金融集聚对区域经济发展的影响——基于高铁开通的视角
The Impact of Financial Agglomeration on Regional Economic Development-Based on the Perspective of High-Speed Rail

本文从高铁开通的角度出发，旨在研究金融集聚对于区域经济发展的影响效果和作用机制。本文就金融集聚、高铁对区域经济发展的影响，高铁对产业结构优化的影响三方面给出相关理论解释。根据2004至2016年全国283个城市的数据，实证探究了金融集聚与区域经济发展之间的关系，并运用双重差分模型检验“高铁开通”这一政策外生变量是否对金融集聚与区域经济发展存在调节效应，随后进一步验证高铁的调节效应是否通过改善地区的产业结构实现。经过倾向性得分匹配后再次运用双重差分模型，得到了较为稳健的研究结论。基于此，本文认为，可以通过优化金融集聚，形成区域金融中心，推进交通基础设施网络建设，提高区域互通性，以及形成与当地外部条件相适应的地区产业结构来实现区域经济高质量发展。
From the perspective of high-speed railway, this paper aims to study the effect and mechanism of financial agglomeration on regional economic development. This article explains the theoretical interpretation of financial agglomeration and high-speed rail on regional economic development, and the impact of high-speed rail on the optimization of industrial structure. Based on panel data of 283 cities in China from 2004 to 2016, this paper empirically explores the relationship between financial agglomeration and regional economic development, then uses DID model to test whether the policy exogenous variable “high-speed rail” act as a moderator variable between financial agglomeration and regional economic development. After that, it will be further verified whether the moderating effect of high-speed rail is achieved by improving the regional industrial structure. A more robust research conclusion is obtained after PSM-DID model is used again. Based on this, this paper believes that high-quality regional economic development can be achieved by optimizing financial agglomeration, forming a regional financial center, advancing the construction of a transportation infrastructure network, improving regional interoperability, and forming a regional industrial structure compatible with local external conditions.