Research On Radiation Effect In Financial Agglomeration

As a special form of industrial agglomeration,financial agglomeration is the product of a certain degree of industrial agglomeration. In order to reduce transaction costs,the financial institutions have chosen to focus on some geographical advantages, so as to form a large international financial center,such as New York,London, Shanghai and Beijing. After the financial agglomeration to a certain extent,the financial institutions will choose to spread to the surrounding areas of the agglomeration center to reduce the cost,so as to reduce the cost of the financial resources.The Yangtze River Delta region is the largest economic region in China,which has a strong representation of the research object. On the basis of summing up the relevant theoretical knowledge,this paper establishes a comprehensive index system of financial agglomeration evaluation,selects the data of the Yangtze River Delta region in 2013 as the research object,analyzes the financial agglomeration degree of 16 cities.Then we take Shanghai as an example,the empirical test of the agglomeration and radiation effect of the city,select the 2004-2013 data as the basis and the Shanghai City,Shanghai,and Nantong,Shanghai,Suzhou and Jiaxing,the financial agglomeration score and the GDP growth rate as the analysis object,using the Grainger causality test and the impulse response function in VAR model,and finally get the degree of financial agglomeration in Jiaxing city and Suzhou City,the economic growth has a certain effect, but Shanghai City,Nantong city and economic growth has a certain negative effect.In the end,the paper puts forward some suggestions on the basis of the summary of the whole paper, including the differential development strategy,the establishment of traffic network and the innovation of financial innovation, and points out the shortcomings of this paper and the future research direction.