,离上海的距离(AFSH)对江苏金融资源集聚的解释一直较强,区位科技水平专利授权数(PL)变量的设置对于金融资源影响不大,而科技人员数(SP)则表现出相对较好的解释力；从经济因素来看,国内生产总值GDP在2008年之前对金融集聚解释力较强,实际利用外资额(UOFC)对金融集聚的解释在2007年之后比较显著,在2007年之前不是太显著,与GDP对DL的解释正好相反；从制度因素来看,政府支出(GE)影响江苏地区金融总量资源的集聚,在江苏金融集聚的诸多影响因素中,不管是对13个地级市还是对64个县市解释力都比较强,而政府支出正是政府力的反映,从当前江苏经济金融发展的现实来看,政府的作用是非常巨大的。本章对影响金融发展差异系统因素的研究是属动态层次,且考虑了各地区的空间作用。金融集聚是研究金融发展差异的加强,也就是金融发展极化的过程,形成金融增长极后会产生辐射效应,因此论文第五部分探讨江苏的金融增长极及其辐射,研究如何通过金融空间相互作用消减差异。本章首先对辐射的基本理论和方法进行介绍,继而利用江苏市域金融综合竞争力分析的结果,找出研究区域的金融增长极,引入经济地理学中的威尔逊模型,测算出中心城市的金融辐射半径,绘制辐射地图,具体考察江苏各金融增长极的辐射力。研究发现苏州、南京金融发展水平虽好,但辐射力覆盖不到苏北大多数地区。继而改变研究区域,采用同样的方法对江苏的12个地区(苏州和无锡看作一整体)、苏中苏北8个地级市、苏北5个地级市分别进行金融辐射的研究,发现将苏州和无锡视为一整体后,辐射力虽比之前的效果好,但总体来说辐射力还是不强,苏中的南通和苏北的徐州辐射能力也比较有限；后又突破行政区的限制,将徐州置入四省十市的研究区域中,发现徐州的金融辐射力有所增强。从简化的威尔逊模型rjk=1/βLnDk/θ来看,在阈值θ既定的情况下,江苏金融极辐射力弱在于两个方面：一是金融极能量Dk有限,即江苏金融极的金融发展水平还没有累积到一定程度,辐射源能量相对较低；二是接受辐射的阻力β大,不仅是空间距离的阻力,还有来自于各地区开放程度、经济基础、政策环境等方面的阻力；针对江苏金融辐射力弱的情况,本章提出增强辐射力的方法：一是提高辐射能量,二是减少辐射阻力。打造区域金融中心或金融集聚区,加强地区之间的联动是促进金融辐射和接受金融辐射的有效路径。当然研究金融辐射问题不能仅仅局限于某一特定的行政区,需要跨越行政区转向经济区,尤其是在实际应用研究中应该多重视省际交界的地区,徐州就是很好的一例。金融辐射力是个相对的概念,一地区在江苏行政区范围辐射力弱,有可能在突破江苏行政区的其他范围辐射力强,基于此,可以考虑建立跨行政区的金融中心或金融集聚区,以此带动周边地区经济金融发展。以上几部分从金融总量、结构、系统视角对江苏金融发展差异进行了研究,不足的是缺乏对金融功能差异的探讨,论文第六部分研究江苏市域金融发展对经济增长的作用,分析江苏13个地级市金融发展差异作用于经济增长有何不同之处,虽没有涵盖所有金融功能,也是对前几部分研究内容的有益补充。首先进行金融发展与经济增长的理论研究综述,在此基础上对金融发展与经济增长的相互作用机制进行阐述,最后基于13个地级市的数据逐一进行实证。发现南京、扬州、徐州、盐城这4个地级市金融因素对经济增长影响不大,没有其他地级市效果好,需要寻找金融因素之外推动经济增长的因素。在实际研究中发现：是去除金融变量后,影响经济增长的因素在江苏地级市中出现一些类同的情况,苏州和淮安是一类；无锡和徐州是一类；常州和盐城是一类,之所以出现这样的结果,是因为在10多年前,以上地级市是实现南北合作的,尤其是苏州和宿迁的园区合作,效果较好。这也说明地级市之间的相互合作和作用也是推动经济增长的关键因素,而在此过程中金融的合作和支持不容忽视；二是发现南京和扬州的经济增长仍然受固定资产投资(FAI)的影响,而徐州和盐城的经济增长则与预算支出(EE)呈正相关,与预算收入(EI)呈负相关。也就是说除了金融要素之外,固定资产投资和政府干预同样是影响经济增长的重要因素。总体来说,金融变量在这4个地级市的实证中对经济增长的影响不显著,如果就此认为金融发展对地方经济增长影响不大,那是错误的。一是因为本文选取的指标是间接融资,没有考虑各地级市的直接融资；二是因为金融系统的功能没有得到有效发挥。因此本文提出江苏各地区只有完善金融自组织,健全金融系统功能,才能更好地发挥其促进经济增长的作用。金融发展的差异以及区域间适度的经济、技术、社会、文化等方面的落差是发展的必然,是长期历史演化的结果,追求金融发展的片面均衡是不现实的,但如果差距过大导致两极分化,会制约区域经济一体化的形成,也会导致严重的社会问题。对江苏各地区金融发展而言,既要实现各自内部金融、区位、经济、制度的协调,还需要积极实现与其他地区的互动,这样才能促进经济金融发展效率的提升。更多还原

【Abstract】 Difference and diversity is the sources of power. No matter anything, any population, their difference is the truth itself. Finance is the core of modern economy, differences in financial development has always been a theoretical and practical topics of community concern, despite the financial development level of Jiangsu Province is the leader in the nation, it also exists financial development differences in the areas of three major regions, the prefecture-level cities and county-level cities. Space is one of the reasons affect the differences in financial development, but it is not the only deciding factor. Many important international financial centers in the world have a very good location, which located in the large economies of the transportation hub and commercial centre, with convenient traffic conditions, such as New York and London. But not all regions with a good location can be developed into an international financial centre. Difference of financial development in Jiangsu Province is a miniature and typical example of the China’s regional economic and financial development differences. Studies on the spatial difference of financial development in Jiangsu have an important significance on narrowing the gap in different districts, making financial development policies and maintaining the healthy economic running. In particular, this article is divided into six parts:The first part is introduction. The article first introduced the theoretical and realistic background of spatial difference of financial development in Jiangsu, redefining the connotation of financial development and draws a few qualitative conclusions on differences in financial development. Financial development is a change process which from small to large in financial scale, from simple to complex in financial structure, from low-level to high-level in financial system, from old to new in financial functions. Financial development differences contains financial scale differences, financial structure differences, financial system differences and financial functions differences and summarized on the related articles of financial development differences. To analysis financial development differences needs more discipline perspectives, this article explains the research using of different discipline of theory and method in financial development differences. The development economics of "development pole" theory,"cumulative causation model","unbalance growth" theory and "core-periphery" theory, can used to analysis the financial development pole, unbalance in the financial development process, the "cycle accumulated" in financial development process. While using the financial geography to analysis the financial development, we can only simply consider of the geographic location factors, but also consider the effect on social economic, culture, system. Focus more attention on spatial interaction of financial development. Evolution economics can provide some basic methods and stress the inevitability of differences. Using an important of concept biology, such as "ecological system","mutation","evolution","symbiosis" to analysis the diversity and symbiotic relationship of financial development, the system views of financial development, and analysis financial support economic growth function in the angle from financial self-organization. The new economy geography pay more important on mechanism of financial agglomeration and proliferation and can research the micro-basis of the financial development difference. Finally, describe the main contents, technical routes and innovative ideas of the article.The paper systematically describe Jiangsu’s spatial difference of financial development from the second part to the fifth part. First of all, is the second part, statistically describing the spatial difference of financial development in Jiangsu, make research on difference of financial development and the dynamic changes in Jiangsu Province, and adopt static analysis and dynamic analysis methods. Static analysis mainly make comparison on Jiangsu’s current financial development differences in the perspectives of financial development scale and structure. It is divided into three parts:we can know that the financial development level of Jiangsu Province in the year2011is on the top of the whole nation from the comparisons of Jiangsu financial development status among the other provinces around. The second is through the comparison of three large regions’ financial development in Jiangsu, the financial development scale level in south of Jiangsu is higher than middle and north of Jiangsu. But part financial development growth level is north higher than middle and south; third, through comparison of thirteen prefecture-cities financial development in Jiangsu, it can be found that Suzhou had passed Nanjing in recent years in variable financial development, Nantong had surpass Yangzhou and Taizhou, Suqian is always the last one in Jiangsu; dynamic analysis mainly make empirical research about Jiangsu financial development differences through coefficient variable and Theil index, and got two conclusions:first, there are different features among variation coefficient and Theil index, decomposition effect of Theil index is better than that of coefficient variation.In Theil index, we can found total differences of deposits, loans, deposits and loans, per capita deposits, per capita loans, per capita deposits and loans and FIR are decided by regional differences, that is, the change direction is almost the same with total differences; but talking about contribution rate to total differences, TWR is decreasing, while TBR is rising. Second, it is the first time to mention dynamic changes of financial development differences characterizing stage features. From year2001to2004,the areas which have location advantages develop export-oriented economic early and better, the financial development differences increased in Jiangsu; from year2004to2006,with the implementation of development policy and making advantages to development export-oriented economic in northern Jiangsu, the financial development differences had reduced; from year2006to2009,because of the real estate investment and stock market, more financial resources are flowing and converging to the South Jiangsu which result increasing stage in financial development differences; from year2009to2011,affected by the United States subprime crisis and the lasting effects of financial crisis, the external demands were severely decrease in Jiangsu, southern part of Jiangsu was affected most, and the middle and northern part were relatively less. The financial development difference were reduced. In General, the difference of financial development in Jiangsu Province have the features charactering increase-decrease-increase-decrease.Statistical description of the spatial difference of financial development is a reflect of prefecture-level city financial competition. The third part of the essay compared the overall financial competition of Jiangsu, it can analysis the factors influencing financial development differences more specifically. Taking into account of the external factors affecting financial development and the financial development itself to build the financial competition index system in terms of financial development differences. This article created financial integrated competition four force model on the reference of Porter’s five force model, that is, location is financial development space; economic is financial development base; system is financial development environment; finance itself is financial development core. According to those above, financial integrated competition indicators system was build. The financial integrated competition forces can be set into four points forces on the bases of NI Pengfei’s city competition model. We use L stands location force, E for economic force, S for system force, F for financial force, financial integrated competition FC can equals to FC=f(L,E,S,F),that is LESF model. Each variable is the mean of three years from2009to2011and make factor analysis and cluster analysis on four component forces, then again make factor analysis and cluster analysis about the four component forces score. Judging from the empirical results, the unbalanced financial development exists in Jiangsu. Nanjing and Suzhou are better compared with the other cities in northern and southern part of Jiangsu. Each component forces have strong correlation with comprehensive financial competition, combined with the status of Jiangsu’s economic development, explain the regional financial development difference of Jiangsu in terms of geographical, economic, institutional and other aspects:first, location is important, but it is not the deciding factor. Nanjing owns a better location than Suzhou, but its economic and systems forces are inferior to Suzhou, so do the overall financial competition. From this perspective, only has a geographical advantage is not enough. Second, the economy is of vital importance to financial development basis. It is quite clear that the southern, middle and northern Jiangsu have strict location and relationship with overall financial competition in clustering economic analysis. Third, the system cannot be ignored. Although system has less connection with overall financial competition, its role of the economic and financial development cannot be ignored. Because of good system design on the road to develop export-oriented economy in south Jiangsu, coupled with government promotion it had promoted the concentration of export-oriented economy and accelerated the concentration of financial resources. Therefore, it needed the cooperation of geography economy, institution, and finance for the financial development.It is a static aspect to study on the comprehensive finance competition of regional which effects location, economy and system in financial development differences. In order better to reflect effects of geographical, economic, systems on the differences in financial development, part IV of the paper adopt the data Jiangsu in Annual Statistical Yearbook from year2003to2012,and make space measuring factors on the factors affect financial gathering in Jiangsu. On the bases of four force model, it build financial agglomeration of robot model:this article believes that location select of financial, flows changes of financial capitals, entrance and exit of financial system resources had constitute financial system space agglomeration forms (robot body),and agglomeration power (robot head) mainly affected by location, economic open situation (robot two hands)and system (national policy and local government competition, as robot two feet).Location factors selected distance far away from Shanghai(AFSH),location technology level (PL or SP), economic factors selected total GDP and actual uses foreign amount (UOFC),system factors selected government financial expenditures (GE),first rise theory assumptions on factors affect financial agglomeration and then build empirical model, introduced space factors and make space measurement on Jiangsu financial agglomeration effect factors. In Jiangsu thirteen prefecture-level cities financial agglomeration measurement, we found that government role, technology level, open degree are the main forces influenced financial agglomeration which presented different features in different periods. In space measurement among sixty-four cities, government expenditures and distance away from Shanghai affect financial agglomeration most; better than the results of prefecture-level cities analysis, one of the reasons is there are plenty samples in cities and counties, the other is Newton’s gravity model, space effect is inversely proportional with distance, and the distances between cities and counties are less than the distance between the cities, so results are more good than cities. Therefore, this article considers it can more refined in research areas while studying financial agglomeration space measurements.Generally speaking, through research we can found:in the terms of location factors, the explanation of Jiangsu financial resources agglomeration has always strong about distance away from Shanghai (AFSH),the location technology level patent authorized number (PL)has less effect on financial resources, but technologists number (SP) is become a good explanation; in the terms of economic factors, before the year2008,domestic production GDP had much influences on financial agglomeration, after the year2007,the actual uses foreign amount (UOFC) on financial agglomeration is very strong, which contract with the GDP to DL; in the terms of system factors, government expenditures (GE) affects a lot on financial agglomeration in Jiangsu, not only in thirteen prefecture-level cities but also in sixty-four counties. The government expenditures reflect government power. The government role is of vital importance in the reality of the current economic and financial development in Jiangsu. The research on the financial development differences is dynamic aspects in this chapter, and takes into account the spatial interaction in various regions.Financial agglomeration strengthened financial development difference, that is, financial polarization process and will produce radiation effects, so the part V talks about financial development pole and its radiation in Jiangsu and study how to eliminate financial differences through spatial interaction. This chapter first introduce the basic theory and methods of radiation, then uses the results of financial comprehensive competition analysis in Jiangsu city to identify financial development pole areas, introduced Wilson models in economic geography to estimate the financial radiation center, draw a radiation map, make research on radioactive forcing of Jiangsu financial growth pole.Studies found that although financial development level of Suzhou and Nanjing is good, but their radiations can not cover most parts of the northern Jiangsu, adopt the same way to make researches on the twelve regions which regard Suzhou and Wuxi as a one part, eight prefecture-level cities of middle and northern Jiangsu, five prefecture-level cities of southern Jiangsu, we found that radiation force of Suzhou and Wuxi is much better than before, but still not strong enough; Nantong, middle of Jiangsu and Xuzhou, northern Jiangsu, limited in radiation capacity. Xuzhou’s financial radiation force had enhanced after it across district of limit, and put into research of four provinces. So when talks about Jiangsu financial radiation force, it is weak in two aspects, when the6is stable:one is financial energy is limited, that is financial development level of Jiangsu had not accumulated to a certain degree and radiation source energy relatively low, the second is radiation resistance forces β is large, not only the resistance forces come from space distance, but also from aspects of the open degree, economic, and policy environment; facing this situation, in this chapter, it proposed the methods to enhance financial radiation force in Jiangsu:one is to improve the radiation energy, the other is to reduce the radiation resistance. It is the effective way to promote financial radiation by creating the regional financial centre and financial agglomeration district, strengthening the linkage between areas. Of course the studies on financial radiation cannot limited in a particular administrative areas, it need switch administrative regions to economic zone, especially pay more attention to the areas along the provincial border in practical application of research, and Xuzhou is a good example. It is a relative concept of financial radiation, a region weak in Jiangsu radioactive force may be strong in areas along the provincial border, based on this, it can be taken into account to establishing cross-district financial centers or the financial agglomeration districts to stimulate economic and financial development of the surrounding areas.Above parts researched on perspective of financial scale, structure, system in Jiangsu financial development differences, lack of discussion about financial function differences, the VI part talk about the function of financial development on economic growth, and analysis economic growth differences of thirteen prefecture cities in Jiangsu, although it not covers all financial function, but it is supplementary to several part research before. First make reviews on the theory of financial development and economic growth, and explain the interaction mechanisms between financial development and economic growth on the basis of this, and finally make empirical research based on thirteen prefecture-level cities one by one. There was little effects of financial factors on Nanjing, Yangzhou, Xuzhou and Yancheng’s economic growth, it needs to find other factors that drive economic growth, In actual research we found:there were similar situations in Jiangsu prefecture-cities eliminated financial variable, Suzhou and Huaian are the same group, as well as Wuxi and Xuzhou; Changzhou and Yancheng. The reasons for this is the cities were cooperated more than10years ago, especially in Suzhou and Suqian. That is to show the mutual cooperations between them are key points in promoting economic growth, the cooperation and support in this process should not be ignored; the other is Nanjing and Yangzhou’s economy growth were influenced by fixed asset investments (FAI),the economic growth and budgetary expenditure (EE) were positively associated while negatively with budget revenues (EI) in Xuzhou and Yancheng. That is, fixed asset investments and government interventions are also the important factors in financial growth. All in all, financial variables are not remarkable in these four prefecture-level cities. It is wrong to consider that financial development had little effects on local economic growth. Because the indicator chosen in this article is indirect financing, no taking into account of the direct financing of prefecture-level cities; the second is not make full use of the financial system functions. Only enhance financial self-organization, financial system functions can better promoting economic growth.It is inevitable for the difference exist in financial development and technology, society, culture. It is unrealistic to pursue unbalanced financial development. But if the gap is too large to causing polarization, it will restrict the construction of regional economic integration, as well as cause serious social problems. As for the areas in Jiangsu, it is necessary to realized the internal coordination of finance, geography, economy, institution, as well as active interactions with other areas can improving financial development efficiency.更多还原