Research On The Financial Capital Flow In Beijing-Tianjin-Hebei Area Under The Background Of Regional Industrial Integration

In 2014,the coordinated development of Beijing,Tianjin,and Hebei was promoted as an important national development strategy.The efficient operation of finance is the basis for the economic coordinated development in the area of Beijing,Tianjin and Hebei.The flow of financial capital is a prerequisite for ensuring the efficient operation of finance.In theory,the essence of capital free flow is to pursue interests.Capital flows from regions with lower marginal output to reg:ions with higher marginal output.According to the law of diminishing marginal output,the marginal output of regions with low financial resources is often higher than that of regions rich in financial resources,and financial capital also tends to flow to regions where financial resources are relatively scarce.When the marginal outputs of financial capital outflow regions and inflow regions reach equilibrium,the regional allocation of financial capital also tends to be Pareto optimal.The flow of financial capital promotes the optimal allocation of financial resources,bringing about social benefits for the outflow of financial capital and financial capital inflow areas.Therefore,the area of Beijing,Tianjin and Hebei needs to strengthen the rational flow of financial capital for coordinated development,optimize the allocation of financial resources in the region,and form a scientific financial development pattern.Based on the economic theory,from the perspective of economics,the area of Beijing,Tianjin and Hebei is a major innovative reform and practice for coordinated development,which provides an important reference for China's regional economic development models.Based on the theory of comparative advantage,it h as broken through the existing conventional regional development thinking,chooses the principle of contractual division of labor,focus on sustainable development in the future,rationalized layout of the industrial structure,and planning ahead for the development pattern.Under the background of this practical innovation,the development of regional industry integration is the main content and important foundation for achieving regional coordinated development.The measurement of regional industrial integration and research framework for financial capital flow in the Beijing-Tianjin-Hebei region is an important basis for formulating regional coordinated development policies and evaluating regional synergy development effects.This research has important practical value to serve the real economy and to provide guidance for imporoving the flow of regional financial capital.According to the present situation of Beijing-Tianjin-Hebei region's financial development,the Feldstein-Horioka model(FH model)and the extended model of financial capital flow were established in different periods to analyze the level and trend of financial capital flow in the region.Furthermore,from the perspective of the contractual division of labor theory,the factors that measure the level of regional industrial integration are included in the research framework.The essence of the development of industrial integration in the Beijing-Tianjin-Hebei region is based on the guarantee of free flow of production factors and products within the Beijing-Tianjin-Hebei region,and industrial transfer as a means to optimize the industrial structure and transform the growth momentum.This series of innovations and reforms are bound to an important impact on the trend of regional financial capital flows.This dissertation incorporates factors such as regional market integration,regional industrial transfer,and optimization of regional industrial structure into the framework of Beijing-Tianjin-Hebei regional financial capital flow First,it conducts an in-depth analysis of the impact of single factors on the flow of financial capital.On this basis,taking account the correlation between influencing factors,incorporating all the factors into the analysis together,the Beijing-Tianjin-Hebei region's regional financial capital flow will be studied from a more macroscopic and more comprehensive perspective.This dissertation uses the deposits and loans of various regions in Beijing-Tianjin-Hebei region as proxy variables for financial capital.It mainly considers that the total volume of deposits and loans is huge,it is very representative in financial capital,and it has a significant impact on the real economy.Deposits and loans are used as financial capital can reflect the level of regional financial capital flows completely.In the meanwhile,the trend of financial supervision has continued to tighten in recent years,and the state has promulgated a series of new policies and regulations aimed at guiding the flow of funds into reality and returning to the origin of the financial service entity economy.Therefore,use of deposits and loans as a proxy variable for financial capital is more objectively to reflect the effect of the policy.In addition,deposit and loan data is the most accurate and available than others,therefore it can also provide effective support for empirical analysis.Compared with similar research,this dissertation chooses a new perspective to study the impact of real economic variables on the flow of financial capital.At present,most studies of the same kind are based on the impact of capital flows on the real economy.This dissertation takes another perspective and focuses on the flow of financial capital to analyze the impact of industrial factors on the level of financial capital flows.The research on the theory and method of economic statistics has a certain theoretical value.The FH model is mainly used to measure capital flows.Based on the research in domestic and foreign,this paper draws on the FH model to measure regional capital flows,use FH model to measure the level of financial capital flows in Beijing-Tianjin-Hebei region.Furthermore,the FH model is improved and extended,and the research framework of extended FH model is given,which introduces a new method for measuring the level of financial capital flows.This paper selects the important and representative Beijing-Tianjin-Hebei regional industrial integration measurement index,which is included as the influencing factor into the research framework of Beijing-Tianjin-Hebei financial capital flow,which helps to formulate regional coordinated development policies and financial supervision policies,and has important practical value.