Problems And Empirical Research On Regional Financial Industrial Capital Agglomeration Gap

The study is about the problems and empirical research on regional financial industrial capital Agglomeration gap. The study is the regional financial concentration of industrial capital theory framework which based upon depth study of China's financial industry capital agglomeration and development history, learns from absorb domestic and foreign scholars on the basis of the results of theoretical studies of the financial industry, financial capital, financial development and balanced growth. This study has further revealed the causes and the effects of the regional financial industry capital agglomeration gap by use a combination of comprehensive research, including of theoretical analysis and empirical analysis, systems analysis and comparative analysis, dynamic analysis and static analysis. And then deeply explore the idea, pattern, guiding ideas, mechanisms, strategies and supporting policy framework of capital gathering the balanced development of regional financial industry.1. The main conclusions of the study(1) The characteristics of China's regional capital agglomeration of the financial industry are very significant. First, the degree of the regional financial industry capital agglomeration and the degree of the regional economic and social level of development are positively correlated. Second, the degree of the gather of regional financial industry capital positively correlated with the development of the regional financial industry. Third, the extent of the regional financial industry of capital agglomeration highlights the gap due to a variety of different conditions just like economic social financial. Fourth, the scarcity of capital and homogeneity of the regional financial industry caused the existence of capital gathering competitive landscape. Fifth, the capital elements composed of a gathering of financial industry capital showing the same gathering morphology and agglomeration characteristics.(2) The gap between the regional financial industry capital agglomerations is apparent. The gap mainly showed as the main elements of the capital of the regional financial industry, which including the banking industry capital, the securities industry capital, the insurance industry capital and the trust estate capital have a significantly agglomeration gap. Elements in the accumulation of the gap vary between regions in the financial industry capital, and the capital of the banking industry, securities industry capital, the insurance industry, the accumulation of capital and trust estate capital advantages for the development of differentiated regional, and those have a great significance to the diversity of the development of regional finance industry of the accumulation form.(3) The diversification of the reason leads to the regional financial industry capital gathering for the gap. The diversification is caused by regional real economic strength, the supply of talent level, regional level of opening up and macro policy tilt. Regional economic entity is the basic of the fundamental financial industrial capital gathering, as well as the core of its services. Regional human capital stock and incremental is the human infrastructure of financial industrial capital agglomeration, as well as the operational basis of the gathering. The level of regional opening up is the space conditions and environmental factors of the financial industrial capital concentration. Regional macro-policy tilt is the momentum conditions and the government thrust of the financial industry capital gathering.(4) The regional financial industry capital combined effect of feedback mechanisms and forced mechanism. As an imbalance of financial and economic growth patterns, the existence of regional financial industrial capital concentration gap impact to the economic development of the macro-level entity, through the conductive effect of the financial impact of economic, thereby affecting the level of micro-level income and consumption capacity.(5) We must consider the operating mechanism of the mechanism, the induction mechanism, risk mechanisms, and regulatory mechanisms in the design of the regional financial industry capital gathered equalization mechanism. The operating mechanism of the regional financial industry capital gathered counterbalancing focuses on the regional breakthrough for poor resource endowment resource constraints; the induction mechanism focus on break the constraints of regional policies and systems software environment; the risk mechanism focuses on the supply of clear government fiscal and financial risks and market financial industrial capital speculative risk; the regulatory mechanism focuses on the two monitoring mechanisms established for risk mechanism.(6)In order to achieve the regional financial industry capital gathered a balanced state, we must avoid vicious competition state industry caused by the isomorphic construction industry to ensure the sound development of the regional industrial health industry. We should allocate government fiscal and financial resources to the area of hardware resource endowments rationally to eliminate the low efficiency of the allocation of capital market finance industry. We need to eliminate the regional soft resource constraints, and also need to eliminate the bottleneck of flexible policies and systems environment. And proposed a strategy which aims to promote regional financial industry capital gathered equalization from the aspects of industrial development strategy, resource allocation strategy, human capital strategies, institutional innovation strategy and opening up strategy.2. The most important points(1) The regional financial industry capital gathering is the dynamic movement in time and space which comes after the capital of the financial industry developed to a certain stage by the natural way and the Government promotion, and this movement has a different strength and a more clear direction, thus forming a gathering type of state and results. The circular motion of the regional financial industry capital gathering not only a financial and industrial capital, but also the economic development of a service entity and is subject to economic laws governing the operation of the real economy constraints.(2) The regional finance industrial capital concentration to follow the evolution track of the market, the spontaneous formation of the government's most powerful drive or the mixing of market and government. The regional capital of the financial industry gathering will contribute to the region to follow the development trend of the regional financial center-a national financial center-the world financial center. Regional financial industrial capital concentration necessary to attach importance to both the invisible hand-market the spontaneous formation of scale, externalities and information superiority, and the visible hand-the Government's guidance, with co-ordination and services.(3) The nature of the regional financial industry within the capital agglomeration determines the gap in the region, the existence of the gap is interwoven by a variety of conditions, including the concentrated expression of the real economic strength, the degree of external regional development, human capital supply as well as macroeconomic policy tilting. To accelerate regional financial industry capital agglomeration should give priority to the development of the real economy, the expansion of regional openness; enhance the people's education level and talent of its efforts to bring macroeconomic policy; and to give preferential policies and item tilt to financial industry, financial professionals, financial institutions and financial operation.(4) The regional financial industrial capital concentration gap has feedback to its causes and Forced mechanism, and impact the real economic growth on the macro level, and micro-level income and consumption. Economic development, regional income and regional consumption highlight the relatively high level at the area of high degree of financial industrial capital agglomeration. Promote the regional financial industry capital agglomeration is an effective means of stimulating regional economic growth, promoting regional revenue to improve and vigorously promote the development of domestic economy. And all of the balanced growth of regional economic, the coordination development of regional financial and economic, financial services, quasi-public property and the equalization of basic public services have promoted urgent needs to the capital of the regional financial industry gathering equalization.(5) Based on the balanced development of regional economy and regional equalization of basic services, I have put forward new ideas to promote regional financial industrial capital equalization, and this need to set a reasonable equalization modes and mechanisms as the realization of the path. To determine position of the regional financial industry capital gathered equalization among exogenous absolute equilibrium model, exogenous relative equilibrium model, endogenous absolute equilibrium model and endogenous relative equilibrium model. To design a balanced mechanism of running, induction, risk and regulatory; to implement multiple strategies including industrial development, resource allocation, human capital, institutional innovation and opening-up; to get the support of the government's three control policies which including fiscal, financial and industrial; and then to achieve the balanced development of the regional financial industry capital aggregation.3. Policy recommendations(1) A fiscal policy of the regional financial industry capital gathered up in balance. To improve regional rigid resources, you can take the financial transfer payment, financial subsidies, issue local government bonds, financial stake in a specific industry development fund; financial subsidies to education public goods can be taken to improve the regional soft resources, financial subsidies for specific qualified personnel needed allowances, private educational institutions, financial and tax relief, private educational institutions, school site land for construction costs for financial compensation; in relieving soft environmental constraints to improve the system of regional policy, you can use the tax credits, the period of tax exemption policies to improve market financial industrial capital into the region, regional product export subsidies, export tax rebates, to reduce the import tariff quota and other initiatives to promote regional market import and export activity, the level of opening to expand the regional market, to reduce local protectionism.(2) A monetary policy of the regional financial industry capital gathered in balance. In improving the regional hard resources, monetary policy can take a policy-oriented financial investment, social capital shares, government financial guarantees, policy-oriented financial investment securities and other policy approaches; improving regional soft resources, you can take a policy-oriented financial direct investment in the education of the construction of public goods, the credit interest rate concessions on private educational institutions, policy-oriented financial stake in public education fund, etc.; can be used in soft environmental constraints to improve the system of regional policy, financial and credit incentives, direct credit control policy, the private capital industry, investment quota policies and measures to reduce capital investment costs of the financial industry, to improve the enthusiasm of the market financial industrial capital into the region, the regional import and export trade, the use of government import and export credit guarantee credit, product import and export credit interest rate concessions to improve the import and export credit lines, extending Import and Export credit quota period and other initiatives to promote the regional market, import and export activity, and wider opening to the outside world.(3) An industrial policy of the regional financial industry capital gathered in balance. In the operating mechanism, the region in the elimination of the soft resource constraints and hard resource constraints, combined with resources in the region improved, use the policy of industrial organization and industrial regional layout policy, and market financial industry capital to cultivate regional to foster industry incubators industry. Regulatory mechanism for the regional industry is isomorphic to risk issues, industrial planning policies in order to change the orientation of the financial industry capital investment, low allocate efficiency of financial capital to transfer to other industries, in order to optimize the financial allocation of capital; for regional industrial bubble risk with the Regional foam industry barriers to policy, increase the cost of speculative capital into the region foam industry, combined with the diversion market and financial capital of the regional industrial structure policy by the speculative inclinations of investment changes.(4) The matching policies to promote regional financial industry capital gathered in balance. First, you need to relieve the rigid constraints of regional economic development resource constraints and soft resource constraints. Second, we need to reduce the environmental constraints of the regional system policy. Third, after the elimination of soft resource constraints and hard resource constraints, can be combined with resources in the region improved, the use of the policy of industrial organization and industrial regional layout policy, closely linked to the characteristics of regional climate resources and the natural environment through the development of industrial incubators, such as agriculture, tourism industry and other special industries and market financial industrial capital to cultivate regional leading industries.4. The main innovation of the study(1) The framework of the causes and impact of the regional financial industry capital gathered gap is built. The research framework of the system include:basic theoretical analysis of the regional financial industry capital agglomeration; regional financial industry capital-gathering system changes; very measure of the performance of the regional financial industry capital agglomeration gap; regional financial industry capital agglomeration gap formation of the theoretical and empirical analysis of the causes of; the performance of the regional financial industry capital agglomeration gap effect and empirical research; content, pattern and mechanism design of the regional financial industrial capital concentration equalization; promote regional financial industrial capital concentration equalization mode choice and policy design.(2) Comprehensive Discrimination of the relationship between the financial industry, capital concentration and balanced growth of the regional financial industry capital is come out to gather the concept of balanced development. Although the industrial clustering has a long history, but the concept of the financial industry is only10years of history, the financial industry capital gathering is something new in recent years to gather the financial and industrial capital as a research object to explore its relation to regional economic and financial balanced growth is the proposed research topic. In view of this idea, the subject of the regional financial industry capital gathered the idea of balanced development, not only its meaning, characteristics, patterns, mechanisms and strategies in-depth exploration.(3) In-depth analysis of the relationship between virtual economy and real economy, the relationship between financial and real economy, the financial industry and other industries, financial capital and physical capital is done, capital agglomeration balanced development of regional financial industry model. Clear the real economy-based, supplemented by the overall financial and economic model of economic development, and establish the path to the coordinated development of financial and economic, financial industry and of Economy, Trade and Industry, and formed a balanced gathering of financial industry capital model compatible with the real economy, highlighted as exogenous absolute equilibrium model, the exogenous relative equilibrium model with endogenous absolute equilibrium model, endogenous relative equilibrium model.(4) Concerning research methodology, a variety of research methods are used interestedly and innovatively. Integrated use of static analysis and dynamic analysis, system analysis and comparative analysis of the combination, a combination of research methods of theoretical analysis and empirical analysis are used. Innovative attempt to use time series and panel data econometric methods to build the elastic model, VAR model, cluster analysis, a variety of models, sample data capacity, variable indicators measure and model the design of the expansion, especially in selected clustering index, the composite indicator and single indicator combining indicators group, making the data more detailed, the model more rigorous, measuring more scientific, conclusions more reliable.