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本文基于新经济地理学的框架分析了中国的金融发展如何影响高端制造业集聚以及地区经济发展差距。本文认为地区金融发展水平的不均衡会导致资本流向金融发展水平较高的地区,从而导致产业集聚现象和地区经济发展差距的拉大。但是随着金融发展水平的进一步提高,地区经济发展差距又会逐渐缩小。地区经济发展差距与地区金融发展水平大致呈倒“U”形关系。本文通过对中国31个省市2003—2014年的面板数据进行实证分析,证明中国的地区金融发展将促进高端制造业的集聚,而地区经济发展差距与地区金融发展之间在长期呈倒“U”形关系,且在目前,地区金融发展将拉大地区间的经济发展差距。
Based on the framework of New Economic Geography, this article analyzes how China’s financial development affects the agglomeration of high-end manufacturing industries and the disparity in regional economic development. This paper argues that the uneven level of financial development in the region will lead to the flow of capital to areas with high levels of financial development, leading to the phenomenon of industrial agglomeration and widening the gap between regional economic development. However, as the level of financial development further improves, the disparity in regional economic development will shrink again. The gap between regional economic development and the level of regional financial development is generally inverted “U” -shaped relationship. This paper empirically analyzes panel data from 2003 to 2014 in 31 provinces and municipalities in China, and proves that regional financial development in China will promote the agglomeration of high-end manufacturing industry while the gap between regional economic development and regional financial development is falling for a long time. U "shape relationship, and at present, the regional financial development will widen the gap between the economic development in the region.