本文基于粤港澳大湾区11个城市2000～2017年面板数据，分别运用静态面板和动态面板模型，研究了粤港澳大湾区金融集聚对城市经济增长的短期及长期影响，结果表明：①金融集聚对经济增长有积极的正向促进作用；②金融集聚与经济增长存在倒U形关系。金融集聚经济增长作用随着集聚水平的不断提高而减弱，当金融集聚超过一定水平后，金融集聚对经济增长产生负向抑制作用，金融集聚并不总能促进经济增长。基于此论，本文对粤港澳大湾区金融集聚发展提出了相关建议。
Based on the panel data of the 11 cities in the Guangdong-Hong Kong-Macao Greater Bay Area from 2000 to 2017，this paper studies the short-term and long-term effects of Guangdong，Hong Kong and Macao financial agglomeration on urban economic growth by using static panel model and dynamic panel model respectively.The results show that：1） financial agglomeration plays a positive role in promoting economic growth； 2） there is an inverted U relationship between financial agglomeration and economic growth.The impact of financial agglomeration on economic growth weakens with the continuous improvement of the level of agglomeration.When it exceeds a certain level，financial agglomeration has a negative inhibitory effect on economic growth，and can not always promote economic growth.Based on this conclusion，this paper puts forward some suggestions for the financial agglomeration development of Guangdong-Hong Kong-Macao Greater Bay Area.
