金融供给侧改革背景下融资租赁空间集聚的创新效应研究 ——基于空间杜宾模型的实证分析

融资租赁是金融供给侧的重要组成部分，也是服务实体经济的重要途径；其行业发展呈现：高速增长但发展水平较低，区域极度不平衡的同时向特定地区集聚。基于2007-2017年省际面板数据，采用空间杜宾模型来考察融资租赁与创新之间的关系，结果显示：融资租赁存在空间集聚与溢出效应，并且随着交易规模的扩大对本地区和周边地区的创新产出均有明显的正向促进作用。低集聚区域促进效应不显著，而高聚集区域具有显著性，说明空间集聚是创新效应显著性发生的重要原因，这是理解“融资租赁—创新”效应显著发生的关键。进一步地，对高集聚区域的Marshall和Willianson效应检验发现，Willianson拐点已出现，意味着融资租赁发生了过度集聚。鉴于此，在低聚集区域，应坚持引导租赁企业空间集聚策略；而在高集聚地区，需要构建金融、信息、信用和人力资本的有机生态系统，充分挖掘融资租赁的集聚效应以延缓Ｗillianson拐点。

The Innovation Effect of Financial Leasing Space Agglomeration in the Background of Financial Supply Side Reform---An Empirical Analysis of Provincial Panel Data Based on Spatial Dubin Model

Financial leasing is an important part of the financial supply,it is also an important way to serve the real economy .The development of financial leasing in China presents typical characteristics: high-speed growth but still at a low level of development, and the region is extremely unbalanced. Using the panel data of provinces and cities from 2007 to 2017, the spatial Dubin model is used to examine the relationship between financial leasing and innovation. Result shows that: There is spatial agglomeration and spillover effect of financial leasing, and with the expansion of transaction scale, it has a positive positive effect on the innovation output of the region and surrounding areas. In the high-growth area of financial leasing, the relationship is more obvious; while in the low-aggregation area, this promotion effect disappears, indicating that spatial agglomeration is an important reason for promoting the significant effect. Further, Marshall and Willianson effects in the high-aggregation area is analyzed, Willianson point has emerged, which means that there is some degree of excessive agglomeration of the financial leasing. In view of this, policy should guide the transition from low to high aggregation in low-aggregation area, meanwhile in high-aggregation regions, an organic ecosystem needs to be formed which including of financial, information, credit and human capital. So that the agglomeration effect of financial leasing will be fully excavated which can delay Willianson turning point.