Study On The Financial Resources Spatial Allocation In Beijing-Tianjin-Hebei Urban Agglomeration

At present,the promotion of regional economic integration and the continuous improvement of urbanization level are making the urban agglomeration effect more prominent.The model of urban development is changing from individual to community.Urban agglomeration has an increasingly important impact on the global regional competition pattern.According to the national new urbanization development plan,in the future,urban agglomeration as the main form will promote the coordinated development of large and medium sized cities and small towns in China.With the transformation of China's economic development model in the post-financial crisis era,regional finance has been exploring new development models,and the level of regional financial cooperation has been deepening.Under the trend of regional urban agglomeration and financial integration,the urban agglomeration and finance have a close connection with each other.As a special factor resource and industry,finance is bound to play an important role in the development of urban agglomeration through its own allocation and reallocation of other resources.As the coordinated development of Beijing-Tianjin-Hebei upgraded to a national strategy,the financial industry in this region will usher in an important development opportunity.To enhance the overall competitiveness and optimize the allocation of resources,the Beijing-Tianjin-Hebei urban agglomeration has been actively seeking approaches to promote the integration of financial resources and financial integration development,and has made great progress.However,there are still many problems such as the regional financial resources and the level of allocation is obviously not balanced,which has also affected the financial integration of Beijing-Tianjin-Hebei urban agglomeration.Therefore,the research on spatial operation and optimal allocation of financial resources of urban agglomeration has become very important to the development of Beijing-Tianjin-Hebei region in the new period.Based on the Beijing-Tianjin-Hebei urban agglomeration,and the review of relevant literatures and theories,this paper uses the knowledge and analysis method of management,finance,regional economics,economic geography and econometrics to study the spatial allocation of financial resources in Beijing-Tianjin-Hebei urban agglomeration from theoretical and empirical aspects.The main contents and conclusions are as follows:The first part is about theoretical analysis of the spatial allocation of financial resources of the urban agglomeration.After reviewing the domestic and foreign scholars' research on the financial resource allocation of urban agglomeration,firstly,this paper expounds the supply and demand and the flow pattern of financial resources,and then analyzes the motive of the spatial allocation of financial resources of urban agglomeration from financial ecological environment,financial industry division and space coordination.Secondly,this paper analyzes the effect of the spatial allocation including economic growth effect,interaction effect of material economy and financial center system effect.At last,this paper analyzes the market mechanism,government mechanism and spatial dissimilarity mechanism of the spatial allocation of financial resources of urban agglomeration.The second part is about the analysis of the current situation of the regional development and financial resource allocation of Beijing-Tianjin-Hebei urban agglomeration.Firstly,it discusses the scope and evolvement and the development of economy of Beijing-Tianjin-Hebei urban agglomeration.Secondly,from the aspects of total financial resources,total bank resources,total securities resources,insurance resources and the total amount of listed companies and so on,the paper analyzes the financial resources of Beijing-Tianjin-Hebei urban agglomeration,which provides the realistic basis for the later empirical research.At last,the paper summarizes the main problems of the financial resource allocation of Beijing-Tianjin-Hebei urban agglomeration.The third part is about the empirical study on the efficiency and influencing factors of the spatial allocation of financial resources of Beijing-Tianjin-Hebei urban agglomeration.This paper first uses the DEA-BCC model,the super-efficiency DEA model and the Malmquist index to calculate and analyze the spatial allocation efficiency of Beijing-Tianjin-Hebei urban agglomeration.The results show that,on the static aspect,the efficiency of financial resource allocation is ineffective throughout the evaluation period which means the overall level of financial resource allocation is low.The disparity of financial resource allocation among regions is quite serious,which is one of the important reasons leading to the low level.On the dynamic aspect,the Malmquist index has been increasing throughout the evaluation period with the fluctuation appears in some years.Among the Malmquist index,the technical progress is the major power to promote the growth of efficiency,while the decline of overall technical efficiency and scale efficiency are the main reasons to inhibit the growth rate of Malmquist index.Secondly,this paper uses dynamic panel data model and difference-GMM to analyze the influencing factors of the spatial allocation efficiency.The results show that the financial development level,local government intervention,human capital level,consumption efficiency and interaction between financial development and local government intervention are the important variables that affect the allocation efficiency of financial resources in different direction and intensity,rather than the economic base and the level of infrastructure.Among them,the financial development level,the human capital level and the consumption efficiency have a significant positive impact on improving efficiency.The intervention of local government to economy has a significant negative effect on the efficiency of financial resource allocation and the primary form is to inhibit indirectly the promoting effect of financial development to the efficiency by intervening in the financial sector.The fourth part is about the empirical study on the spatial allocation effect of financial resources of Beijing-Tianjin-Hebei urban agglomeration.In this part,the effect of reallocation of financial resources is studied from three aspects: the overall effect of economic growth,the interaction effect of the real economy and the effect of financial center system.The results show that,for the overall effect of economic growth,the financial industry or spatial structure formed by the allocation of financial resources has hindered and promoted the economic growth throughout the evaluation period.For the interaction effect of the real economy,there are some correlations between spatial distribution of industry and finance in the urban agglomeration,but there are some differences in the direction and intensity of association between different cities.For the financial center system effect,although Beijing,Tianjin and Shijiazhuang can basically cover the whole scope of the urban agglomeration,the finance of other cities has no radiation ability,and does not form a close network in the region,which means that Beijing-Tianjin-Hebei urban agglomeration has not form a real sense of the regional financial center system.Finally,on the basis of theoretical research and empirical analysis,taking the balance development of macro financial efficiency and micro financial efficiency as the target,following the principle of systemic,dynamic and operability,this paper reconstructs a mechanism framework including operational motivation mechanism,regional coordination mechanism and spatial organization mechanism for optimizing the spatial allocation of financial resources,which based on the expansion and optimization of the basic configuration mechanism.