The Study On The Financial Polarization Effect And The Financial Spread Effect

Financial agglomeration is a dynamic process in which the financial resources, such as capital, financial institutions, financial markets, financial information and human resources move across the region to be an agglomeration status. With the take off of China's economy and the appearing of agglomeration phenomenon gradually, financial agglomeration research becomes a scholastic focus. Compare with the financial cluster and center research, financial agglomeration puts more emphasis on the process. Therefore, exploring the correlation and transformation mechanisms between financial polarization and spread effects lying in the process will not only contribute to the profound understanding of financial agglomeration's development and law, but also help us find out effective ways to promote it.This dissertation is made up of four parts. They are introduction, theoretical study, empirical study and suggestions. First of all, the thread of financial polarization and spread effects research is carded after reviewing the pertinent literature concerned in the introduction.Based on the theory of the former part, this paper represents the correlation and transformation mechanisms of financial polarization and spread effects. For one thing, self and reciprocal causation is founded between the two effects. For another thing, according to the dissipative structure theory, the causation relationship can be changed as the altering of entropy production, entropy flow and total entropy change. Besides, these two effects which may attenuate along with the distance transmit on the form of integration of point and sphere.In the empirical study, the article adopts historical demonstration method in the first place to analyze Hong Kong's several financial polarization and spread phases in recent two decades, through which the two effects' motives, consequences and correlation mechanism are verified. What is more, by means of principal component analysis, cluster analysis, impulse response analysis, etc., financial polarization index of each province in China, which reflects the agglomeration level is calculated. The results show that Guangdong, Beijing and Shanghai's financial agglomeration are top level, Jiangsu, Zhejiang and Shandong take second place, the rest are at last. At the same time, the correlation and transformation mechanisms are confirmed again from the measuring angle. Eventually, in the light of the empirical results, four problems including the disjunction of financial inter-area transit, the extending gap of financial agglomeration level between east and west, the lagging development of joint parts among central districts and other concrete issues of every region are obtained.In order to solve the problems mentioned above, this dissertation proposes several solutions, for example, changing the concept of financial agglomeration development, perfecting financial elements, ensuring the channel that effects work flowing, coordinating the growth of regional finance and establishing dynamic regulation mechanism in the end.