| This dissertation studies the relation between financial agglomeration and regional private economic growth.In China,private economy has been a significant component of national economy and the motivation which promotes the economic growth and marketization,taking important roles in promoting urban & rural economic prosperity,increasing revenues,expanding employment,improving people's lives,optimizing economic structure and boosting economic growth,etc.Private economic growth depends on the financial support.And financial agglomeration has been a trend of modern finance.Referring to a highly concentration of financial industry within a certain area and continuous gathering of financial capital within a certain space,financial agglomeration promotes not only the growth of financial amount but also the optimization of financial structure.As a special industrial aggregation,financial agglomeration not only strengthens the basic functions of finance,but also promotes the efficiency of financial system,and in this way,can the capital amount be increased and the financial environment be improved to provide more financial support for expanding production,researching technology and upgrading management,and in this way be the private economic growth be boosted.On the contrary,private economic growth supports the financial agglomeration with increasing capital,and motivates the financial agglomeration with increasing financing demands.It is valuable to systematically study the relation between financial agglomeration and private economic growth both theoretically and realistically.1.Main contents of the study(1)Theoretical framework of financial agglomeration and private economic growth is constructed.This study clarifies the concepts of financial agglomeration and private economy as well as the related connotation,analyzes the influences of financial agglomeration on private economic growth both within and surrounding the regions with agglomeration effect and spillover effect,and finds the indexes evaluating both financial agglomeration and private economic growth.(2)The present situation and problems of financial agglomeration and private economic growth in China are analyzed statistically.Based on the provincial panel data,this study cumulates the financial agglomeration degree with principle component analysis,analyzes the current situation of private economic growth,and the features of both financial agglomeration and private economic growth,as well as their relativity both in time and space.And based on the statistical data,this study analyzes the problems embedded in financial agglomeration and private economic growth.(3)This dissertation empirically studies the feature of financial agglomeration's influencing the regional private economic growth with Panel Error Correction Model and Threshold Effect Model;And then studies the influences of financial agglomeration on scale and productivity of regional private economy with static and dynamic Spatial Durbin Models respectively.(4)Based on the results of empirical studies,together with the realities of financial industry and private economy,this dissertation designs a synergy mechanism of financial agglomeration's promoting the regional private economic growth,and proposes policy suggestions on promoting the regional private economic growth with financial agglomeration.2.Main conclusions of the study(1)Both financial resources and private economy in China are distributed unbanlanced with a trend of gathering in the eastern area.In the sample period(2004-2014),financial agglomeration in China varies in different areas,i.e.the eastern area enjoys a higher financial agglomeration than the middle and western areas.Private economy in China develops fast,with a growth rate above 10% in each province,but it also varies in different areas.Private economy in the eastern area is stronger than it in the middle or western area,but with smaller growth rate.The regional diverse of private economic growth mainly lies within the three areas instead of among them,and the internal diverse of private economic growth mainly originates from the eastern area.(2)There is a threshold effect in the promotion of financial agglomeration to regional private economic growth.The regression result of Panel Error Correction Model shows financial agglomeration in the eastern area promotes the private economic growth in both long and short terms,and financial agglomeration in the middle or western area has no significant promotion to the private economic growth.The regression result of Panel Threshold Effect Model shows there is a nonlinear relation,i.e.a threshold effect between financial agglomeration and private economic growth.In the middle or western area,financial agglomeration has not got the threshold value,and has no significant effect.(3)Generally,financial agglomeration in China cannot promote the regional private economic scale effectively,and it develops unbalancedly in different areas.The regression results of static and dynamic Spatial Durbin Models show in the eastern area,financial agglomeration has been mature with “trickling-down effect” appearing,and promotes the private economic growth both within and surround the region,in both scale and productivity.In the middle or western area,financial agglomeration is still in the initial stage mainly with “polarization effect”,and it not only cannot promote the scale within the region,but also has a negative effect on the private economic growth in the surrounding regions.It proves the threshold effect previously.(4)Generally,financial agglomeration in China cannot effectively promote the productivity of private economy,and it develops unbalancedly in different areas.Financial agglomeration promotes the productivity of private economy mainly through promoting the technology instead of the management.But the technological progress is based on the management promotion.In the eastern area where the private economy has been mature with a comparatively better management,TFP improvement of private economy mainly originates from the technological progress;in the middle or western area where the private economy develops initially with comparatively poorer management,TFP of private economy has not been promoted;what's more,private enterprises in the western area focus on the expansion of investment scale,while private enterprises in the middle area has transferred the attention to the improvement of management and technology.(5)Promoting the regional private economic growth with financial agglomeration demands the synergy mechanisms in capital providing,risk preventing,financial cooperation and environment optimization.Capital providing mechanism is explained in banking,security and financial lease industries;risk preventing mechanism is explained in insurance industry and informal finance;environment optimization mechanism is explained in fiscal and monetary policies.3.Main views of the study(1)Private economy has become a significant component of Chinese economy,with a huge system,and private economic growth promotes the continuous,rapid and healthy development of national economy,the adjustment and optimization of ownership and industrial structure,as a significant power promoting the private investment and increasing the employment.It is valuable greatly to promote the private economic growth.(2)Financial agglomeration refers to the gathering of financial industry and aggregation of capitals within a certain area.It promotes not only the growth of financial amount,but also the optimization of financial structure.It is a special industrial aggregation,as well as a reflection of financial development.Financial agglomeration has both “agglomeration effect” and “spillover effect”: the former promotes the private economic growth within the region,and the latter restrains at first and then promotes the private economic growth in the surrounding regions with both “polarization effect” and “trickling-down effect”.(3)Financial agglomeration strengthens the resources allocation function of financial industry,to promote the capital accumulation and technological innovation of private enterprises,and in this way private economy is boosted.On the contrary,private economic growth leads to the demand growth of investing and financing,which promotes the financial agglomeration by providing space and motivation.Financial agglomeration and private economic growth depends on and promotes each other.(4)Private economic growth can be expressed in both scale and productivity,and the promotion of financial agglomeration should also be demonstrated in the two aspects.4.Policy suggestions of the study(1)It is necessary to improve the system of financial market,introduce the financial institutes and talents,promote the financial innovation,and optimize the financial environment,to promote the effective gathering of regional financial resources.For the middle and western areas where the financial agglomeration is comparatively poorer,it needs to strengthen the investment invitation with preferential policies both on national and local levels.(2)It is necessary to promote the financial marketization,to allocate the financial resources effectively through market competition.(3)It is necessary to make some policies and establish related institutes,to expand the investment channels and improve the financial environment of private enterprises;it is also required to make some policies to stimulate the development of local private enterprises,and in this way,can the financing capacity of private enterprises be improved.(4)Private enterprises should pay attention to management progress and technological innovation,and transfer to technology based development from investment based development.(5)It is necessary to make an agreement for interregional government cooperation,to allocate the financial resources effectively,and get rid of the financing problems of private enterprises due to the resource contention.It is also required to establish a communication and cooperation mechanism for related industries,to promote the communication of managerial experience and technologies for enterprises,and make some policies to remove the interregional barriers technology spillover.(6)It is necessary to construct a positive interaction between financial agglomeration and private economic growth.In each region,it should break the administrative restraints for financial resources,to provide the necessary capital support for private enterprises;when the regional private economy develops,the market attracts more financial resources,and improve the financial environment again,and in this way,a positive circle is formed. |
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