金融发展水平对城乡融合的影响研究
——基于珠江-西江经济带11个市的实证
研究生姓名：余灏
导师姓名：张海丰
学科：金融专硕
研究方向：区域金融理论与实务
年级：2020级
中文摘要
城乡融合发展是中国特色社会主义发展过程中的题中应有之义，也是当前中国发
展需要重点关注的议题，促进城乡融合不仅能够解决发展不平衡不充分的问题，还能
实现从脱贫攻坚到实现乡村振兴有机衔接，从而促进中国经济可持续发展。由于珠江-
西江经济带跨省区，跨东西部的特点，对珠江-西江经济带的研究非常具有代表性，对
此进行研究可以做到以点扩面为其他城市提供参考价值，所以本文选取了珠江-西江经
济带沿线城市，分析金融发展水平对其城乡融合的影响作用。关于珠江-西江经济带城
乡融合发展水平的综合测度，本文在理论分析的基础上，根据城乡融合的以往的研究
成果，建立了城乡融合发展水平综合评价指标体系并采用熵值法计算出 2011-2019各
个城市的得分情况，发现整体上各城市城乡融合水平保持稳定，表明我国城乡融合取
得了一定的成效，避免了城市发展过程中造成的城乡发展差距过大，但是广州、佛山
的得分水平明显高于其他城市，说明在城乡融合水平上，也明显存在城市发展差异。
本文将金融发展水平分为传统金融发展水平和数字普惠金融，中介变量选取了消
费水平与城乡居民收入差异；分别进行了金融发展水平对城乡融合的直接和间接影响
的实证分析，结果表明金融发展水平对城乡融合有显著的正向促进关系，且数字普惠
金融通过减少城乡收入差距、扩大消费水平的中介效应促进城乡融合，但是传统金融
发展水平则是起到了直接作用，并不能通过本文提到的两个中介变量去影响城乡融合
发展。
在此基础上，提出了政策建议：一是加强基础设施的建设，以及完善人才的建设
与储备。二是完善信用环境，实现金融持续发展所必需的要素，三是激励金融产品对
农村地区的创新，促进金融深度发展。四是重视数字金融通过减少城乡收入差距、扩
大消费水平的中介效应促进城乡融合，这不仅能够实现城乡融合发展，还能够实现社
会的公平，六是健全差异化的金融和监管政策，在守住不发生系统性风险底线的同时
激发市场活力，更好促进城乡融合发展，经济可持续发展。
关键词：珠江-西江经济带；金融发展水平；城乡融合；中介效应
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Research on the influence of financial development level on
urban-rural integration——Based on the empirical study of 11
cities in the Pearl River-Xijiang Economic Zone
Graduate student:Yu Hao
Supervisor:Zhang Haifeng
Major：Finance
Research direction: Theory and practice of Regional Finance
Grate:2020
Abstract
The integrated development of urban and rural areas is the proper meaning in the
development process of socialism with Chinese characteristics, and it is also an issue that
needs to be paid attention to in the current development of China. Promoting urban-rural
integration can not only solve the problem of unbalanced and insufficient development, but
also realize the transition from poverty alleviation to poverty alleviation. Realize the organic
connection of rural revitalization, thereby promoting the sustainable development of China's
economy. Due to the characteristics of the Pearl River-Xijiang Economic Belt spanning across
provinces and across the east and west, the research on the Pearl River-Xijiang Economic Belt
is very representative. The research on this can provide reference value for other cities by
expanding the area. Therefore, this paper selects This paper studies the cities along the Pearl
River-Xijiang Economic Belt, and analyzes the influence of the level of financial
development on their urban-rural integration. Regarding the comprehensive measurement of
the development level of urban-rural integration in the Pearl River-Xijiang Economic Belt, on
the basis of theoretical analysis and the previous research results of urban-rural integration,
this paper establishes a comprehensive evaluation index system for the development level of
urban-rural integration and uses the entropy method to calculate the 2011- The score of each
city in 2019 shows that the overall level of urban-rural integration of each city has remained
stable, indicating that my country's urban-rural integration has achieved certain results,
avoiding the excessive urban-rural development gap caused by the process of urban
development, but Guangzhou and Foshan have obvious scores. It is higher than other cities,
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indicating that there are also obvious differences in urban development in the level of urban-
rural integration.
This paper divides the level of financial development into traditional financial
development and digital inclusive finance. The intermediary variable selects the consumption
level and the income difference between urban and rural residents. The empirical analysis of
the direct and indirect effects of financial development on urban-rural integration is carried
out. The results show that There is a significant positive relationship between the level of
financial development and urban-rural integration, and digital inclusive finance promotes
urban-rural integration by reducing the urban-rural income gap and expanding the
intermediary effect of consumption levels. However, the level of traditional financial
development plays a direct role and cannot be The two mediating variables mentioned in this
paper affect the development of urban-rural integration.
On this basis, policy recommendations are put forward: First, we must fully understand
national policies, seek truth from facts, and formulate policies that meet our own development
needs in light of local conditions. The second is to strengthen the construction of
infrastructure, and improve the construction and reserve of talents. The third is to improve the
credit environment and realize the elements necessary for the sustainable development of
finance. The fourth is to encourage the innovation of financial products in rural areas and
promote the in-depth development of finance. Fifth, attach importance to digital finance to
promote urban-rural integration by reducing the urban-rural income gap and expanding the
intermediary effect of consumption levels, which can not only achieve urban-rural integrated
development, but also achieve social fairness. Sixth, improve differentiated financial and
regulatory policies. When the bottom line of systemic risk occurs, the market vitality will be
stimulated, and the integrated development of urban and rural areas will be better promoted,
and the economy will develop sustainably.
Key words: Pearl River -Xijiang economic belt; Financial development level; Urban
rural integration; Intermediary effect
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