Research On The Evolution Of International Financial Centers

International financial center has experienced a natural evolution while the external surrounding and the internal structure has interacted as the time passed.The paper tried to have a research on the evolution rule of the international financial center with the Evolutionary Financial Geography theory.The main research focused on the internal determinent factors,development causes and the external impetus of the the evolution of the international financial center.And it discussed the spatial layout of the financial resources and the listing space location of enterprises.From the above,it tries to seek out the cultivation and promotion path of the international financial center.This paper first discusses the formation mechanism of international financial center under the agglomeration economy.The formation and agglomeration of three kinds of information resources,institutional resources and economic resources are essential elements for the formation of international financial centers under the agglomeration economy.The three resources form a self-organizing system that interacts in the international financial centre.Based on the data analysis of business&service industry and finance in Luxemburg as a international financial centre,the paper detected the existence of its internal agglomeration effect and demonstrated the formation process of financial cluster under agglomeration mechanism by analyzing the knowledge spillovers and money externalities effect.Secondly,from the view of financial system evolution and system optimization theory,the paper analyzes the development conditions and motivation of international financial center.By taking Tokyo international financial center as an example,the process of evolution is analyzed from three aspects:financial supply,financial demand and regional environment,and the importance of social capital in financial development is pointed out.Thirdly,the paper draws a dynamic comparison of competitiveness of international financial centres and analyze site preference of listed companies with thelocation data and industry variables of listed companies in capital market as hard indicators.By comparing the financial attributes and geographical attributes of listed sites,it analyzes the competitive factors and competitive relationship of financial centers.It is pointed out that the international financial centre has the tendency of specialization and complementarity in the spatial structure of competition.Finally,the characteristics of each stage in the development of international financial center are reviewed.Combined with the development of Shanghai Free Trade Zone,the paper has put forward the choice of promotion path of international financial center and the construciton of financial experimental field for China International Financial Center.Based on the analytical system of evolutionary financial geography,this paper summarizes the relevant policy recommendations for the construction of an international financial center.The paper adopts the related methodology of financial geography to study the financial cluster,evolution process and positioning problem of international financial center.By establishing a comparative model of relevant international financial centres,the spatial distribution of the focus of financial activities is discussed from the two aspects of financial attributes and geographical attributes.The main method of analysis is to adopt systematic data and corresponding index design,by using principal component analysis,factor analysis,MNL model analysis and cluster analysis,to explore the spatial structure characteristics of the evolution of international financial center.The discussion on the promotion of international financial center competitiveness is put forward as well as the concrete promotion path and policy of building China's international financial center.