The impact of financial network centrality on urban financial risks in China
The development of the financial network has broken down geographical and administrative barriers to capital flows,further influencing the level of urban financial risks.This study mapped financial networks based on the headquarters-branch data of financial enterprises in 287 cities from 2011 to 2020.It employed panel fixed-effects regression models,mediation effect models,and so on to empirically test the impact of financial network centrality on China's urban financial risks and mechanism.The research findings are as follows:1)Financial network centrality had a significant inhibitory effect on urban financial risks.Cities with higher network linkages in terms of scale and quality had lower levels of financial risks.2)The results of the mediation effect analysis indicate that financial network centrality could suppress urban financial risks by improving the accessibility of financial talents and the resilience of urban economies.The threshold effect analysis results indicate that the inhibitory effect of financial network centrality on urban financial risks increased with the improvement of digital inclusive finance level and financial technology development level.3)The inhibitory effect of urban financial network centrality on financial risks showed spatial heterogeneity,with a stronger inhibitory effect on core cities and cities in the"optimized upgrading"and"development and growth"city clusters.The benefits that cities in the eastern,central,and western regions gained from financial networks were significantly greater than those in the northeastern region.The research results are expected to provide insights for understanding the transmission mechanism of city-scale financial risks in the context of mobile space and contribute to the systematic risk resistance of China's urban financial system.
万方数据
维普
