【摘要】 城市群发展背景下金融资源向中心城市集聚，但中小企业大量向外围城市迁移，中小企业融资面临“地理困境”。本文通过构建新经济地理模型进行数值模拟，并基于中国工业企业数据库，运用空间计量进行实证检验。研究发现：(1)城市群金融集聚整体上有利于中小企业融资；(2)城市群内部的中心城市金融集聚对外围企业融资影响呈“正U形”,即欠发达城市群的中心城市金融集聚会虹吸外围企业金融资源从而抑制外围企业融资，发达城市群会向外围企业辐射金融资源从而促进融资，长三角、珠三角、京津冀城市群已跨过U形的拐点，长江中游、成渝等6个城市群正在经历拐点；(3)外围低技术中小企业较易遭受中心城市的金融虹吸作用，高技术企业则受到金融辐射作用；(4)大型银行对企业融资的辐射半径(300公里)大于小型银行(100公里),该距离随着企业技术提升而增加。因此，应加快城市群发展，发挥城市群中心城市金融辐射作用，积极发展专精特新中小企业，并支持发达城市群大型银行跨区域经营，以缓解中小企业融资问题。更多还原

【Abstract】 The small and medium-sized enterprises(SMEs), concentrated in the private sector, play an important role in developing the socialist market economy with Chinese characteristics, but they have been facing the dilemma of “difficult access to and high cost of financing”. The emergence of city clusters has accelerated the agglomeration effect and reshaped the spatial distribution of financial resources, especially the geographical characteristics of financial resources gathering in large numbers in central cities. However, on the other hand, SMEs are constantly squeezed out of the central cities and away from the financial centers. Therefore, in the context of urban agglomeration, SMEs are facing the fact of “geographical dilemma” with “financial agglomeration at the center, and enterprises forced to move outward”.In order to explore the impact of financial agglomeration of the “central-peripheral” city clusters on the SME financing, this paper, based on the modeling idea of the “center-periphery” model in the new economic geography model, constructs a two-region and two-sector model to analyze financial agglomeration of the central and peripheral cities and how it impacts the financing of SMEs. In addition, this paper selects 273 prefecture-level cities and 18 city cluster data β. Based on the convergence model, the spatial weights of various city clusters are constructed manually, and the recognition strategy of financial agglomeration and SME financing is developed by combining the spatial econometric SARAR model.The research findings are as below.(1) Financial agglomeration of city clusters is beneficial to the financing of SMEs as a whole.(2) The central cities of the underdeveloped city clusters produce the siphon effect and inhibit the financing of peripheral SMEs, but the central cities of the developed ones have the financial radiation effect on the peripheral enterprises and promote the financing of the peripheral SMEs.(3) High-tech SMEs benefit more from the financial radiation effect of central cities and their financing increases, while low-tech SMEs are more vulnerable to the financial siphon effect of central cities and their financing decreases.(4) From the perspective of financial institutions, the financing radiation radius of large banks is larger than that of small banks, and large banks provide more financing support and has a larger radiation radius for high-tech enterprises, while small banks pay more attention to the financing of low-tech enterprises and local ones, which has no obvious impact on the financing of peripheral cities.The possible contributions of this paper are as follows.(1) It provides new ideas for the research on SME financing from the geographical perspective of “central-peripheral” city clusters.(2) It provides new insights into promoting the current financial supply-side structural reform.(3) It has promoted the empirical research of the new economic geography theory. This paper identifies the “center-periphery” geographical effect of financial agglomeration on enterprise financing by constructing the “center-periphery” spatial weight, which provides empirical evidence for the relevant theories of new economic geography.(4) It uses the Chinese industrial enterprise database and financial license data to extract more detailed loan information and geographic information.Based on the above conclusions, the following policy recommendations are proposed.(1) It’s important to promote the development of high-quality city clusters. The financing environment of SMEs in the periphery of developed city clusters has been significantly improved. Therefore, accelerating and promoting the high-quality development of city clusters is an important way to improve the level of financial agglomeration, alleviate the spatial mismatch of financial resources and promote the sound development of SMEs.(2) We should actively foster specialized startups. The technological level and business scale have become important factors affecting a company’s ability to attract financial resources. SMEs need to constantly improve their technology and processes.(3) We should support the cross-regional operation of banks in developed central cities. Banks in underdeveloped areas have weak radiation ability, so they should pay attention to local operations. Banks in developed regions have strong radiation capacity, and should be encouraged to operate across regions.(4) We should also support the financial development of peripheral cities. At present, the development gap between the center and the periphery of most city clusters is still widening. We should relax the access restrictions on the financial markets of the peripheral cities and strengthen their financial agglomeration capacity.This paper studies the impact of financial agglomeration on the financing of SMEs from the perspective of geographic city clusters. In future research, the data of individual enterprises can be used, including accurate geographical coordinate data of each enterprise, so as to demonstrate the impact of financial agglomeration on the financing of SMEs at the micro level.更多还原