Research On Financial Agglomeration And Regional Industrial Structure Optimization

In the "13th Five-Year Plan",the state has made it clear that it is necessary to strengthen the structural reform of the supply side and accelerate the transformation of the mode of economic development and achieve higher quality,more efficient,more equitable and sustainable development.The important elements of structural reform is Optimizing the industrial structure,improving product quality and improving the quality of the industry.Recently,the State Council has approved the "13th Five-Year Plan about the promotion of the rise of the central region," and clearly put forward that the strategic positioning of rising the central is "one center,four areas,",and deploy nine major tasks.Industrial transformation and upgrading to inform the new system of modern industry is one of them.To achieve the optimization of industrial structure is inseparable from a certain external environment support,in particular,the need for financial resources allocation and mobility mechanism function.With the global integration of economy and finance,the flow of financial resources in the world is faster and wider,the agglomeration of financial industry has become increasingly prominent,and the financial agglomeration has become the main goal of modern financial industry development.The formation of financial agglomeration,on the one hand to achieve the mutual cooperation and infrastructure sharing between financial institutions,and is conducive to the formation of a sound financial operation mechanism;the other hand,through its agglomeration effect and diffusion effect to achieve the full range of financial resources in the financial gathering area and optimized settings to facilitate economic growth and industrial structure optimization.The paper takes the central China’s as the research object,and takes the financial agglomeration and industrial structure optimization as the starting point,to explore the relationship about financial agglomeration on the industrial structure optimization.Firstly,the study describes the concept of financial agglomeration and industrial structure optimization.On this basis,this paper has established the theoretical framework that financial agglomeration how to affect industrial structure upgrading through the capital formation,capital allocation,technological progress,industrial integration and risk compensation mechanisms.Then,the study analyzed the central provinces of China’s the status quo and distribution characteristics of the financial agglomeration,the current situation and existing problems of the industrial structure through the combination of quantitative analysis and qualitative description.In addition,the Location Entropy index is used to measured the financial agglomerationlevel of the central region,and also to the degree of agglomeration of the financial sub-industry,finding that the central region of financial agglomeration situation highlights.The banking agglomeration is the highest degree of the Financial sector,but in the context of increasingly prominent financial agglomeration,the industrial structure still exists some other problems,such as a low level of industrial softening,lack of technological innovation,industry development isomorphism and so on.After that,this paper chooses the relevant sample data of the central provinces from 2004 to2014,constructs the dynamic panel data regression model,and uses the system GMM estimation method to carry on the empirical test.The empirical results show that the financial agglomeration broadens the investment and financing channels through the agglomeration effect,improves the supply and allocation efficiency of the financial resources,and can promote the optimization of the industrial structure,including the rationalization and standardization of the industrial structure,and deep into the financial internal factors,there is a big difference between bank and insurance on the industrial structure optimization.Bank agglomeration can promote the optimization and upgrading of industrial structure,but not conducive to the rationalization of industrial structure development,and insurance on the rationalization of industrial structure has a positive role in promoting,but owing to the central region insurance started late,accounting for smaller,result in the agglomeration effect is not significant,so the effect on the rationalization of industrial structure smaller than the optimization and upgrading of industrial structure.Finally,based on the previous theory and empirical conclusions,this paper puts forward the relevant policy suggestions to deepen the level of financial agglomeration and promote the optimization of industrial structure in central China.