【作者】 肖燕飞；

【导师】 曾令华；

【作者基本信息】 湖南大学 ， 金融学， 2012， 博士

【摘要】 改革开放以来，我国经济高速发展，市场经济体制越来越完善，生产要素尤其是资本在区域间的流动越来越活跃，对各地区的经济影响也越来越大。我国资本在区域间如何流动，其流动过程中具有什么规律，对区域经济发展有何影响，成了我国经济发展过程中面临的一个重大课题。然而长期以来，在研究资本和经济问题时，主流经济学都忽视了经济活动的空间问题，或者虽然注意到了但也不能有效地解决，这显然不能确切地解释现实经济问题尤其是区域经济问题。二十世纪九十年代，以克鲁格曼为代表建立的空间经济学理论创造性地把空间维度纳入了主流经济学分析框架，从而为资本区域流动或空间流动的研究提供了主流经济学的研究方法和理论基础。因此，本论文试图从空间经济学的理论视角出发，结合区域经济学、金融学等相关理论，揭示资本在我国区域间流动的机制和作用，以及对区域经济发展的影响，一方面拓展现有的空间经济学研究领域，另一方面寻求我国区域间资本流动对经济发展的作用规律，为协调我国区域经济发展提供理论依据。论文在对区域资本流动已有研究成果进行梳理的基础上，首先运用我国三大区域的资本存量与流量数据，对我国区域资本流动格局进行了统计分析，研究发现：（1）我国资本在东中西部区域的分布很不均衡，东部地区占据了绝大比重。而且从改革开放到现在，由市场主导的资本流动主要由中西部地区向东部地区流动。从20世纪90年代起，由政府主导的资本流动主要流向了中西部地区尤其是西部地区。但从总体上看，我国区域的资本流动主要还是从中西部向东部地区流动。（2）国家在实施西部大开发以及中部崛起战略后，东部地区的资本和FDI开始向中西部地区流动，但东部还是占绝大比重。从各大区域的资本流动尤其是FDI、金融机构的存贷款和固定资产投资的变化趋势我们可以看出，东部地区的资本拥挤效应开始显现，中西部地区开始对资本具有更强的吸引力，我国区域资本由西向东净流动的格局可能即将改变。由于我国资本区域流动并不象古典经济学讲的那样从富裕地区流向不足地区，而是表现出明显的集聚特征，所以本文接着从空间经济理论视角出发建立模型对我国资本区域流动及其对区域经济发展的影响机制进行了分析。结果发现市场规模效应、本地市场放大效应形成的聚集力和市场拥挤效应形成的分散力的对比对比将会决定资本区域流动的最终方向。而贸易自由度是影响资本流动的一个重要参数，贸易自由度越大，越会促进集聚。而区域间资本流动是导致区域经济发展差距的重要原因。接着本文研究了包括市场规模、贸易自由度等在内的六个变量对我国区域资本流动的综合作用，从而对我国的资本区域流动机制也作出了实证检验，得出的主要结论如下:(1)市场规模或市场潜力、贸易自由度是促进我国区域资本流动和集聚的最重要因素，市场规模越大，基础设施越好的地区对我国资本越具有吸引力。(2)劳动力成本和人力资本现阶段还没有对区域资本流动造成大的影响。(3)在研究期内，我国区域资本的集聚效应大于扩散效应，资本向东部地区集聚的特征明显。然后本文利用我国三大区域资本流动与经济发展的事实数据，实证检验了资本流动对我国区域差距的影响，研究结果发现：（1）研究期内，我国区域之间的资本流动加大了我国区域间的经济差距，区域间资本流动值变动1%，衡量我国区域经济差距的锡尔熵值就会同方向变动0.422%。（2）改革开放以来，我国的经济发展在很大程度上还是取决于资本的多少，而且资本呈现集聚态势，一个区域的资本越多，经济发展的也快。但中央财政对区域的转移支付和区域FDI这两个渠道的资本流动能协调我国区域经济发展。最后根据以上的理论和实证分析从多个角度提出促进我国资本流动与区域协调发展的政策建议。更多还原

【Abstract】 Since its reform and opening-up, China’s economy has been developing rapidly,the market economic system has become more and more perfect and productionfactors, especially the capital flow between regions have been increasingly active,which have a increasing effect on economy in different areas. How China’s capitalflows, what its laws are and what effect it has on the regional economic developmenthave been an important topic in the process of China’s economic development.However, for a long time, in the study of the problem of capital and economy, theleading economics have ignored the problems of space in economics, or have noticedbut can’t solve them, which can’t obviously interpret the real economic problems, inparticular, the regional economic problems. In1990s, the Theory of SpatialEconomics represented by Krugman creatively incorporated the spatial dimension intothe analytic framework of the leading economics, thus providing the research methodsand theoretical foundations for the study of regional (spatial) capital flow.Therefore, starting from the theoretical perspective of spatial economics and withthe combination of the theory of regional economics and Finance, this paper attemptsto reveal the mechanisms and the role of capital flow among China’s regions and itseffect on regional economic development. On one hand, it helps to expand theresearch fields of existing spatial economics, on the other hand, it helps to seek thelaws of how China’s inter-regional capital flow affects the economic development,providing theoretical foundations for the coordination of regional economicdevelopment in China.Based on sorting out the present research results of the regional capital flow, thispaper, first, statistically analyses the distribution pattern of the regional capital flow,capital stock and flow data of China’s three major regions and the results are asfollows:(1) The distribution of China’s capital is very uneven with the vast proportionin the east and since China’s reform and opening up policy, the market-driven capitalshave mainly flowed from the mid-west to the east. Since the1990s, thegovernment-led capital has mainly flowed into the Midwest, especially, the west. Butas a whole, China’s regional capital flow is mainly directed from the Midwest to theeast.(2) With the strategy of the Great Western Development and the Middle Risingimplemented in China, the capitals in the east and FDI began to flow to the Midwest, but with the vast proportion in the east. Considering the trend of the regional capitalflow, especially FDI, of the deposits and loans of financial institutions and of theinvestment in fixed assets, it is clear that the capital crowding effect in the east beganand the mid-west areas began to become increasingly attractive to capitals. China’sregional capital may be about to change the pattern of net flow from the West to theEast. The distribution pattern of China’s regional capital flow from the West to theEast is about to change.As the regional flow of China’s capital is not like what classical economicssaid—capitals often flowed from rich areas to poor areas, but it shows a significantclustering feature. Therefore, starting from the space economic theory perspective,this article continues to make an analysis of the laws of China’s regional capital flow’seffects on its regional economic development by constructing models, which showsthat the comparison of the gathering force from the market size effect and thedispersion force from the amplified effect of the local market will determine theultimate direction of the regional capital flow and the trading freedom is an importantparameter to affect capital flow. The greater the trading freedom, the moreaccumulated the trading, but the regional capital flow constitutes the main reason forthe gap in regional economic development.Second, this paper deals with the comprehensive effect of six variables, includingthe market size, trading freedom, on China’s regional capital flow, and alsoexemplifies the flow mechanism of China’s regional capital. The main conclusions areas follows:(1)The market size or potential, the trading freedom are the mostimportant factors to promote the regional capital flow and capital gathering. Thegreater the market potential and the better-equipped the basic faculty, the moreattractive they are to China’s.(2) Labor costs and human capital have not yet broughtabout a great impact on it.(3) During the study period, the gathering effect of China’sregional capitals is larger than the diffusion effect, with obvious features of capitalgathering in the east.Then, with reference to the facts and figures on China’s three major regionalcapital flow and economic development, this paper exemplifies the effects of capitalflow on China’s regional gap in economics. The results are as follows:(1)During thestudy period, China’s regional capital flow amplifies the regional economic gap inChina. The value of a1%change in regional capital flow means that the Sill EntropyValue as the measurement of China’s regional economic disparities will change in thesame direction by0.64%.(2) Since China’s reform and opening up, China’s economic development, to a great extent, still depends on the amount of capital. What’s more,the capital is of clustering feature. The more capital one region gets, the faster itdevelops in economy. But the transferred payments from the central government to theregion and the regional FDI help to coordinate China’s regional economicdevelopment.Finally, according to the stated above, this paper puts forward policy-relatedproposals on how to promote China’s capital flow and how to coordinate regionaldevelopment from multiple perspectives.更多还原