School of Economics and Management, Nanchang University, Nanchang, China.
School of Finance, Jiangxi Normal University, Nanchang, China.
PLoS One. 2023 Aug 10;18(8):e0289758. doi: 10.1371/journal.pone.0289758. eCollection 2023.
Based on panel data of 108 cities in China's Yangtze River Economic Belt from 2003 to 2019, a multiple mediation model is used in this study to assess the impact and mechanism of financial development on new urbanization. The main conclusions are that financial development can directly promote the improvement of new urbanization and indirectly improve the level of new urbanization by increasing infrastructure investment, optimizing industrial structure, and enhancing human capital. Further, the financial development of middle-upstream cities has a stronger promoting effect on new urbanization. Whereas the financial development of downstream cities mainly promotes the construction of new urbanization through both infrastructure investment and industrial structure optimization, middle-upstream cities rely more solely on infrastructure investment.
基于中国长江经济带 108 个城市 2003 年至 2019 年的面板数据，本研究采用多重中介模型评估了金融发展对新城镇化的影响及其机制。主要结论是，金融发展可以直接促进新城镇化的提高，也可以通过增加基础设施投资、优化产业结构和增强人力资本来间接提高新城镇化水平。此外，中上游城市的金融发展对新城镇化的促进作用更强。而下游城市的金融发展主要通过基础设施投资和产业结构优化来促进新城镇化建设，中上游城市则更依赖于基础设施投资。
