| With the advancement of urbanization and industrialization in recent years,the division of labor and cooperation between cities and the degree of economic relevance have been gradually strengthened,and cities have gradually taken on the development trend of agglomeration,thus forming urban agglomeration.Urban agglomeration has become the growth pole of regional development and the space carrier of participating in international division of labor competition,and plays an increasingly important role in the gathering of resources and the formation of the spatial pattern of economic development.At present,75.19% of the country’s population is concentrated in urban agglomeration,which accounts for 80.05% of the country’s GDP.At the same time,financial resources,as the most mobile element among cities,have formed a new flow pattern in the evolution of the geographical structure of urban agglomeration development.Financial activities continue to converge into urban agglomeration in space,forming financial centers in different regions,and forming the center-periphery distribution of finance through diffusion effect.The geographical agglomeration of China’s finance is different from the previous "migration from west to east" and the simple "agglomeration to developed provinces" rule,but gradually presents the agglomeration characteristics of urban agglomeration as a unit.However,China’s urban agglomeration and the allocation of financial resources still have some stage problems.Although China has 20 urban agglomerations,most urban agglomerations are still in the primary stage,the spatial structure is mostly in the single-center agglomeration stage,the internal links of urban agglomerations are weak,the level of integration is low,and the overall competitiveness of urban agglomerations is still far from world-class urban agglomerations.At the same time,the spatial distribution of China’s financial resources agglomeration is extremely uneven.In recent years,China’s financial resources have been massively concentrated in the central cities of urban agglomeration.The lack of financial supply in the peripheral cities has significantly restricted the economic development of many small and medium-sized cities in China,but there are also some phenomena that indicate that the development of urban agglomeration has a positive effect on the peripheral areas,such as the Yangtze River Delta The financial proportion of the central cities of the Pearl River Delta urban agglomeration in their respective urban agglomeration is declining,while the financial agglomeration of its peripheral cities is in good momentum,showing the financial radiation effect of the center.It can be seen that the financial agglomeration effect of urban agglomeration is complex.The development of urban agglomeration may siphon the financial resources of surrounding cities through competitive advantages,and may also drive the development of peripheral cities through financial radiation.Therefore,in the context of China’s transition from provincial economy to urban agglomeration economy,coordinating the spatial allocation and flow of financial resources in urban agglomeration is of great significance for promoting the coordinated and balanced development of urban agglomeration finance.Based on the above facts,this paper raises the following questions : How does finance flow in the geographical space of urban agglomeration? China’s financial structure is developing in the direction of diversification,and securities,funds,insurance,etc.are gradually rising.What are the differences in the aggregation rules of various financial resources? Today,with the continuous development of information transmission,from the perspective of cost,decentralized financial institutions can also complete the functions of finance.So why does finance still cluster to a few regions geographically,and what is the mechanism of financial agglomeration? How does the distribution of financial resources in the urban agglomeration affect the financial risks and the financing of SMEs in and around the urban agglomeration?Based on this,this paper first combs the development process and institutional background of China’s urban agglomeration,measures the degree of economic and financial agglomeration of urban agglomeration,and classifies China’s urban agglomeration into underdeveloped urban agglomeration,rapidly developing urban agglomeration,developed urban agglomeration,and declining urban agglomeration according to the measurement results.Based on the characteristic facts,this paper analyzes and describes the evolution facts and laws of financial agglomeration of various types of urban agglomeration in China.Secondly,this paper studies the general effect of financial agglomeration in urban agglomerations.Through creatively constructing multiple spatial weights,the paper uses the spatial econometric SARAR model to conduct empirical tests,explores the "center-periphery" financial agglomeration effect between urban agglomerations and within urban agglomerations,and uses the generalized spatial two-stage least squares method(GS2SLS)to conduct robustness tests.The financial resources are further divided into credit resources,stock resources and PE/VC resources to study the heterogeneity of the agglomeration effect of different financial resources.Thirdly,this paper analyzes the theoretical mechanism of financial agglomeration in urban agglomeration,constructs the "center-periphery" model of new economic geography,carries out numerical simulation,explains the agglomeration mechanism of financial resources in urban agglomeration from the perspective of industrial division and government intervention,and verifies it through empirical analysis.Finally,it studies the impact of financial agglomeration of urban agglomeration on enterprise financing and financial risk.The main conclusions are as follows:1.The rise of urban agglomeration has become an important factor affecting financial agglomeration and financial spatial pattern.The flow of financial resources has broken the traditional administrative and geographical zoning restrictions and accelerated the transition from non-urban agglomeration to urban agglomeration;Financial agglomeration between urban agglomerations is mainly manifested as siphon effect.Financial resources are clustered from underdeveloped urban agglomerations and declining urban agglomerations to developed urban agglomerations and rapidly developing urban agglomerations;Urban agglomerations at different stages of development have different agglomeration effects.The radiation effect of the central cities inside the developed urban agglomerations and the rapidly developing urban agglomerations on the surrounding cities is obvious,and the financial agglomeration capacity of urban agglomerations is rising;The central city of the underdeveloped urban agglomeration shows a siphon effect on the surrounding city;The declining urban agglomeration shows the dissipative effect of finance to the outside,and the financial agglomeration ability of urban agglomeration decreases due to the lack of effective synergy.2.Different types of financial resources show different agglomeration effects.Geographically,all kinds of financial resources are concentrated in corresponding industries,including credit resources in capital-intensive industries,stock resources in technology-intensive industries,and PE/VC in innovative industries;The flow of credit resources has the characteristics of close distance.The credit business can only cover the close enterprises within the urban agglomeration,while the stock market resources have the characteristics of long distance flow.The nationwide stock market resources flow to the central cities of the urban agglomeration;Within the urban agglomeration,the central city has a siphon effect on the credit resources of the besieged city,but the central city has a radiation effect on the direct financing resources of the besieged city;The development stage of urban agglomeration is different,and its internal center-periphery mode is different.With the development stage of urban agglomeration,the credit resources show the "siphon radiation saturation recession" effect in turn,while the central cities with direct financing resources have always shown the radiation effect to the periphery.3.The "center-periphery" type of industrial function division within the urban agglomeration is the main mechanism of financial agglomeration.In the process of urban agglomeration development,the "center-periphery" spatial structure of "the central city is dominated by the service industry agglomeration,and the peripheral cities are dominated by the manufacturing industry agglomeration" has gradually formed.The industrial function division at different stages of urban agglomeration development has significant heterogeneity,and the sub-engineering degree of the underdeveloped urban agglomeration is relatively low,while the developed urban agglomeration is relatively high;The process of division of labor in the underdeveloped urban agglomeration intensifies the financial siphon effect of the central city on the surrounding city.The process of division of labor in the developed urban agglomeration leads to the financial radiation effect of the center on the periphery.There is no obvious division of labor between the non-urban agglomeration cities,and the financial agglomeration is not obvious;The local government intervention will alleviate the siphon effect of the underdeveloped urban agglomeration center on the external finance,and inhibit the financial radiation effect of the developed urban agglomeration center on the periphery;The productive service industry promotes the diffusion of financial resources to the besieged cities by supporting the manufacturing industry in peripheral cities.4.The financial agglomeration of urban agglomeration is conducive to the financing of small and medium-sized enterprises as a whole;Within the urban agglomeration,the impact of the financial agglomeration of central cities on the financing of peripheral enterprises is "positive U-shaped",that is,the financial agglomeration of central cities in the underdeveloped urban agglomeration will siphon the financial resources of peripheral enterprises and thus inhibit the financing of peripheral enterprises,while the developed urban agglomeration will radiate the financial resources to peripheral enterprises and thus promote financing.The Yangtze River Delta,the Pearl River Delta,and the Beijing-Tianjin-Hebei urban agglomeration have crossed the inflection point of the positive U-shape,and the six urban agglomerations in the middle reaches of the Yangtze River,Chengdu and Chongqing are experiencing the inflection point;The peripheral low-tech SMEs are more vulnerable to the financial siphon effect of the central city,while the high-tech enterprises are exposed to the financial radiation effect;The radiation radius of large banks to enterprise financing(300 kilometers)is larger than that of small and medium-sized banks(100 kilometers),which increases with the improvement of enterprise technology.5.Financial agglomeration has become an important factor affecting financial risk.Financial agglomeration in urban agglomeration and non-urban agglomeration has different effects on financial risk: financial agglomeration in urban agglomeration is beneficial to reduce financial risk,but non-urban agglomeration will increase financial risk on the contrary;There is a spatial spillover effect of financial risks between the central and peripheral cities of the urban agglomeration,that is,the financial risks of the central cities will infect the peripheral cities,but the financial agglomeration of the central cities of the urban agglomeration at different development stages has different effects on the financial risks of the surrounding cities.The financial agglomeration of the central cities of the underdeveloped urban agglomeration aggravates the financial risks of the peripheral cities,while the financial agglomeration of the central cities of the developed urban agglomeration reduces the financial risks of the peripheral cities;Banks of different sizes have different service radii and different risk impact effects.Large bank clusters can reduce local financial risks,but will aggravate financial risks in peripheral cities.Small and medium-sized banks gather to increase local financial risks,but will not have an impact on the financial risks of the besieged city.This paper may have the following marginal contributions:First,perspective innovation.This paper takes urban agglomeration as the geographical dimension and financial agglomeration as the breakthrough perspective to study the geographical flow of China’s financial resources.This paper takes urban agglomeration as a typical agglomeration economy,and more accurately reveals the current situation of China’s financial geography than the study of traditional administrative divisions.Secondly,it reveals the dynamic agglomeration process of different types of finance and industry.This paper reveals for the first time the agglomeration and diffusion of different types of financial resources(direct financing,indirect financing)geographically(following various industries),which enriches the theory of financial structure and industrial structure.Third,the innovation of theoretical research methods.This paper constructs the new economic geography model,expands and improves it :introducing the financial sector and the productive service sector;Build a supportive relationship between producer services and manufacturing;In this paper,the center and the periphery have different parameter characteristics,so as to construct the interactive relationship between the center and the periphery of the urban agglomeration,and distinguish the developed urban agglomeration from the underdeveloped urban agglomeration.Fourth,the empirical research method is innovative.First,the spatial measurement is improved.This paper uses the spatial SARAR model to creatively construct a variety of "center-periphery" spatial weights to identify the financial agglomeration of urban agglomeration by constructing the "center-periphery" data of urban agglomeration.Secondly,in terms of index construction,the city’s deposit and loan,the number of financial practitioners,the market value of IPO companies,the number of securities companies,and the number of public funds are respectively given different weights to measure the degree of financial agglomeration in each city,so that it can comprehensively reflect the local financial agglomeration.Finally,in terms of data selection,combined with macro and micro multi-dimensional data,the data used include bank branch data,bank operation data,industrial enterprise data,etc.These data are integrated into prefecture-level city dimensions for the study of urban agglomeration. |
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