| The financial industry is the core of modern economic development, a number of studies in recent years have demonstrated that financial development and economic progress are inseparable from each other. The financial services industry have played a role in promoting all aspects of the optimal allocation of resources and capital formation and allocation efficiency. Thus, the development of the financial sector often play a strong role in promoting progress to a national and regional economies."Cluster effect" refers the geographical concentration of the industry itself and economic activity, which can attract economic behavior and activities of a region closer to the centripetal force, the internal factors leading to the city is evolving and expanding. Today’s world, the financial industry grows fast, the combined effect of the financial industry has become increasingly significant, a number of financial gathering of the world has formed. Since the reform and opening up, China has gradually formed a situation that eastern coastal playing a role of economic center, the development of regional differences making the development of regional financial sector disparities. Throughout our present situation, unbalanced regional differences in economic development in the western region than in the east seem slow, how to narrow the distance between the two, drive the rapid economic development is a matter of concern since consistent. Thus, it has practical significance to study the financial agglomeration in the development of our country, and its promotion to the economy.In the surging wave of the financial industry, how does the formation of financial gathering center for the surrounding areas and the development of local financial industry spillover, what a big role does it played to the economic grows of nearby, how much radiation efficiency of resource does it occur in surrounding areas, which are requires further theoretical exploration and empirical validation. Especially in the Chinese market under the economic transformation in today’s society, What are the characteristics of China’s financial agglomeration, what is the impact to the development of China’s financial system and of regional distribution for the regional economic development, financial gathering space whether spillovers significantly, how to promote rational regional financial development, the reality of the market economy in how the government introduced the policy of induction of rapid and healthy development of the financial model and what financial agglomeration taken for this stage of China’s development has important practical significance.In this paper, we have an in-depth discussions of the status quo of China’s financial agglomeration and spillover effects for regional economic development. Accordance with the relevant principles of economics, explained theoretically "financial cluster" formation and development, and thus empirical research exists in our country, as well as regional differences in this financial agglomeration of financial agglomeration, using spatial econometric model to analyze the financial agglomeration for regional economic growth impact pathways, and based on this proposed we make out some policy suggestions. Writing paper analyzes the path below.First, explain why to research topics of significance for financial agglomeration spillovers of regional economic development, and then combing the literature at home and abroad. Through the study of existing literature and research results, evaluate them, summarize the contribution predecessors and areas for improvement, make out the starting point of this article.Secondly, review the financial agglomeration theory, based on an economic theory to explore the connotation of financial agglomeration and forming. And from a view of economic, discuss the theoretical mechanism of financial agglomeration on how to affect economic growth in the region, to find the theoretical basis of this study. The study has classified the research of the financial impact of regional economic growth theories to intuitive understanding of its impact mechanisms. This is playing a role of the theoretical basis for the establishment of the model.Once again, describe the status quo of China’s. using the annual data from1998to2011of31provinces in China, to compare and analysis the degree of concentration in recent years, then I have divided China into three regions including east, middle and west to explore the differences of degree of financial agglomeration, analysis comprehensively the current situation and development trend of China’s financial agglomeration, after that, explain the results.Then, through empirical analysis of spatial econometric models. Based on a theoretical basis, using the annual data from1998to2011of31provinces to build a three-dimensional model of panel data analysis, testing spillover effects of financial agglomeration, establishing geospatial weight matrix to analyze the main way to explore the extent of the financial impact of the regional economic development agglomeration. Analyze the way how the financial agglomeration affect the economic growth in two approaches, including the scale of financial resources from the financial liquidity, and compared the impact of two ways. Establish time fixed effects, spatial and temporal fixed effects fixed effects model to explore different models, discuss the impact pathways of how the financial agglomeration spillover affect economic growth, and compare different areas and years.Finally, although the analysis of this article limited by the collection of data, but through the depth discussion of the financial agglomeration, we got the following main conclusions.1. Overall, The huge regional differences in financial development of China’s financial development stage is unbalanced is the basic national conditions now. China’s economic activity has a significant spatial correlation in the various provinces of the individual cross-sectional unit, there are obvious spatial dependence and spatial spillover effects between adjacent provinces, autonomous regions and municipalities.There exists the phenomenon of financial agglomeration among provinces in China, and it increasing over time. But except for a few, such as Beijing, Shanghai and other places of high concentration phenomenon, other province have lesser extent agglomeration, and being at a lower level, regional differences are quite serious. In addition, judging from the degree of difference from gathering eastern, middle and western areas, they are quite different. The degree of concentration in eastern area was significantly higher than that of the middle region and western regions, while in the eastern region, the difference not only within but also between the group rank the highest among three regions, namely, provinces in eastern area have the highest degree of difference, followed by the middle region and then the western. That means the leading stage of eastern area in financial developing is still obvious.China’s economic activity has a significant spatial correlation in the various provinces of the individual cross-sectional unit. The level of the surrounding area and the financial and economic development is closely related to the economic development of the region, and more can be seen from the paper selected financial indicators in the surrounding areas of concentration levels for local economic development has a significant positive spillover effects. Financial agglomeration benefits arising from the development of the financial services sector played a significant role in promoting the economic development in neighboring regions, but due to the low level of financial development, lack of finance degree agglomeration, there are a lot of differences between regional areas, making financial agglomeration cannot play greatly its role in promoting economic development, and this is our current weakness, how to accelerate the rapid development of finance so that it can better promote rapid and healthy development of China’s economy is the government agency should be noticed.2. Financial agglomeration affect the economic development of neighboring regions in two main ways:expanding the scale of financial agglomeration and improving financial efficiency, but this two have varying degrees.Expanding financial scale, accelerate capital accumulation and improve financial efficiency, accelerate technological innovation are the ways that how the financial agglomeration affect economic growth, judging from the significant results of the model, these two aspects are both played a significant role for economic development. Meanwhile, the expansion of the financial scale, accelerated accumulation of capital are the main ways how the economic growth in recent years, driven by financial markets. The different extent of the two pathways is the reason of development of China’s economy, but also the opportunity and the future direction of the healthy and rapid development. Grasp the scale of the financial and capital accumulation for economic growth, promote effectiveness, while improving the efficiency of financial markets and accelerating technological innovation is the way to ensure effective economic development.In China, due to financial efficiency is not high, lack of financial innovation and improve more slowly, making the money in the market cannot use efficiently, leading to the weakness of the role that technological innovation played. It is also compared with the financial developed countries, one of the reasons that China’s economic development comes behind, China is facing the transition from expansion markets to the quality and efficiency market. Therefore, promoting technological innovation, improving capital utilization efficiency of the financial markets so as to promoting economic growth is a breakthrough in China’s future direction and development of the financial services industry.3. Government behavior, improving human capital and increasing investment, have remarkable influence role in promoting economic development, from the formulation of economic policies to improve labor quality and increase investment point of view is effective way to governance and rectification.Integrated model results and related policy adjustments of our country, the role of the policy that published by the government still have great impaction to the economic growth of the country in recent years. This allows us to start from a macro policy, make favorable policy to accelerate the movement of funds in financial markets and promote technical innovation, government action can make more targeted, more effective to grasp the aircraft rudder of the economic development, correctly guide economic grows healthy.The impact of improvement of human resource and increasing of investment to economic growth are not in the same degree, but it actually have a long-term stable influence to economic growth. Improving human capital, talented people is the key to technological innovation and improve the operational efficiency of financial markets; increasing investment in capital stock accumulation is to improve and expand the scale so as to promote an effective way to finance the rapid economic development, both can affect China’s economic development and have positive role in promoting underestimated.Compared with other studies of financial agglomeration spillovers article, this article has the following features.1. Analysis from different views and different ways. When analyzing the differences of financial agglomeration among provinces in China, we consider it separately, classify it into three parts:eastern, middle and western area, study it in this way. Meanwhile when calculating the differences in the degree of financial agglomeration, we make out the differences within and between groups, compare them, so as to describe the status of China’s financial agglomeration more entirety.2. Make the spatial econometric modeling combined with panel data to build econometric panel data analysis of spatial econometric model, considerting spatial dependence and spatial heterogeneity, using GIS spatial weights matrix adjacent to visit different regions financial agglomeration spillovers for regional economic growth.3. Actively explore variables selection. The choice of, this paper introduces variables that the financial agglomeration variables multiplied with the financial scale and the utilization of funds, and modeled with the level of economic development. Discuss which is the way that financial agglomeration affecting economic development. The introduction of this product variables makes empirical research results more obvious, but also provide an empirical reference for the formulation of government policy.In this paper, there are still flaws and shortcomings. First, in terms of determining the variable. This article only discusses the financial scale and liquidity these two main ways, but considering the limitation of data collection and time and energy and other reasons, the other factors that could affect the financial agglomeration of economic development have not been discussed, so there may be some bias results; Second, the establishment of spatial weight matrix does not include the weight of economic factors. In this paper, based on time-series panel data, and therefore cannot find the accurate indicators that reasonably reflect the average level of development in recent years, just use the simple average GDP output is unconvincing. Based on this, we still use the widely used indicator: geospatial weighting matrix, and this part is also the future direction of further research and development. |
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