區(qū)域金融產業(yè)資本聚集差距問題及實證研究
本文選題:區(qū)域金融產業(yè) + 資本聚集差距 ; 參考:《西南大學》2012年博士論文
【摘要】:本論文是關于區(qū)域金融產業(yè)資本聚集差距理論與實證的研究。該研究是在深入考察我國金融產業(yè)資本集聚發(fā)展歷程和現(xiàn)實狀況的基礎上,借鑒吸收國內外學者關于金融產業(yè)、金融資本、金融發(fā)展、均衡增長等相關理論研究成果基礎上,構建了區(qū)域金融產業(yè)資本集聚的理論研究框架。綜合運用理論分析、實證分析、制度分析、比較分析、動態(tài)分析、靜態(tài)分析等多種研究方法,進一步揭示區(qū)域金融產業(yè)資本集聚差距的形成原因與影響效應;趨^(qū)域經濟與區(qū)域金融均衡發(fā)展以及區(qū)域金融服務均等化的理論依據,開創(chuàng)性提出區(qū)域金融產業(yè)資本集聚均衡化發(fā)展理論設想。進而深入探尋區(qū)域金融產業(yè)資本集聚均衡化發(fā)展的思路、模式、指導思想、機制和戰(zhàn)略以及配套的政策框架。 1研究的主要結論 (1)中國區(qū)域金融產業(yè)資本集聚特征十分顯著。一是區(qū)域金融產業(yè)資本集聚程度與區(qū)域經濟社會發(fā)展程度呈現(xiàn)正相關關系;二是區(qū)域金融產業(yè)資本集聚程度與區(qū)域金融產業(yè)發(fā)展程度呈現(xiàn)正相關關系;三是區(qū)域金融產業(yè)資本集聚程度由于經濟社會金融等多種條件差異而凸顯出差距;四是區(qū)域金融產業(yè)資本的稀缺性和同質性引發(fā)資本集聚競爭格局的存在;五是組成金融產業(yè)資本集聚的資本要素呈現(xiàn)出同樣的集聚形態(tài)和集聚特征。 (2)中國區(qū)域金融產業(yè)資本集聚的差距明顯。主要表現(xiàn)為區(qū)域金融產業(yè)資本的主要構成要素銀行產業(yè)資本、證券產業(yè)資本、保險產業(yè)資本、信托產業(yè)資本集聚差距顯著。區(qū)域之間在金融產業(yè)資本構成要素上的集聚差距也有所差異,在銀行產業(yè)資本、證券產業(yè)資本、保險產業(yè)資本與信托產業(yè)資本上的集聚各具優(yōu)勢,這對于發(fā)展差異化的區(qū)域金融產業(yè)資本集聚形態(tài)具有重要意義。 (3)導致中國區(qū)域金融產業(yè)資本集聚差距的原因多元化。主要是區(qū)域真實經濟實力、人才供給水平、區(qū)域對外開放水平及宏觀政策傾斜程度不同而引起的。區(qū)域實體經濟是金融產業(yè)資本集聚的根本,也是其服務的核心;區(qū)域人力資本存量與增量是金融產業(yè)資本集聚的人力基礎,也是其集聚的操作基礎;區(qū)域對外開放水平是金融產業(yè)資本集聚的空間條件和環(huán)境因素;區(qū)域宏觀政策傾斜是金融產業(yè)資本集聚的動力條件和政府推力。 (4)中國區(qū)域金融產業(yè)資本集聚效應具有反饋機制和倒逼機制。作為一種不均衡金融經濟增長形態(tài),區(qū)域金融產業(yè)資本集聚差距的存在,通過金融影響經濟的傳導效應而影響到宏觀層面實體經濟的發(fā)展,進而影響到微觀層面居民收入水平和居民消費能力。 (5)要促進區(qū)域經濟協(xié)調發(fā)展必須實現(xiàn)區(qū)域金融產業(yè)資本聚集均衡化。依據區(qū)域金融產業(yè)資本聚集的路徑以及聚集均衡化的特點,區(qū)域金融產業(yè)資本聚集均衡化的模式,可以分為內生絕對均衡模式、內生相對均衡模式、外生絕對均衡模式以及外生相對均衡模式等四種模式。各個模式均有其各自特征,各個區(qū)域在分析區(qū)域金融產業(yè)資本聚集均衡化的模式時應當結合實際情況,采取具體情況具體分析的方式進行研究。 (6)在設計區(qū)域金融產業(yè)資本聚集均衡化機制時,必須要綜合考慮該機制系統(tǒng)的運行機制、誘導機制、風險機制以及監(jiān)管機制。區(qū)域金融產業(yè)資本聚集均衡化的運行機制重點在于針對資源稟賦較差的區(qū)域突破資源約束;誘導機制重點在于突破區(qū)域政策制度軟環(huán)境約束;風險機制重點在于明確政府財政金融的供給風險以及市場金融產業(yè)資本的投機風險;監(jiān)管機制重點在于針對風險機制確立兩種監(jiān)測機制。 (7)要實現(xiàn)區(qū)域金融產業(yè)資本聚集均衡狀態(tài),需要避免產業(yè)同構建設所造成的產業(yè)惡性競爭狀態(tài),保證區(qū)域產業(yè)良性發(fā)展。需要將政府財政金融資源合理配置到硬件資源稟賦不足的區(qū)域,消除金融產業(yè)資本配置低效率的情況;需要消除區(qū)域軟性資源約束,更要消除軟性政策制度環(huán)境瓶頸。要從產業(yè)發(fā)展戰(zhàn)略、資源配置戰(zhàn)略、人力資本戰(zhàn)略、制度創(chuàng)新戰(zhàn)略、對外開放戰(zhàn)略等方面系統(tǒng)實施促進區(qū)域金融產業(yè)資本聚集均衡化的戰(zhàn)略。 2研究的重要觀點 (1)區(qū)域金融產業(yè)資本集聚是金融產業(yè)發(fā)展到一定階段由自然方式和政府推動方式而出現(xiàn)的資本在時空上的動態(tài)運動,且這種運動具有不同強度和較為明確的方向,進而形成一種集聚式的狀態(tài)和結果。區(qū)域金融產業(yè)資本集聚既是一種金融產業(yè)資本的循環(huán)運動,也是一種服務實體經濟發(fā)展并受實體經濟制約的經濟運行趨勢。 (2)區(qū)域金融產業(yè)資本集聚遵循著市場自發(fā)形成、政府強力推動或是市場與政府混合推進的演進軌跡。區(qū)域金融產業(yè)資本集聚會促成區(qū)域遵循區(qū)域性金融中心——全國性金融中心——世界性金融中心的發(fā)展趨勢。區(qū)域金融產業(yè)資本集聚既要重視看不見手——市場的自發(fā)形成、規(guī)模效益,外部效應與信息優(yōu)勢,也要重視看得見手——政府的引導、配合、協(xié)調和服務。各區(qū)域應根據各地經濟發(fā)展、產業(yè)升級與結構調整的需要,混合運用兩種力量推進區(qū)域金融產業(yè)資本集聚,推動區(qū)域建成金融服務類別與空間輻射范圍差異化的金融中心。 (3)區(qū)域金融產業(yè)資本集聚內生性的決定了其在區(qū)域間的差距性,這種差距存在是由多種條件交織而成的,集中表現(xiàn)為真實經濟實力、區(qū)域對外開發(fā)程度、人力資本供給以及宏觀政策傾斜上。加速區(qū)域金融產業(yè)資本集聚應該優(yōu)先發(fā)展實體經濟,擴大區(qū)域對外開放程度,提高全民受教育水平和人才引進力度,在宏觀政策上要對金融產業(yè)、金融人才、金融機構、金融運行給予優(yōu)惠政策和多項傾斜。 (4)區(qū)域金融產業(yè)資本集聚差距具有對其成因的反饋和倒逼機制,影響到宏觀層面的實體經濟增長和微觀層面的居民收入與消費。金融產業(yè)資本集聚程度高的區(qū)域,經濟發(fā)展、區(qū)域收入與區(qū)域消費都凸顯較高水平。推進區(qū)域金融產業(yè)資本集聚是拉動區(qū)域經濟增長、推動區(qū)域收入改善和大力推進內需經濟發(fā)展的有效手段。而區(qū)域經濟均衡增長、區(qū)域金融與經濟協(xié)調發(fā)展、金融服務的準公共產品屬性以及基本公共服務均等化都需要區(qū)域金融產業(yè)資本集聚均衡化。 (5)基于區(qū)域經濟均衡發(fā)展與區(qū)域公共服務均等化,提出促進區(qū)域金融產業(yè)資本集聚均衡化的新思路,需要設計合理的均衡化模式和機制作為實現(xiàn)路徑。確定區(qū)域金融產業(yè)資本聚集均衡化在外生絕對均衡模式、外生相對均衡模式、內生絕對均衡模式以及內生相對均衡模式等四種模式中的定位,設計均衡化的運行、誘導、風險、監(jiān)管機制,實施產業(yè)發(fā)展、資源配置、人力資本、制度創(chuàng)新與對外開放多重戰(zhàn)略,輔之以財政、金融、產業(yè)三大調控政策的配合支持,實現(xiàn)區(qū)域金融產業(yè)資本聚集的均衡化發(fā)展。 3研究的政策建議 (1)區(qū)域金融產業(yè)資本聚集均衡化的財政政策。在改善區(qū)域硬性資源條件方面,可以采取財政轉移支付、財政直補、發(fā)行地方政府債券、財政入股特定產業(yè)發(fā)展基金等方式;在改善區(qū)域軟性資源條件方面,可以采取財政補貼教育公共品、財政補貼特定急需人才津貼、民辦教育機構財政稅收減免、民辦教育機構校址建設用地成本進行財政補償等方式;在改善區(qū)域政策制度軟環(huán)境約束方面,可以采用稅收減免政策、期限內稅收豁免政策以提高市場金融產業(yè)資本進入區(qū)域的積極性,采用區(qū)域產品出口補貼、出口退稅、縮減進口關稅額度等舉措促進區(qū)域市場進出口貿易活力,擴大區(qū)域市場對外開放水平、減少地方保護主義。 (2)區(qū)域金融產業(yè)資本聚集均衡化的金融政策。在改善區(qū)域硬性資源條件方面,金融政策可以采取政策性金融投資、社會資本入股、政府性金融擔保、政策性金融投資證券化等政策方式;在改善區(qū)域軟性資源條件方面,可以采取政策性金融直接投入建設教育公共品、民辦教育機構信貸利率優(yōu)惠、政策性金融入股教育公共基金等方式;在改善區(qū)域政策制度軟環(huán)境約束方面,可以采用金融信貸優(yōu)惠政策、直接信用控制政策、民間資本產業(yè)投資配額等政策措施以降低金融產業(yè)資本投資成本、提高市場金融產業(yè)資本進入區(qū)域的積極性,針對區(qū)域進出口貿易,利用政府信用擔保進出口信貸、產品進出口信貸利率優(yōu)惠措施、提高進出口信貸額度、延長進出口信貸配額期限等舉措促進區(qū)域市場進出口貿易活力,擴大開放。 (3)區(qū)域金融產業(yè)資本聚集均衡化的產業(yè)政策。在運行機制方面,區(qū)域在消除軟性資源約束以及硬性資源約束后,可以結合區(qū)域改善后的資源條件,運用產業(yè)組織政策以及產業(yè)區(qū)域布局政策,通過產業(yè)孵化機制并利用市場金融產業(yè)資本培育區(qū)域主導產業(yè)。在監(jiān)管機制方面,針對區(qū)域產業(yè)同構風險問題,通過產業(yè)規(guī)劃政策以改變金融產業(yè)資本投資導向,將低配置效率的金融資本轉移到其他產業(yè),以優(yōu)化金融資本配置;對于區(qū)域產業(yè)泡沫風險,需要配合區(qū)域泡沫產業(yè)壁壘政策,提高投機資本進入區(qū)域泡沫產業(yè)的成本,并結合區(qū)域產業(yè)結構政策分流市場金融資本由投機性向投資性轉變。在戰(zhàn)略實施方面,需要利用產業(yè)組織政策以及產業(yè)結構政策以促進區(qū)域內產業(yè)集群發(fā)展,在區(qū)域間政府職能部門協(xié)調產業(yè)發(fā)展規(guī)劃的前提下,運用產業(yè)分布政策以及產業(yè)結構政策,以促進區(qū)域間形成產業(yè)鏈,推進區(qū)域內外的產業(yè)實現(xiàn)差異化發(fā)展,保證區(qū)域經濟協(xié)調發(fā)展與區(qū)域金融產業(yè)資本聚集均衡實現(xiàn)良性循環(huán)。 (4)促進區(qū)域金融產業(yè)資本聚集均衡化的政策配合。首先,需要改善制約區(qū)域經濟發(fā)展的硬性資源約束以及軟性資源約束。其次,需要消除減少區(qū)域制度政策環(huán)境的約束。第三,在消除軟性資源約束以及硬性資源約束后,可以結合區(qū)域改善后的資源條件,運用產業(yè)組織政策以及產業(yè)區(qū)域布局政策,通過產業(yè)孵化機制發(fā)展例如密切結合區(qū)域氣候資源以及自然環(huán)境的特色農業(yè)、旅游產業(yè)等特色產業(yè),并通過金融市場利用金融產業(yè)資本培育區(qū)域主導產業(yè)。 4研究的主要創(chuàng)新 (1)構建了區(qū)域金融產業(yè)資本聚集差距成因及影響的研究框架。系統(tǒng)的研究框架包括:區(qū)域金融產業(yè)資本集聚的基本理論分析;區(qū)域金融產業(yè)資本集聚的制度變遷;區(qū)域金融產業(yè)資本集聚差距的表現(xiàn)及其度量;區(qū)域金融產業(yè)資本集聚差距的形成原因的理論與實證分析;區(qū)域金融產業(yè)資本集聚差距的影響效應的表現(xiàn)與實證研究;區(qū)域金融產業(yè)資本集聚均衡化的內涵、模式及機制設計;促進區(qū)域金融產業(yè)資本集聚均衡化的模式選擇與政策設計。 (2)綜合辨析了金融產業(yè)、資本集聚與均衡增長之間的關系,提出了區(qū)域金融產業(yè)資本集聚均衡化發(fā)展的理念。雖然產業(yè)集聚的提出已經有較長的歷史,但是金融產業(yè)這一概念的提出也只有十幾年的歷史,而金融產業(yè)資本集聚更是最近幾年的新興事物,而把金融產業(yè)資本集聚作為研究對象,探究其與區(qū)域經濟金融均衡增長卻是本文提出的新研究課題。鑒于這一思路,本課題提出了區(qū)域金融產業(yè)資本聚集均衡化發(fā)展的設想。不僅闡述了其內涵、特征,還對其模式、機制和戰(zhàn)略進行了深入探索。 (3)深入剖析了虛擬經濟與真實經濟,金融經濟與實體經濟,金融產業(yè)與其他產業(yè),金融資本與物質資本之間的關系,提出了區(qū)域金融產業(yè)資本集聚均衡化發(fā)展的模式。明確了實體經濟為本,金融經濟為輔的整體經濟發(fā)展模式,建立起金融與經濟,金融產業(yè)與經濟產業(yè)協(xié)調發(fā)展的路徑,并形成了與實體經濟相適應的金融產業(yè)資本均衡集聚的模式,主要凸顯為外生絕對均衡模式、外生相對均衡模式與內生絕對均衡模式、內生相對均衡模式。 (4)在研究方法上,綜合運用和創(chuàng)新嘗試了多種研究方法。綜合運用了靜態(tài)分析與動態(tài)分析相結合、制度分析與比較分析相結合、理論分析與實證分析相結合的研究方法。創(chuàng)新嘗試了綜合運用了時間序列與面板數據計量方法,構建了彈性模型、var模型、聚類分析等多種模型,在樣本數據容量、變量指標測度及模型設計上進行了擴張,尤其是選擇了聚類指標、綜合指標與單項指標相結合的指標群,使得數據更詳實、模型更嚴密、計量更科學、結論更可靠。
[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 .
【學位授予單位】:西南大學
【學位級別】:博士
【學位授予年份】:2012
【分類號】:F832
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