金融监管强度如何影响区域产业升级？

How Does Financial Regulatory Intensity Affect Regional Industrial Upgrading?

摘要: 本文基于中国地级市面板数据，构建金融监管强度指数，实证检验金融监管强度对区域产业升级的影响，并进一步考察绿色经济效率的机制作用。研究发现：第一，金融监管强度提升显著促进区域产业升级；第二，金融监管强度对绿色经济效率存在负向影响，表明绿色经济效率在金融监管促进产业升级过程中存在一定融资约束效应；第三，金融监管效应存在异质性，在中西部地区、高行政等级城市作用更为明显。本文结论对完善金融监管体系、提高金融服务实体经济能力和推动区域发展具有政策参考价值。

Abstract: Based on panel data of prefecture-level cities in China, this paper constructs a financial regulatory intensity index and empirically examines the impact of financial regulatory intensity on regional industrial upgrading, further investigating the mechanism role of green economic efficiency. The findings are as follows: First, an increase in financial regulatory intensity significantly promotes regional industrial upgrading. Second, financial regulatory intensity has a negative effect on green economic efficiency, indicating that green economic efficiency exerts a certain financing constraint effect in the process of financial regulation promoting industrial upgrading. Third, the effects of financial regulation exhibit heterogeneity, being more pronounced in the central and western regions, cities with higher administrative ranks, and areas with higher government intervention. The conclusions of this paper provide policy implications for improving the financial regulatory system, enhancing the ability of financial services to support the real economy, and promoting high-quality regional development.