金融集聚与企业国内出口增加值：来自中国的证据

IF 4.8 2区经济学 Q1 BUSINESS, FINANCE

International Review of Economics & Finance Pub Date : 2025-07-11 DOI:10.1016/j.iref.2025.104424

Mufang Xie , Binbin Yu , Changbiao Zhong

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引用次数: 0

摘要

本文利用2003 - 2013年145687家中国企业的数据，考察了金融集聚对企业国内出口增加值占出口总额比重（DVAR）的影响。研究发现，地方金融集聚和空间溢出均显著提高了企业的DVAR。推动这种关系的主要机制是促进研发创新和降低融资成本。金融中介集聚对DVAR的正向影响更为显著，金融集聚对DVAR的溢出效应随着金融中心水平的提高而增强。金融集聚对价值链上游企业、一般贸易企业、民营企业和小规模企业的DVAR有较大的正向影响。金融市场化放大了金融集聚的正向效应。

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Financial agglomeration and firms' domestic value added in exports: Evidence from China

Using data on 145,687 Chinese firms from 2003 to 2013, we examine the impact of financial agglomeration on the ratio of domestic value added in exports to gross exports (DVAR) of firms. We find that both local financial agglomeration and spatial spillover significantly increase firms' DVAR. The primary mechanisms driving this relationship are the facilitation of research and development innovation and the reduction of financing costs. The positive impact of financial intermediary agglomeration on DVAR is more pronounced, and the spillover effect of financial agglomeration on DVAR increases with the level of the financial center. Financial agglomeration exerts greater positive impacts on DVAR of upstream value chain firms, general trade firms, private firms, and small-scale firms. We also demonstrate that financial marketization amplifies the positive effect of financial agglomeration.

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来源期刊

International Review of Economics & Finance Multiple-

CiteScore

7.30

自引率

2.20%

发文量

253

期刊介绍： The International Review of Economics & Finance (IREF) is a scholarly journal devoted to the publication of high quality theoretical and empirical articles in all areas of international economics, macroeconomics and financial economics. Contributions that facilitate the communications between the real and the financial sectors of the economy are of particular interest.