金融开放对实体经济和虚拟经济协调发展的影响

Impact of Financial Openness on the Coordinated Development of the Real Economy and Virtual Economy

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摘要从国家和省级层面行业测算出实体经济整体及各行业与虚拟经济整体及行业耦合协调度值,使用时间序列、国家和省级层面行业面板数据,分别考察金融开放对两类经济耦合协调度值的影响。研究结果发现,金融开放对两类经济协调发展具有显著正向促进作用,但作用大小具有倒U形特征,样本期间这种促进作用处于倒U形较高位置;金融开放对实体经济不同行业与虚拟经济协调发展的影响具有显著的行业和地区差异性,其中对工业与虚拟经济协调发展的影响最小,金融开放度处于中间的地区影响效应最大。另外,相对资本流出,资本流入对两类经济协调发展的正向影响更大。进一步扩大金融开放有利于实体经济和虚拟经济更好地协调发展,但该作用伴随金融开放扩大呈减弱态势。 This study calculated the coupling coordination degree between real economy(as a whole and its industries)and virtual economy(as a whole and its industries)from national-and provincial-level industries.Then,the impact of financial openness on the coupling coordination degree between real and virtual economy was separately examined according to the time-series panel data of national-and provincial-level industries.The results found that financial openness had a significant positive effect on the coordinated development of these two types of economies,but this effect exhibited an inverted U-shaped characteristic.During the sample period,this positive effect was at a higher position in the inverted U shape;the impact of financial openness on the coordinated development of different industries in the real and virtual economy varied greatly with industries and regions.In particular,the impact on the coordinated development of the manufacturing industry and the virtual economy was the smallest,and the impact was the largest in regions with a middle level of financial openness.Additionally,compared with capital outflow,capital inflow had a greater positive impact on the coordinated development of these two types of economies.Further expansion of financial openness facilitated the coordinated development of the real and virtual economy,but this role weakened as financial openness expanded.Therefore,introducing more capital into the real economy and regions with low financial openness is conducive to the coordinated development of the real and virtual economy.

作者袁申国刘兰凤 Yuan Shenguo;Liu Lanfeng

机构地区广州大学经济与统计学院广东外语外贸大学南国商学院

出处《金融经济学研究》北大核心 2025年第1期124-143,共20页 Financial Economics Research

基金教育部人文社会科学研究规划基金项目(22YJA790036)。

关键词金融开放实体经济虚拟经济协调发展 financial openness real economy virtual economy coordinated development

分类号 F832.0 [经济管理—金融学]

作者简介袁申国,经济学博士,广州大学经济与统计学院教授,研究方向为宏观经济与金融开放;通讯作者:刘兰凤,金融学博士,广东外语外贸大学南国商学院教授,研究方向为金融统计、金融开放与国际贸易,liulanfeng1975@126.com。