中文摘要：

文章通过构建动态面板模型对国际金融中心形成的影响因素进行了实证分析,结果表明资本流动活性和惯性效应在一国国际金融中心发展的过程中发挥了关键作用.并且一国的投资流出或流入水平越高,该国的证券市场交易量越大,其金融市场越发达,该国越容易成为国际金融中心;反之,一国的资本流出或流入水平越低,其金融市场发展越迟缓,国际金融中心地位难以形成和巩固.此外,前一期股票、债券市场规模的扩大,能够进一步促进当前股票和债券市场的发展.因此一国应该有效利用原有的金融基础,充分发挥金融市场的惯性和溢出效应,进而促进国际金融中心建设并确保其持续健康发展.

英文摘要：

In this article, a dynamic panel data model is constructed to analyze the factors affecting the development of capital market and financial centers. The estimate results show the activity of capital flow and the inertial effect play significant roles in the development of international financial center. With other conditions re- main unchanged, the higher the level of the activity of international capital flow, the more developed the bond mar- ket will be, and the easier to build an international financial center, and vise versa. Additionally, the inertial effect of capital market also drives the formation of international financial center.