金融开放对经济高质量发展的结构性驱动效应

金融开放对经济高质量发展的结构性驱动效应

The Structural Driving Effect of Financial Openness on High-quality Economic Development

《财经研究》2024年50卷第1期 页码：4-18 online：2024年1月3日

作者

中：胡文涛 , 戴淑庚

英：Hu Wentao, Dai Shugeng

作者单位：厦门大学 经济学院，福建 厦门 361005

摘要及关键词

摘要：加深对金融开放与经济高质量发展之间关系的认识对于引导金融开放战略服务社会经济发展大局具有重要意义。文章基于2005—2021年280个地级及以上城市的面板数据，考察了金融开放对经济高质量发展的影响及其内在机理。研究发现，金融开放对经济高质量发展具有显著的“结构性”驱动作用，对创新发展、协调发展、共享发展的驱动作用尤其明显。与资本流动强度相比，金融业开放对经济高质量发展的“结构性”促进效应更为显著。金融开放对经济高质量发展的积极效果主要体现在中部、东部地区和中心城市。随着城市经济发展质量的提升，金融开放对其驱动作用呈依次递增态势。机制分析表明，金融开放会通过激励产业结构转型升级渠道优化经济发展质效，推动城市经济高质量发展。调节效应检验发现，在金融监管强度较高的地区，金融开放对城市经济高质量发展的促进作用更大，并且金融监管的调节作用存在非线性门限效应，当其跨过一定门限值之后，金融开放对经济高质量发展具有更强的驱动效果。文章的研究结论为深化金融改革开放、提升经济发展质效及完善金融监管框架提供可靠的理论与经验依据。

关键词：金融开放；产业结构转型升级；金融监管；经济高质量发展

Summary: With profound changes in the international market environment and the domestic factor endowment, China’s extensive development relying on high investment, high consumption, and high pollution in the early stage is no longer sustainable. The economic development mode urgently needs to transition to “high-quality” development that balances environmental protection and economic efficiency. Meanwhile, building a comprehensive financial openness pattern is not only a necessary path for achieving high-quality development, but also an essential requirement for such new development mode. Therefore, how to release the driving force of financial openness and promote high-quality economic development has become a topic of widespread concern by the government and the society from all walks of life. This paper focuses on the two major themes of financial openness and high-quality economic development in China, and explores the relationship, influence mechanism and heterogeneity between them based on the city-level data including 280 cities from 2005 to 2021. The results show that: First, financial openness has a significant structural driving effect on high-quality development, especially on innovative development, coordinated development, and shared development. Specifically, compared to capital flow intensity, the structural driving effect of financial openness on high-quality economic development is even stronger. In addition, the positive effect of financial openness on high-quality economic development is mainly reflected in central and eastern regions and key cities; with the improvement of economic development quality, financial openness plays an increasingly important role in its promotion. Second, financial openness is conducive to stimulating the transformation and upgrading of industrial structure, and ultimately providing an important guarantee for high-quality economic development. Third, in regions with higher financial supervision intensity, financial openness has a greater promoting effect on high-quality economic development; the moderating effect of financial supervision has a nonlinear threshold effect. The marginal contributions are that: First, it focuses on the benchmark relationship between financial openness and high-quality economic development, revealing the heterogeneity of the impact of financial openness on different levels and regions of economic development. Second, within a unified framework, it discusses the promoting effect of financial openness on the transformation and upgrading of industrial structure, supporting the mechanism effect of the transformation and upgrading of industrial structure. Third, it further introduces financial supervision into the “financial openness – high-quality economic development” paradigm to explore the moderating role of financial supervision between financial openness and high-quality economic development. Fourth, in the empirical process, it attempts to use instrumental variables to clearly address endogeneity issues, thereby correcting the underestimation of the impact of financial openness on economic development in the traditional research.

Key words: financial openness; transformation and upgrading of industrial structure; financial supervision; high-quality economic development

其他信息

DOI：10.16538/j.cnki.jfe.20230715.201

收稿日期：2023-03-22

基金项目：国家社会科学基金项目（22BJY168）；国家社会科学青年项目（20CJY065）；教育部哲学社会科学发展培育项目（11JBGP006）；中央高校基本科研业务费重大项目专项培育资金资助（20720191062）

点

这里“阅读原文”，查看更多