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本文基于中国省区细分行业贸易数据构建了出口的外部融资依赖度指标,用以测度中国各地区贸易结构差异,在此基础上研究了贸易结构和贸易开放对地区金融发展差异的影响机制。在控制了FDI、法律制度以及城市化水平等因素后研究发现,对出口外部融资依赖程度越高的地区金融发展水平越高,随着贸易开放度的提高,这种效应更加明显;此外,其他需求方面的因素也能促进地区金融发展。因此,各个地区金融发展水平应该与其经济发展特征相适应,以有效实现金融体系在动员储蓄、配置资金和分散风险等方面的基本功能,促进本地区经济发展。
Based on the trade data of the sub-sectors in China’s provinces and sub-sectors, this paper constructs an index of external financing dependence of exports to measure the differences in trade structure in different regions of China. Based on this, it studies the impact mechanism of trade structure and trade liberalization on regional differences in financial development. After controlling for the factors such as FDI, legal system and urbanization level, the study finds that the higher the level of financial development in the regions with higher dependence on external financing for export, the more obvious it is as the degree of trade openness increases. In addition, other Demand-side factors can also promote regional financial development. Therefore, the level of financial development in various regions should be adapted to the characteristics of their economic development so as to effectively realize the basic functions of the financial system in mobilizing savings, allocating funds and diversifying risks, so as to promote the economic development in the region.