本文以时间为主线，以空间为区位，以金融资本流动为调控手段，以区域
经济发展与经济结构为绩效切入点，通过经济指标的静态存量统计作为金融资
本流动的绩效结果，运用动态流动展开对静态绩效的分析，找出产生和影响绩
效的主要因素，有针对性地运用不同的资本要素流动来调整与实现所要达到的
经济目标，实现区域经济发展方式的转变。
文章指出，跨区域流动的金融资本可分为市场主导的逐利型与政府主导的政
令型两种。市场这只“无形的手”以效率为目标，将金融资本不断地从边际收
益低的区域流向收益高的区域；政府这只“有形的手”以公平为目标，将金融
资本转移到宏观经济调控所需要的区域。经济发展与结构变化实际是政府和市
场这两只手不断博弈的结果。
从经济结构的角度出发，重点分析了全国层次及东、中、西三大区域投资、
消费与净出口的具体结构情况，并对各种结构占比与走势进行了分析。从资本
的逐利、规避风险、实现公平三个方面出发，分析金融资本通过银行信贷、资
本市场、财政转移支付、外国资本和民间资本等几种流通渠道流入到生产领域，
实现从金融体系进入到经济体系的转移过程。
运用机理模型，从理论的角度分析了区域投资的理论拐点和金融资本流动
的动因机理，论述了金融资本对于流入区域储蓄与投资的影响作用，找出了通
过区域间金融资本流动来实现资源优化配置的帕累托最优理论比例，论述了各
区域根据自身比较优势来发展具有优势的产品与产业的定位理论，得出区域间
通过金融资本流动，能够有效地优化资源配置，并实现整体福利绩效的最大化。
在绩效分析方面，（1）运用时间序列的多元线性回归来分析检验对东、中、
西三大区域经济总量（GDP）的影响，得出影响东部区域经济总量的主要因素是
资本形成总额、资本市场融资额和财政转移支付；对中部影响最大的是资本形
成总额、资本市场融资额；对西部影响最大的是资本形成总额，政府财政转移
支付，同时，得出了财政转移支付对于西部的影响存在时滞性，当期的大量金
融资本变相地流向了东部等发达区域。（2）运用面板数据对三大区域的消费绩
效、投资绩效、净出口绩效进行实证检验。得出影响三大结构的主要因素是银
行新增存贷差与政府财政转移支付。银行新增存贷差为负相关，政府财政转移
支付为正相关的实证结论。
根据流动机理及实证分析可知，运用政府和市场有形与无形的博弈组合，
通过调控不同金融资本要素流量和流向，实现新时期区域经济发展方式的转变。
关键词：
金融资本 流动绩效 资本流动 经济发展
Abstract
Research on the Inter-regional Financial
Capital Flow Performance in China
In the modern economic growth, the operation of the economic entity in any
area cannot be apart from the support and participation of the financial capital, which
flows constantly along the reasonable channel in regions as the “blood” of the
economy and achieves its performance function to maximize its own interests and
realize the space allocation of the resource. The 18th national Congress of the
Communist Party of China (CPC) put forward a suggestion that a quick
transformation of the economic development patternis our strategic choice for the
development of our country, which also suggests that economic development should
rely more on domestic demand of consumption and the promote of the resource
conservation as well as economy circulation to accelerate regional harmonious
development. How to realize the change of the economic development pattern has
become a common topic to the economics profession.
This paper uses time-based line, sorts region by space, takes advantage of
financial flow as control means and finds the starting point between regional
economic growth and economic structure. Meanwhile, it takes the static statistics as
the performance of the financial capital flow, and expands the static analysis in the
use of dynamic flow, finally, it finds out the cause and the main factors affecting the
performance, and then makes targeted use of different capital elements flow to adjust
and achieve the economic goals to lead the transformation of the regional economic
development pattern.
It points that cross-regional flow of financial capital can be divided into
market-oriented profit-driven kind and led by the government decree kind. The
market, which is the “invisible hand”, takes efficiency as the goal which means
financial capital flows continuously from the low marginal revenue regions to the
high. The government, which is the “visible hand”, takes fairness as the goal which
means financial capital flows to the place where macroeconomic regulation and
control need. Economic development and structure change are the result of the games
between government and market.
Beginning with the perspective of the economic structure, the paper focuses on
the analysis of the national level and the specific structural conditions of the
investment, consumption and net exports among the eastern, central and western
areas, and then makes analysis of proportion of various structures and trends. Staring
from profit-driven capital, risk aversion and equitable achieving, the paper analyses
how financial capital flowing into sphere of production by bank credit, capital
markets, financial transfer payment, foreign capital and private capital to realize the
transfer process from financial system into economic system.
Using mechanistic models, the paper analyses the theory point of the regional
investment and the reason of the financial capital flow from a theoretical point, makes
proof of financial capital flowing motivation mechanism, discusses the influence of
the financial capital on regional savings and investment, finds out Pareto optimality
theory through interregional flows of financial capital to achieve optimal allocation of
resources, discusses the development of products and industry positioning theory
according to its own comparative advantages of each region, and then concludes that
the flowing of financial capital can optimize the allocation of resources effectively
and maximizes the overall welfare performance.
In the respect of the performance analysis, first, the paper uses time series of
multivariate linear regression to examine the affect on economic output (GDP) in
eastern, central and western region, and concludes that the main factors of the
influence of the eastern region is the total capital formation, capital market financing
and the fiscal transfer payments. For central region, the total capital formation and
capital market financing is the main factor. For western region, total capital formation
and the government fiscal transfer payments is the main factor. The paper concludes
that the impact of government transfer payments in the western has a time lag,
resulting in a large flow of the current financial capital to eastern developed regions
in disguise. Second, using panel data on the performance of consumption, investment
and net export in the three regions as an empirical test, the paper concludes three
main factors that influence the structure, which are the new bank loan and
government fiscal transfer payments. The new bank loan has negative correlation, and
the government fiscal transfer payment has positive correlation.
According to financial capital flow mechanism and Empirical Analysis, using
games between government and market, through adjustment of different financial
capital flow, it can achieve the change of the economic growth model in a new period.
Key words:
Financial capital, capital flow, flowing performance, economic development
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