长三角一体化下的金融流动格局变动及驱动机理——基于上市企业金融交易数据的分析

doi:10.11821/dlxb201406009

摘要/Abstract

摘要： 金融资本是区域进行生产活动并进一步带动经济增长的原动力。结合新经济地理学与金融地理学的理论，将金融资源流动纳入市场化、全球化、分权化和一体化的研究框架之下，用网络分析的方法，构建区域金融流动的格局及机理的分析框架。基于长三角16 市金融发展状况和上市公司2002 年、2005 年、2008 年和2011 年的交易数据，构建了金融资源流动和联系的网络，并进一步测量了网络密度和中心度。结果显示，长三角金融发展与金融资源分布形成了差异显著但有缩小趋势的发展格局，除上海金融中心作用凸显之外，南京、杭州和宁波也成为金融流动网络中的重要空间节点；金融流动网络密度不断增强，跨省金融流动增多。分别选取表征市场化、全球化、分权化和一体化的指标，使用QAP网络分析方法揭示了长三角金融流动的动力机制。相关和回归分析结果表明，进出口总额、FDI、文化差异、外资金融法人数量和行政边界均对金融流动有显著的影响，相反金融业比重和地方财政收入自治率则并无显著作用。本文探讨了从地理学空间差异和空间相互作用的角度来解释金融差异与金融流动的方法，对于深入研究金融一体化问题有借鉴作用。

关键词: 金融流动, 金融一体化, 社会网络分析, 上市公司, 长三角

Abstract: Financial flow is a driving force to promote regional development and economic growth. Based on theories of new economic geography and financial geography, this article theoretically and empirically analyzes financial flows under an integrated framework of marketization, globalization, decentralization and integration. Through a study of the financial situation and financial transaction data including block trade, share transfer, related party transaction and transaction in assets of listed companies of the 16 cities in the Yangtze River Delta, this paper builds a financial flow network and measures its density and centrality. The results show that, although financial added value ratio and employee ratio slightly narrowed from 2002 to 2011, gaps between cities still exist, while links between these cities have become closer even expanded across provincial borders. The financial network density rises from 0.2250 to 0.4667, with more and more listed companies trading with or even distributing their subsidiaries to other cities. Shanghai, as a global financial center, along with other developed cities such as Nanjing, Hangzhou and Ningbo, intensifies financial flows and integrates the Yangtze River Delta with the global financial market. Meanwhile, other cities in this region are relatively marginalized from the competition. We used QAP network to analyze the driving forces and found that import and export, foreign direct investment, cultural diversity, foreign invested financial institutions and local policies play important roles in financial flows, while added value of financial rate and local revenue self-governing rate are not that important. The results also show that marketization is the most important driving force of financial flows. Although decentralization might sometimes restrict the flow of financial resource into smaller cities, together with globalization and marketization, it put financial resource flow into the broader region of the Yangtze River Delta. This paper discusses how to study financial diversity and financial flow from a geographical angle of view, which might inspire researchers in related field.

Key words: financial flow, social networkanalysis, Yangtze River Delta, financial integration, financial geography, China

季菲菲, 陈雯, 魏也华, 袁丰. 长三角一体化下的金融流动格局变动及驱动机理——基于上市企业金融交易数据的分析[J]. 地理学报, 2014, 69(6): 823-837.

JI Feifei, CHEN Wen, WEI Yehua Dennis, YUAN Feng. Changing financial flow patterns and driving mechanisms of financial flows under the integration of the Yangtze River Delta：An analysis of the financial transaction data of listed companies[J]. Acta Geographica Sinica, 2014, 69(6): 823-837.

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