The Channel Of Financial Agglomeration On Industrial Structure Adjustment Based On Yangtze River Delta

As a new interpretation of economies of scale,economies of scope and division of labor based on regional specialization,financial agglomeration has become a common phenomenon in the development of global finance.On the one hand,the financial resource agglomeration has promoted the mutual cooperation and infrastructure sharing between financial institutions,on the other hand,the financial agglomeration can bring economic growth and industrial restructuring through the full-flowing and optimization of financial resources.Therefore,local government and central Government all hope to build an international financial center or regional financial center,in order to meet the needs of financial resources in the process of economic development and transformation,or add to the economic vitality of the nation.With the promotion of reform and open policy and the rapid development of Shanghai's economy,the Yangtze River Delta economic circle has realized the leap of quality and quantity of economic development with the advantages of policy and regional advantages.Especially in the financial services industry,the financial services industry has a further development in the Yangtze River Delta region with the development of the construction of Shanghai Lujiazui financial center and the Shanghai Free Trade Zone.Many financial agglomeration cities have formatted along with financial resources rapid agglomeration,including the Shanghai international financial center.The development of financial agglomeration and the formation of financial center play an important role in promoting economic growth,promoting industrial upgrading.At present,the world economic structure adjustment and economic globalization rules reconstruction,the domestic economic slowing down becoming the new norm,the prices of production factors increasing and regional competition becoming increasingly fierce constitute the four heavy pressures that forced of Chinese economic transformation and upgrading.As the leader of China's economic development,the Yangtze River Delta economic zone has been at the leading level in the optimization and adjustment of industrial structure.First of all,this paper elaborates the financial agglomeration mechanism of industrial structure adjustment,then analysis the theoretical mechanism between financial agglomeration and industrial structure adjustment from the four aspects of capital agglomeration effect,capital allocation effect and the effect of talent aggregation and information transparency effect.At the same time,this paper uses qualitative and quantitative analysis methods to analyze the current situation of the financial agglomeration and industrial structure of all cities in the Yangtze River delta.Secondly,this paper analysed spatial correlation of financial agglomeration degree and advancement and rationalization of industrial structure of the Yangtze River Delta City cycle.Based on the correlation analysis of each city in the region,this paper analysed the spatial agglomeration types specifically.The results showed that:(1)the industrial structure rationalization index showed significant spatial correlation,and the positive correlation increased gradually with the passage of time,while the advanced industrial structure indicators did not show significant spatial correlation;(2)global spatial correlation coefficient of financial talent changed from the early positive gradually to negative positive,and the significance increased.In contrast,the overall balance of foreign currency deposits did not have spatial correlation,while the balance of deposits in Nanjing City and Chuzhou City has formed a high value-low-type heterogeneous spatial agglomeration,similar to the aggregation of financial talent.Again,based on the above analysis of the mechanism and spatial correlation,using the spatial econometric model,this paper did an empirical study of relationship between financial agglomeration and industrial structure adjustment,in the perspective of the direct effect and spatial spillover effect.According to the empirical results,we get the following conclusions:(1)the Yangtze River Delta city financial agglomeration caused by expanding the scale of capital has little influence on the adjustment of local industrial structure.The positive effect of Capital Agglomeration on the rationalization of industrial structure is higher than that of industrial structure up-grading.However,whether direct effect or spillover effect,insurance industry agglomeration did not have significant impact on the rationalization and advancement of the industrial structure;(2)financial talent agglomeration effect has a significant direct effect on industrial structure rationalization and up-grading,beneficial to balanced improvement of industrial structure,and hinder the advanced process of industrial structure,but there are not significant spillover effects.(3)Capital allocation effects has a significant negative relationship on industrial structure effect and regional rationalization degree,at the same time,it has a positive spillover effect on the balanced development of the industrial structure obviously.(4)The direct effect of information transparency is not significant,but the higher the degree of transparency of the information has a significant inhibition of the balanced development of the industrial structure in the surrounding areas.Finally,according to the conclusions of theoretical analysis and empirical research,combined with status of financial agglomeration and industrial development in the Yangtze River Delta,this paper puts forward relevant policy suggestions,in order to provide empirical reference on the financial agglomeration improving the adjustment and optimization of industry structure.