Research On The Impact Of Transportation Infrastructure On Regional Financial Development

Finance is the bloodline of the national economy and the core of the modern economy.Regional finance plays an important role on the regional development.However,the distribution of China's financial resources shows significant spatial imbalance,which is one of the reasons for the gap between regional developments.So the research on regional finance has practical significance.In view of the spatial heterogeneity of finance,existing studies have begun to consider that transportation infrastructure can help reduce the information friction caused by geographic distance,promoting the conclusion of financial transactions,which provides a micro-mechanism.However,it is hard to find a systematic analysis of the role of transportation on regional financial development in the regional dimension.Based on the basic theories of NEG and regional finance,this thesis discusses the impact of transportation infrastructure on regional financial development from a spatial perspective,and constructs a logical framework of "transportation cost-mechanism-spatial effect",and it analyzes how transportation infrastructure affects regional financial development and its spatial distribution.With regard to theoretic value,it is an expansion of regional financial related theories,and it can also provide empirical evidence for the regional impact of transportation infrastructure construction from a financial perspective.In terms of practical significance,it is a research on financial development in different regions,which can provide a reference not only for the practice of local financial service industry,but also for the practice of narrowing regional development differences and promoting regional coordinated development.This thesis conducts a historical research on the development of transportation infrastructure and regional finance,combing the role of transportation in the transition of financial centers,and analyzing the stages of transportation and financial development based on the evolution of transaction methods.Furthermore,in the theoretical part,based on the financial industry's own characteristics,including information dependence,capital-intensive,human capital-intensive and regional selection feature and financial space movement,it analyzes the characteristics and spatial attributes of regional financial development.This thesis starts from the concept of transportation cost,based on the "circulatory accumulation theory","sharing,matching and learning" and "external economy" of new economic geography,and analyses the mechanism of transportation infrastructure on regional financial development that leads to financial regional gap.Then,it discusses the spatial effect under the influence of transportation infrastructure,which also builds the theoretical framework of this thesis.Next,an empirical analysis of the impact mechanism and spatial effects of transportation infrastructure on regional financial development is carried out.In the empirical testing part of the mechanism of transportation infrastructure,a dynamic spatial measurement model and an intermediary effect model are constructed to test the four impact mechanisms of transportation costs.In the part of the spatial effect,the Dagum Gini coefficient method and convergence mechanism analysis are used to analyze the monetary resources and human resources that represents financial resource.Moreover,this thesis studies the spatial differences of financial resources in eight comprehensive economic zones in China,discussing the convergence results at transportation improvement condition.After that,the financial spatial connection intensity of three major urban agglomerations in China is measured,and a comprehensive gravitational intensity including relative distance is constructed.It compares the changes in the intensity of financial gravity under the changed time distance,and analyses the effect of time distance through panel quantile regression.The main conclusions of this article include:Firstly,financial development has experienced the historical evolution of "monetary finance-capital finance-transaction finance".During the period of "pre--pre-transportization" and "pre-transportization","goods transaction" turned to "currency transaction",and finance is at the stage where currency is its main function.The function of finance is limited to convenient transactions,that is,"monetary finance" Stage.In the 1.0 and 2.0 eras of transportization,from "currency transactions" to "monetary rights transactions",finance is dominated by the needs of social investment and financing,that is,the "capital financing" stage.In the 3.0 era of transportation,transactions are towards virtualization,while the financial function is further enhanced,and information plays a increasingly important role,that is,the "transaction finance" stage.This also reflects the expansion of currency expansion,the strengthening of the role of financial institutions and markets,and the expansion of financial functions in finance history in the context of the deepening of "transportization".The role of transportation has also changed from expanding market scale and creating financial demand to soft information transmission,risk aversion,and optimization of financial supply.Secondly,transportation infrastructure has an impact on regional financial development,and its mechanism is based on transportation costs.This thesis analyzes four mechanisms by that transportation cost affects the regional finance,namely,the learning sharing mechanism and human resource matching mechanism based on travel time saving effect,and the market potential expansion and industrial agglomeration mechanism based on the effect of freight cost reduction.The four mechanisms show different features at different geographic distances.In terms of spatial effects,transportation infrastructure as a convergence condition leads to the spatial movement process of "imbalance of initial financial development ? financial divergence ? financial convergence ?financial integration".In the early stage,transportation infrastructure is contribute to expand the gap in regional financial development.In the later stage,transportation infrastructure could promote the convergence of regional financial differences.At the same time,transportation infrastructure could facilitate the spatial flow of financial resources and strengthen spatial connections of regional financial.Thirdly,the regional differences in monetary resources in China's eight major economic regions show an inverted U-shaped change,while the overall regional differences in financial human resources are on the rise.The main difference of them comes from differences between regions.The transportation infrastructure has a convergence mechanism for the regional differences in financial resources,but the characteristics of phase changes appear,that is,the improvement of transportation condition promotes the "divergence first and then convergence" of regional financial monetary resources,and the effect of travel time saving on regional financial human resources is shown the feature as “no significant effect-divergence-convergence".From a spatial point of view,the convergence mechanism of transportation infrastructure to the financial resources of the eight economic zones has regional heterogeneity.Fourth,the financial spatial pattern of the three major urban agglomerations in China is characterized by a "core-periphery" structure.It is represented by the "Beijing-Tianjin" model in Beijing-Tianjin-Hebei region,the "Shenzhen-Guangzhou" model in Pearl River Delta,and the "Shanghai-muti-core" model in Yangtze River Delta.Among the three major urban agglomerations,the intensity of financial connections within the Yangtze River Delta is higher than that of the Pearl River Delta and Beijing-Tianjin-Hebei region,and there are also obvious internal imbalances.Transportation infrastructure have reduced the time distance within the region and strengthened the overall strength of regional financial connections,but it will be more conducive to promoting capital inflows into cities with strong financial connections.The marginal contributions of this thesis are as follows: first,it is the expansion and innovation of theoretical explanations.It constructs an analysis framework of the impact of transportation infrastructure on regional financial development from a meso-level perspective,and innovates the theoretical mechanism of regional financial development under the influence of transportation infrastructure,which enriched the regional financial theory.Second,innovations in empirical research improves the gravity model,taking into account the role of relative distance between cities in the region.Third,based on historical research,it reveals the characteristics of the evolutionary stages of transportation and financial development,and the expansion of transportation roles in this process,which is an extension and exploration of regional financial development research from a historical perspective.