Researching | Financial markets and regional industrial evolution

Geographical Research, Volume. 39, Issue 10, 2345(2020)

Financial markets and regional industrial evolution

Bofei YANG and Shengjun ZHU^*

Author Affiliations

Department of Urban and Regional Planning, Peking University, Beijing 100871, China

show less

Abstract Get PDF(in Chinese)

Figures&Tables (9)

References (36)

Paper Information

Figures & Tables(9)

Fig. 1. The development of credit market in China (2003-2015)

Download full size

View in Article

Fig. 2. The development of equity market in China (2003-2015)

Download full size

View in Article

Fig. 3. The development of credit market in Chinese cities (2003, 2008, 2015)

Download full size

View in Article

Fig. 4. The development of equity market in Chinese cities (2003, 2008, 2015)

Download full size

View in Article

Fig. 5. The share of emerging industries in Chinese cities (2004, 2009, 2016)

Download full size

View in Article

Table 1. Description of variables

View in Article

Table 1. Description of variables

	Density	Credit	Equity	RC_Credit	RC_Equity	SOE	Eco	HumC	Pop	Mean	Std
Density	1									0.096	0.082
Credit	0.29^***	1								0.999	0.588
Equity	0.01^***	0.04^***	1							0.009	0.069
RC_Credit	-0.12^***	0.58^***	-0.01^***	1						1.804	0.594
RC_Equity	0.38^***	0.46^***	0.15^***	0.06^***	1					0.005	0.012
SOE	0.15^***	0.13^***	0.04^***	-0.01^***	0.21^***	1				0.029	0.155
Eco	0.34^***	0.23^***	0.01^***	0.08^***	0.36^***	0.04^***	1			39005.6	31516.0
HumC	0.36^***	0.56^***	0.05^***	0.08^***	0.48^***	0.17^***	0.31^***	1		118228.5	175174.7
Pop	0.23^***	0.14^***	0.02^***	-0.06^***	0.32^***	0.08^***	-0.04^***	0.49^***	1	507.38	359.33

Table 2. Impact of financial markets on the evolution of manufacturing industries (2004-2016)

View in Article

Table 2. Impact of financial markets on the evolution of manufacturing industries (2004-2016)

	模型1	模型2	模型3	模型4	模型5
Density	2.777^***	2.882^***	3.071^***	2.987^***	1.193^***
Credit		0.071^***		0.068^***
Equity		3.086^***		4.052^***
RC_Credit			0.135^***		0.028^***
RC_Equity			-5.037^***		-10.377^***
Credit $\times$ Density				0.415^***
Equity $\times$ Density				-40.521^***
RC_Credit $\times$ Density					0.906^***
RC_Equity $\times$ Density					35.413^***
SOE	0.046^***	-0.011	0.156^***	0.063^***	0.156^***
Eco	-5.102e-07^***	-5.340e-07^***	-5.561e-07^***	-8.922e-08	-4.832e-07^***
HumC	2.238e-07^***	1.977e-08	3.114e-07^***	2.653e-08	3.143e-07^***
Pop	-0.00013418^***	-0.00011851^***	-0.0001^***	-0.00004024^***	-0.00012485^***
Con	-1.308^***	-1.416^***	-1.5620281^***	-1.506^***	-1.350^***
N	582565	582425	567003	582425	567003
R	0.03	0.06	0.03	0.06	0.04
Log likelihood	-240562.88	-233908.44	-232217.24	-232396.6	-231949.46
Chi	14421.74	27570.92	16701.58	30594.59	17237.13

Table 3. Impact of financial markets on the evolution of local industries (2004-2008, 2009-2016)

View in Article

Table 3. Impact of financial markets on the evolution of local industries (2004-2008, 2009-2016)

	2004—2008年						2009—2016年
	模型1	模型2	模型3	模型4	模型5		模型6	模型7	模型8	模型9	模型10
Density	1.765^***	1.871^***	1.925^***	2.671^***	-0.399^*		3.585^***	3.724^***	3.816^***	3.924^***	3.087^***
Credit		0.136^***		0.225^***				0.025^***		0.046^***
Equity		3.181^***		3.895^***				3.223^***		4.356^***
RC_Credit			0.107^***		-0.027				0.118^***		0.089^***
RC_Equity			-2.053^**		-7.013^***				-2.760^***		-10.039^***
Credit $\times$ Density				-0.232^**						0.156^***
Equity $\times$ Density				-32.735^***						-32.962^***
RC_Credit $\times$ Density					1.301^***						0.218^***
RC_Equity $\times$ Density					33.505^***						51.518^***
SOE	0.025	-0.043^*	0.091^***	-0.006	0.082^***		0.166^***	0.120^***	0.273^***	0.189^***	0.269^***
Eco	-4.56e-06^***	-4.27e-06^***	-3.72e-06^***	-2.88e-06^***	-0.000^***		-1.41e-06^***	-1.58e-06^***	-1.34e-06^***	-1.05e-06^***	-1.27e-06^***
HumC	3.49e-07^***	-5.2e-08	4.639e-07^***	-3.11e-06^***	-3.86e-06^***		2.29e-07^***	1.26e-07^***	2.54e-07^***	1.12e-07^***	2.32e-07^***
Pop	-0.0001^***	-0.00004^***	-0.00004^*	-1.6E-08	4.968e-07^***		-0.0002^***	-0.0002^***	-0.0002^***	-0.0001^***	-0.0002^***
Con	-1.212^***	-1.380^***	-1.432^***	1.56E-05	-0.0000375^*		-1.312^***	-1.370^***	-1.534^***	-1.476^***	-1.448^***
N	191639	191499	185607	191499	191639		390926	390926	381396	390926	381396
R	0.01	0.05	0.02	0.06	0.02		0.04	0.06	0.05	0.07	0.05
Log likelihood	-73708.6	-70634.9	-71325.8	-70098.2	-71233.4		-165592	-161941	-160024	-161371	-159919
Chi	1914.3	7897.81	2414.39	8971.1	2599.35		14143.46	21445.28	15265.38	22856.29	15474.03

Table 4. Impact of financial markets on the evolution of local industries in eastern, central, and western China (2004-2016)

View in Article

Table 4. Impact of financial markets on the evolution of local industries in eastern, central, and western China (2004-2016)

	东部			中部			西部
	模型1	模型2		模型3	模型4		模型5	模型6
Density	4.546^***	3.271^***		1.559^***	3.218^***		4.310^***	-0.026
Credit	0.121^***			0.041^**			0.254^***
Equity	4.065^***			12.091^***			4.266^***
RC_Credit		0.108^***			0.261^***			-0.077^***
RC_Equity		-4.012^***			-6.895^**			18.712^***
Credit $\times$ Density	0.248^***			0.477^***			0.153
Equity $\times$ Density	-37.078^***			10.698			0.785
RC_Credit $\times$ Density		0.361^***			-1.211^***			1.789^***
RC_Equity $\times$ Density		-3.471			114.496^***			76.216^***
SOE	-0.131^***	-0.050^**		0.276^***	0.301^***		0.354^***	0.424^***
Eco	-7.2e-08	-4.00e-07^***		0.276^***	1.32e-06^***		3.75e-07	-0.000
HumC	2.722e-07^***	4.48e-07^***		2.26e-06^***	-5.26e-07^***		-6.826e-07^***	-2.109e-07^***
Pop	-2e-05	-0.000062^***		-7.95e-07^***	-0.0001^***		3.1e-07	-0.00051462^***
Con	-1.805^***	-1.776^***		-1.246^***	-1.449^***		-1.765^***	-1.116^***
N	345270	333956		167942	167942		69213	65105
R	0.07	0.06		0.06	0.01		0.12	0.09
Log likelihood	-131173	-128018		-71915.7	-75217.7		-26226	-25513.4
Chi	20499.8	15913.98		8622.04	2018		7038.18	5045.06

Tools

Get Citation

Copy Citation Text

Bofei YANG, Shengjun ZHU. Financial markets and regional industrial evolution[J]. Geographical Research, 2020, 39(10): 2345

Download Citation

EndNote(RIS)BibTex Plain Text

Set citation alerts for article

Save article for my favorites

Paper Information

Category:

Received: Apr. 10, 2019

Accepted: --

Published Online: Apr. 23, 2021

The Author Email: ZHU Shengjun (zhus@pku.edu.cn)

DOI:10.11821/dlyj020190267

Topics

Resource Economy

Research Articles