Study On The Effects Of Financial Agglomeration On Regional Economic Productive Value In China

Since 1980, the global economy has made a spurt of progress of development, especially in Western countries. With the deepening of global economic integration, especially after China’s accession to WTO, China has entered a period of rapid economic growth. Not only does it lead to the rapid development of the economy, but it also bring about the development and the deepening of the financial industry, and gradually lead to the phenomenon that financial industries assemble together in a central city. From the experience of financial agglomeration development in western countries, it reveals that financial development and economic growth have a very close relationship, and the gap between regional economic development in China depends largely on the regional financial development. At present, though the financial system in China continues to be improving, and the phenomenon of agglomeration has also formed in some central city, many problems expose at the same time. These problems are mainly manifested in the aspects of the overall layout of financial resources and financial center construction. The financial agglomeration has play a decisive role in the process of China’s regional economic development, especially in the period of economic transition which China is experiencing at present. Therefore, this paper has decided China’s financial agglomeration to be the research object, after referring to the characteristics of the financial industry agglomerating in financial central city in worldwide, the reason of financial industry agglomeration formation, and referring to some analysis of theories such as the effect analysis of financial agglomeration’ effects on regional economic growth, It also calculates the financial industry agglomeration degree respectively in overall size of China’s financial industry and in different industries, and draws the degree of financial agglomeration in different provinces by using the factor analysis method and entropy method, and through summarizing and absorbing the research results of financial agglomeration in financial geography, spatial economics and industrial economics. Then this paper has used the 2005-2014 years of China’s provincial static panel data model to study what kind of impact that China’s bank industry, securities industry, insurance industry has on China’s eastern, central, western area economic development, and also tested its direction and intensity. Finally, the spatial econometric model has been established to study what kind of impact the regional financial agglomeration degree has on the development of the surrounding areas. The calculation of China financial Moran’s I index shows that there is obvious spatial correlation between financial agglomeration of China’s financial industry scale, and then the Moran’s scatter diagram of China’s financial agglomeration in banking industry, securities industry, insurance industry from 2005 to 2014 has been draw, and it shows that the existence of the spatial correlation of the financial agglomeration in different financial industries and the related mode of China’s financial agglomeration in space. Finally, through the establishment of spatial lag model, it shows that financial agglomeration has spatial spillover effect on regional economic development in our country. This research has an important significance on the development of regional economic development of our country and the regional financial industry. We also hope these theoretical and empirical research will provide a certain reference when some provinces set down appropriate regional policy and when countries formulate relevant laws and regulations, and also put forwards some suggestions and measures of more practical significance for development of financial industry and economic growth of China.