The Study Of Financial Industry Clustering On The Impact Of Regional Economic Growth In Shandong Province

Financial industry clustering has become the basic form of modern financial industryorganization now. There are some studies that financial industry clustering plays asignificant role in promoting regional economic growth. Shandong Province hasmaintained a high rate of economic growth, but regional economic development is notbalanced and has significant regional differences and the differences continue to expand.In order to reduce the regional differences and promote coordinated regional economicdevelopment in Shandong Province, it must give full play to the role of financial industrialclustering on regional economic growth，so this study has outstanding significance.This paper uses the comparative analysis to compare the financial industry clusteringand regional economic growth, and uses panel data regression model to study the financialindustry clustering on the impact of regional economic growth in order to provide the basisfor proposing related policy. In the existing literatures, there is litter study on financialindustry clustering in the regional level in Shandong Province and this paper hasinnovation in this regard.This article is based on the results of research of financial industry clustering at homeand abroad, and it makes theoretical explanations of the mechanism of financial industryclustering to promote regional economic growth. Then it makes the descriptive analysis offinancial industry clustering and regional economic growth in Shandong Province, it alsoestablishes the Panel-data model to make an empirical test on the impact of financialindustry clustering to regional economic growth and analyzes the differences of the impactof financial industry clustering on regional economic growth in different regions. Finally,according to the results of empirical test, it makes recommendations that how to improvethe extent of financial industry clustering, narrow regional differences and promote thecoordinated development of regional economy in Shandong Province.