Research On The Financial Agglomeration And Economic Efficiency Of National Central Cities

The Chinese National Central City refers to the regional economic center city which is belong to the national strategic position,shouldering the national mission and leading the regional development.In year 2017 the national central city has added two,so far the number of Chinese National Center City which are identified is in a total of eight.The national central city is a new feature of the economic and social development,and has been paid more and more attention by the government policy makers and researchers.And then we take into account that the financial is the core of the national economy under the new normal development of virtual resources.Finance is the blood of modern economy.The quality of financial activities,financial services and the spatial distribution of financial institutions have a crucial impact on economic development,the financial agglomeration is the result of the rapid flow of financial resources,and financial agglomeration is the inevitable result of the development of financial industry,many scholars have used the theory of industrial agglomeration to prove the effect of financial agglomeration on economic growth.At the same time,economic efficiency is the quality problem of economic growth,the competitiveness of a city is reflected by economic efficiency,it affects the sustainable development of the future economy.Therefore,the study of economic efficiency can reflect the essence of economic development.The significance of national central city layout is to lead the development of social economy in China.At present,there are few studies on the financial agglomeration and economic efficiency of National Central Cities.Therefore,the study on the relationship between financial agglomeration and economic efficiency of Chinese national central cities have important sense to central city development strategy and financial distribution strategy.We use location entropy index method to measure the financial industry agglomeration level,the results show that eight national center city are showing a certain degree of financial agglomeration.Then we use DEA-Malmquist index to measure the economic efficiency TFP and its decompose SC,PC,TC of the eight cities,the result shows that their economic efficiency are very good to have a positive growth trend.And then we use SYS-GMM to measure the relationship between financial agglomeration and economic efficiency,and the panel regression model to measure the difference of the relationship between financial agglomeration and economic efficiency about the eight Chinese national central cities.We study the effect of financial agglomeration on economic efficiency of National Central Cities from the overall level and the urban level.The conclusion is that the market should be the core of the reform,the reform of the financial supply side,the virtual reality,the innovation driven and the expansion of the financial opening.