本文以金融中介发展规模与效率以及股票融资率作为金融发展指标,实证考察金融发展对资源型城市转型效率的影响。结果表明:传统金融对资源型城市转型的促进作用十分明显,但股票融资却起到了一定的阻碍作用。进一步地,金融发展对城市转型的影响与资源发展阶段相关,衰退型城市转型主要依赖于传统金融提供的资金池规模,成长型城市转型则主要依赖于金融系统的资金配置效率,成熟期的资源型城市二者的作用兼而有之,而股票融资对再生型城市转型已呈现出正向激励作用。
This paper makes an empirical study about the effect of financial development on transformation efficiencies of resource-based cities from the following aspects: the scale and effciency of financial intermediary development and stock financing rate. Results show that the traditional finance has a positive effect on the transformation of resource-based cities,while the stock financing plays a certain impediment. Further,the effect of financial development on urban transformation bears on resource development stage. The transformation of resource-exhausted cities mainly depends on the size of capital pool provided by traditional finance,and the transformation of resource-developing cities mainly depends on the capital allocation efficiency of financial system. Both are important to the resource-based cities which are in the mature stage,while stock financing generates an incentive effect on the transformation in resource-regenerative cities.