西安交通大学学报（社会科学版）2025，Vol.45Issue(1)：86-97,12.DOI:10.15896/j.xjtuskxb.202501007
城市群金融集聚、金融风险与空间溢出边界
Financial Agglomeration,Financial Risk,and Spatial Spillover Boundaries of Urban Clusters
摘要
Abstract
The intensification of financial spatial friction and the increase of unexpected shock factors have placed greater pressure on the goal of"preventing and controlling financial risks while maintaining the bottom line against systemic risks."Traditional financial risk theories ignore geographical factors and do not consider the geographically uneven distribution of financial resources.While the rise of urban agglomerations has enhanced economic ties between cities,it has also exacerbated the spread of financial risks,with financial resources continuously concentrating in a few geographical areas,demonstrating a unique spatial effect of financial risk. This paper utilizes the China City Statistical Yearbook,Wind terminal,and CSMAR database,employing an improved spatial econometric model to identify the impact of financial agglomeration in urban clusters on financial risk.Empirical research findings indicate that financial agglomeration in a single city reduces its own financial risk,while excessive agglomeration exacerbates financial risk,presenting a"U-shaped"effect.Within urban agglomerations,the financial agglomeration of central cities generates financial risk spillover effects to peripheral cities,while spillover effects between peripheral cities are not significant.The risk spillover effect of central cities diminishes with increasing geographical distance,and the attenuation patterns vary among the four types of urban agglomerations.Factors such as the level of functional division,degree of integration,and information transmission efficiency between"central-peripheral"cities help reduce the financial risk of individual cities,but they can also intensify the spillover effect of risks from central to peripheral cities.Financial agglomeration reduces financial risk through the intermediary variable of enhanced financial efficiency. The contributions of this paper are primarily reflected in the following three aspects:first,from the geographical perspective of financial agglomeration in urban clusters,it provides new insights for the study of financial risks,better revealing the transmission and spillover processes of financial risks in the geographical dimension,offering a new research perspective for regional financial risk and new ideas for preventing systemic financial risks.Second,it highlights the uniqueness of central cities and the interactions between central and peripheral cities,conducting an in-depth analysis of the spatial transmission relationships of financial risks between"central-peripheral"cities within urban agglomerations,revealing the"asymmetrical"transmission phenomena and mechanisms of financial risks in geographical contexts.Third,the research method is innovative.The spatial econometric model in this paper incorporates various new spatial weights,exploring empirical methods at the spatial scale of urban agglomerations and measuring the spillover boundaries of financial agglomeration risks in various central cities more accurately. This paper reveals the transmission and spillover phenomena of financial risks in the geographical dimension from the perspective of financial agglomeration in urban clusters,particularly emphasizing the important role of central cities in risk transmission.It provides new perspectives for financial risk management and offers important empirical evidence and decision-making references for preventing financial risks through the development of urban agglomerations and the adjustment of financial geographical layouts.关键词
金融风险/金融集聚/金融地理布局/城市群/中心—外围城市/空间溢出Key words
financial risk/financial agglomeration/financial geographical layout/urban clusters/core-periphery cities/spatial spillover分类
管理科学引用本文复制引用
谢漾,肖冬利,洪正..城市群金融集聚、金融风险与空间溢出边界[J].西安交通大学学报（社会科学版）,2025,45(1):86-97,12.基金项目
国家社会科学基金重点项目(21AJY002) （21AJY002）
中央高校基本科研业务费专项资金项目(XJ2023000302). （XJ2023000302）
