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Journals >Geographical Research >Volume 39 >Issue 10 >Page 2345 > Article

Geographical Research
Vol. 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

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DOI: 10.11821/dlyj020190267 Cite this Article

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

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

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

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

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

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

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

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

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	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 1. Description of variables

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

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

	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

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

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

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