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通过构建拓展的金融化指标,运用我国东、中、西、东北地区面板数据,实证探讨了区域金融化水平提升对产业结构升级的贡献度,以及存在地方政府干预金融业行为时,这种影响效应的差异性。研究发现:(1)区域金融化水平提升对产业结构升级有显著促进作用,且欠发达地区相较于发达地区边际贡献效应更大。(2)地方政府干预属地金融业运行导致金融功能抑制与市场机制扭曲,削弱了区域金融化对产业结构升级的促进作用,且欠发达相较于发达地区负面效应更严重。因此,要建立区域金融化与产业结构升级良性循环机制,关键在于加快区域金融市场化改革进程,将财政体制改革纳入同一分析框架,实现与区域金融化变迁的协调有序推进。
By building out the expanded financial indicators and using the panel data of eastern, central, western and northeastern China, this paper empirically explored the contribution of regional financialization to the upgrading of industrial structure and the influence of local governments in intervening in financial industry Effect of the difference. The findings are as follows: (1) The improvement of regional financialization can significantly promote the upgrading of industrial structure, and the contribution of marginal contribution to underdeveloped areas is more than that of developed areas. (2) The interference of local governments in the operation of terrestrial financial industry leads to the suppression of financial functions and the distortion of market mechanism, which weakens the promotion effect of regional financialization on the upgrading of industrial structure. And the underdevelopment is more serious than the negative effects of developed regions. Therefore, the key to establishing a virtuous cycle mechanism of regional financialization and upgrading of industrial structure lies in speeding up the process of regional financial market-oriented reform, integrating the reform of financial system into the same analytical framework and promoting the coordinated and orderly progress with regional financialization.