【作者】 董金玲；

【导师】 刘传哲；

【作者基本信息】 中国矿业大学 ， 金融工程与风险管理， 2009， 博士

【摘要】 金融与经济发展的关系,历来是经济学家关注的重要话题。作为区域经济发展的重要推动力,金融不仅直接反映经济的区域性特点,而且经济发展的区域性很大程度上借助于金融的区域化运行得以实现。尽管理论界对中观经济金融问题尚有不同认识,但“区域金融至少是中观金融的最主要表现形式”(张军洲1995),在我国更是一个“具有中国特色的研究领域”(刘仁伍2003)。把区域金融作为一个研究课题提出,主要是基于中国区域金融发展的不平衡性,并由此扩大了区域经济差异的现实。而江苏金融发展的地区差异是我国区域经济与金融发展差异的一个缩影和典型代表。以江苏为例分析区域金融发展的作用机制及发展差异对于缩小我国地区发展差距,因地制宜的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。运用金融发展理论、区域经济理论以及金融地理学的分析方法,本文所研究的第一个主题就是金融发展作用于区域经济发展的机制问题。经济发展既包括经济总量的增长,又包括经济结构的调整,而产业结构的调整是经济结构调整的核心问题。因此,对这一问题的研究本文从两方面展开:一是金融发展作用于经济增长的机制;二是金融发展作用于产业结构转变的机制。沿着理论分析——实证检验这一研究思路,本文首先对金融作用机制进行了较为详尽的理论分析,在此基础上,利用不同的金融发展指标和江苏三大区域苏南、苏中、苏北的面板数据以及时间序列数据,构建了三大区域金融发展促进经济增长的固定效应变截距模型和金融发展促进产业结构转变的VAR模型,并用协整理论及Granger因果关系检验法,对金融发展与经济发展的长短期因果关系进行了实证。实证结果表明,区域金融发展差异是造成江苏三大区域金融作用机制和作用效果不同的主要原因。上述结论的得出从而引出了本文所研究的第二个主题,即区域金融发展差异问题。对这一问题的研究主要从下面三个方面展开:一是分析区域金融发展差异的成因;二是对江苏各地区金融发展水平进行测度和聚类;三是对江苏三大区域金融差异的变动特征及其收敛性进行实证和检验。为此,本文尝试将系统自组织理论运用到区域金融发展差异的成因分析中,指出区域经济发展差异、区位因素、市场化进程、政府政策、区域金融创新和区域信用环境是导致区域金融自组织能力差异,从而导致区域金融发展差异的主要原因。在建立区域金融发展评价指标体系的基础上,利用因子分析的统计方法和Q型聚类,本文对江苏各地区金融发展水平进行了全面测度和聚类,进一步验证了江苏“南高北低”的区域金融发展现实和数量型的区域金融发展特征。为进一步考察三大区域金融差异的变动特点,文章利用泰尔熵指数的可加分解性,对区域金融差异的变动特征进行了实证,结果显示:江苏区域内差异在逐渐缩小,而区域间差异在逐渐扩大,区域间差异的扩大是江苏金融发展差异的主要原因。文章同时还利用σ、β以及“俱乐部”检验等方法,对江苏区域金融发展差异的收敛性进行了多指标、多角度的检验。得出江苏区域金融发展不存在σ收敛,但存在β绝对收敛;同时区域金融发展还表现出了一定程度的“俱乐部收敛”的结论。基于上述理论及实证,文章最后针对各区域金融发展的特点,提出强化金融作用机制,促进区域金融协调发展的对策建议是建立多层次、全方位的区域金融体系;构建区域间金融支持与合作协调机制;培育区域金融发展增长极;推动不同层次的区域性金融中心的建设;提高区域金融自组织能力,创造和谐金融生态环境等。更多还原

【Abstract】 The relationship between finance and economics is always an important topic for economists. As the main push power of regional economy development, finance not only reflects regional characteristics of economy, but also operates regionally to help realize the economic regionalization. Although there still exists some different recognition about meso economics in theoretical field, regional finance is at least the main form of meso finance. It is also a research field with strong Chinese characteristics. The reason for us to take regional finance as a research subject is the reality of regional financial unbalancedness in China, which results in the enlargement of regional economic difference. Financial difference in Jiangsu province is an epitome of China’s regional economic and financial difference. So it has a great significance to take Jiangsu as a case to analyze regional finance action mechanism and its development differences so that we can reduce the differences among regions, adapt related financial development policies to local conditions and keep the economy in healthy operation.With the help of financial development theory, regional economic theory and theory of financial geography, the first topic to be studied in this dissertation is the action mechanism of financial development on regional economy. Economic development consists of two parts: the economic growth and the adjustment of economic structure. Because the structural adjustment of industry is the core of economic structure, the research on this problem is carried out from two aspects: one is the financial development action on economic growth;Another is the financial development action on structural upgrading of industry. Along with the research thoughts as theoretical analysis ----empirical test, the dissertation makes a detail theoretical analysis on financial action mechanism. At the same time, by using various financial development index and panel data, time series data in south, middle and north Jiangsu province, the paper established Fixed Effect Variable Intercept Model to test regional financial development action on economic growth and VAR Model to study empirically the financial action on industrial upgrading. Meanwhile, cointegration theory, Granger Causality Test method are used to test long term and short term causality relations between financial and economic development. Empirical studies show that regional financial difference is the main cause that leads to the different action mechanism and effects in three areas in Jiangsu. The above conclusions draw out the second topic to be discussed in the dissertation, regional financial difference. This research is carried out as the following three aspects: one is to analyze the causation of regional financial development difference; another is to measure the financial development level in different parts of Jiangsu; the third is to empirical studies on the fluctuation characteristics and convergence of three areas’financial development. In order to realize these ideas, systematic self-organization theory is applied to analyze the causation of regional finance difference. It is point out in the dissertation that regional economic difference, local environment, marketization, policies, regional innovation and credit environment are the main factors that result in the difference in regional financial development. Based on the establishment of regional financial development evaluation index system, the financial development level in different parts of Jiangsu is measured by factor analysis and case cluster methods. The results proved the current situation in Jiangsu financial development and its quantitative development characteristics. In order to further study the fluctuation characteristics, Theil’s index is used here. The result shows that financial difference within regions is getting smaller while difference among regions is becoming larger. Difference among regions is the main reason for the difference enlargement in Jiangsu province. With the help ofσ、βand club test methods, the convergence of regional financial development is tested either. The conclusion is that there is noσconvergence, but existsβabsolute convergence in Jiangsu regional financial development. Meanwhile there also presents“club convergence”at some extent.On the basis of above theoretical analysis and empirical studies, some suggestions to strengthen the financial action mechanism and promote the coordinated development of regional financial development are put forward in the dissertation at last. They are as follows: to set up multi-layer and overall regional financial system; construct regional coordinated financial support and cooperation mechanism; cultivate regional financial growth pole; push the establishment of different levels of regional financial centers; increase self-organization abilities of regional finance and create harmonious financial ecological environment and etc.更多还原