金融经济学研究

采用熵值—TOPSIS法构建中国经济金融化综合评价指数，利用核密度估计、Dagum基尼系数、收敛模型以及马尔科夫链估计，考察2003—2022年中国经济金融化进程的分布动态、区域差异、收敛态势和状态转移特征。研究发现，中国经济金融化快速增长，三大区域异质性明显，全国和东部区域内差异扩大，中部和西部区域内差异缩小，同时区域间差异拉动作用加大，区域内差异和超变密度影响力稳定。中国经济金融化进程在全国及三大区域呈显著的σ收敛和空间β收敛，并伴随“俱乐部趋同”效应，体现为空间状态转移趋同化。据此，关注经济金融化总体演进布局，统筹金融资源的时空配置，因地制宜实施金融政策，重视区域空间联动作用，为中国经济“去金融化”发展提供新思路。

This study constructed a comprehensive evaluation index of China's economic financialization using the entropy based TOPSIS method.The research examined the distribution dynamics, regional disparities, convergence trends, and state transition characteristics of China's economic financialization process for the period 2003-2022 by applying kernel density estimation, the Dagum Gini coefficient, convergence models, and the Markov chain approach.The results showed the rapid growth of China's economic financialization, with notable heterogeneity observed across three major regions.Differences within the nation as a whole and in the eastern region widened, whereas those in the central and western regions narrowed.Moreover, the disparity among regions exerted a growing pulling effect, whereas within-region differences and the transvariation density maintained stable influences.At the national and regional levels, the process of China's economic financialization demonstrated significant σ-convergence and spatial β-convergence, accompanied by a club convergence phenomenon that reflected convergent spatial state transitions.Accordingly, this study suggests focusing on the overall evolution of economic financialization, coordinating the spatial and temporal allocation of financial resources, and formulating finance-oriented policies tailored to local conditions.Emphasis should be placed on regional spatial linkages to provide new perspectives for the de-financialization and high-quality development of China's economy.