Research On The Spatial Spillover Effect Of Financial Agglomeration In The Bohai Rim Economic Circle On Regional Economic Growth

At present,the financial industry in the Bohai Rim Economic Circle is developing rapidly and the role of finance in economic growth is becoming increasingly apparent.However,the internal economic development of the Bohai Rim Economic Circle and the development of the financial industry are significantly different.Promoting role and ensuring the sustainable and healthy development of the future economy are the key strategic issues that need to be solved urgently in the Bohai Rim Economic Circle.Therefore,around this background,this paper selects the spatial panel data of 44 cities in the Bohai Rim Economic Circle from 2003 to 2018 to study the spatial spillover effect of financial agglomeration of the Bohai Rim Economic Circle on regional economic growth from the perspective of geographical space.First,this paper sorts out relevant domestic and foreign literature and cutting-edge theories,analyzes the economic development of the Bohai Rim Economic Circle and the current development of the financial industry,and uses location entropy to measure the degree of financial agglomeration in cities in the Bohai Rim Economic Circle.The results show that:(1)Although the overall economic growth of the Bohai Rim Economic Circle and the development of the financial industry have shown an upward trend,there is an inter-regional imbalance.The level of economic growth and financial agglomeration in coastal areas is higher than inland areas and provincial capital cities.The level of economic growth and financial agglomeration is higher than the surrounding areas of the provincial capital;(2)Through the global autocorrelation test and local autocorrelation test on the financial agglomeration level of the Bohai Rim Economic Circle,it is found that there is a significant financial agglomeration in the Bohai Rim Economic Circle Positive spatial correlation,and showing an increasing trend,the three major financial clusters in the Beijing-Tianjin-Tangshan region,the Liaodong Peninsula region,and the Jiaodong Peninsula region have gradually formed in the Bohai Rim Economic Circle.Then,a spatial Dubin model is constructed to analyze and study the spatial spillover effects of financial agglomeration on the economic growth of the Bohai Rim Economic Circle and the main impact paths.The study finds that:(1)The current stage of financial agglomeration in the Bohai Rim Economic Circle promotes economic growth,and its impact on regional economic growth is stronger than that on neighboring regions;(2)The expansion of financial scale and financial efficiency Promotion can promote the economic growth of the region and neighboring regions.This promotion effect is more obvious inthis region.The improvement of financial efficiency has a stronger impact on economic growth than the expansion of financial scale on economic growth;(3)Finance the path of the spillover effect of agglomeration on economic growth is mainly divided into two paths:financial scale and financial efficiency.Financial agglomeration has a role in promoting economic growth in this region and neighboring regions through these two paths.Financial agglomeration promotes the expansion of financial scale through The impact of economic growth is weaker than the impact of financial agglomeration on economic growth by promoting the improvement of financial efficiency.Finally,based on the empirical results,the main conclusions of this article are summarized,combined with the current economic and financial development status of the Bohai Rim Economic Circle,and policy recommendations to promote coordinated financial development of the Bohai Rim Economic Circle are proposed to narrow the regional economic and financial development differences and promote environmental protection.The high-quality economic development of the Bohai Economic Circle.