金融经济学研究

基于2011—2022年中国280个地级市面板数据，系统识别城市金融能级提升对产业链现代化的影响路径。研究发现，城市金融能级提升能够显著促进产业链在技术升级、结构协调、绿色转型、开放发展与共享保障等方面的现代化进程，但对技术创新和开放自主的推动效应相对有限。机制分析表明，金融能级主要通过降低产业链融资成本约束、促进产业链主体协同创新以及增强金融服务科技创新能力进而加快产业链现代化演进。异质性分析发现，中西部城市和工业型城市对金融能级提升的响应更为显著，且金融结构优化的促进作用普遍强于金融规模扩张和金融效率提升。因此，建议引导金融资源精准投向产业链关键环节和技术瓶颈领域，实施差异化区域金融支持政策，推进金融科技在供应链金融中的深度应用，并通过完善人才流动与协同创新机制，夯实产业链现代化的金融支撑基础。

Based on panel data from 280 prefecture-level cities from 2011 to 2022,this study systematically examined the effects of improving urban financial capacity on industrial chain modernization.The results revealed that improving urban financial capacity significantly facilitated industrial chain modernization through technological upgrades, structural coordination, green transformation, open development, and inclusive security, among others, yet its effects on driving technological innovation and autonomy remained limited.The findings revealed that with an enhanced financial capacity, the financing cost of the industrial chain would be lower, encouraging collaborative innovations among entities and strengthening the technological innovation capability of the financial service sector, thereby expediting the modernization of the industrial chain.The heterogeneity analysis showed that cities in central and western China and industrial cities were more responsive to financial improvements, and the stimulatory effect of financial structural optimization was generally stronger than that of financial scale expansion or efficiency improvement.Therefore, it is suggested that financial resources should be precisely directed at key segments and technology bottlenecks of the industrial chain.Also, the government should launch differentiated regional financial support measures, promote the widespread application of fintech to supply chain finance, and solidify the financial foundation for industrial chain modernization by improving talent mobility and collaborative innovation mechanisms.