Research On The Impact Of Financial Agglomeration In Shanghai On Industrial Structure Upgrading

With the rapid development of economy,the role of finance is more and more important in the whole economic system.For it has high liquidity,financial resources and financial activity concentrate continuously towards an important financial center city.Distribution of financial resources has a significant impact to the macro-economic operation condition and micro enterprise running,playing an important role in the upgrading of industrial structure.Shanghai is a city of the most concentrated domestic financial resources and the most developed economy,so this article selects the relevant data of Shanghai from 1996 to 2015 as sample,studying in Shanghai's financial agglomeration level and upgrade of industrial structure,through the mechanism that financial agglomeration has an effect on industrial structure upgrade,analyzing the effect of the financial agglomeration on industrial structure upgrade from the theoretical and empirical level.This article reviews the literature through the domestic and foreign financial agglomeration,upgrading of industrial structure and the relationship between them,analyzing the mechanism that financial agglomeration has an effect on industrial structure upgrade and laying a solid theoretical foundation.On the basis of the qualitative description of Shanghai's financial agglomeration status and distribution characteristics,the quantitative financial agglomeration level over the years in Shanghai was carried on by using location entropy.At the same time,considering the upgrading of industrial structure mainly includes two dimensions of industrial structure rationalization and fundamentals,further build the theoretical analysis framework that the financial agglomeration affects the rationalization and fundamentals of industrial structure.And then the VAR model is established,through the Granger causality test,impulse response and variance decomposition we test the influence empirically on Shanghai's financial agglomeration to industrial structure upgrade.The empirical results show that there exists a long-term and stable development trend in the effect of Shanghai's overall financial agglomeration to industrial structure upgrade.And the financial agglomeration significantly promotes industrial structure upgrade in the long term.But from the perspective of the interior of the financial agglomeration,the concentration of banking,securities industry agglomeration and industry cluster has different effect on industrial structure upgrade in Shanghai.Banks offer the biggest long-term impact effect on industrial structure,which is the main factor that promotes industrial structure upgrade.Securities industry agglomeration and industry cluster has a slight inhibitory effect to industrial structure upgrade at first.But with the passage of time,the accumulative effect appears gradually,promoting industrial structure upgrade.To sum up,in the financial markets of Shanghai,the credit market promotes industrial structure upgrade most.The securities market and insurance market promote industrial structure upgrade less.Finally,based on theoretical and empirical research conclusion,we put forward policy suggestions which improve Shanghai's financial agglomeration level,deepen financial agglomeration level,and then promote industrial structure upgrade: Improve the efficiency of financial intermediary.Consolidate financial agglomeration advantage.Develop the direct financial.Broaden the industry financing channels.Optimize the financial ecological environment.Improve the financial agglomeration order.Perfect the financial space layout.Promote regional balanced development.