Analysis Of Regional Finance Capital Mobility In Beijing-Tianjin-Hebei Area

Beijing-Tianj in-Hebei collaborative development was promoted as an important national development strategy in 201.Efficient finance operation is the basis for the collaborative development of the economy.Financial capital flow is a prerequisite for efficient finance operation.Theoretically,pursuing interests is the essence of capital flow.Capital flows from the regions where marginal output is low to higher regions.According to the law of diminishing marginal output,the marginal output of financial resource-rich regions is often lower than the regions that lack of financial resources,moreover,financial capital often flows to the regions that possesses fewer financial resources.Financial capital of the region will tend to Pareto optimal when the marginal output of outflow regions and inflow regions reache equilibrium.Financial capital flow promotes the optimal allocation of financial resources,and increases the social welfare of both outflow regions and inflow regions.Thus,Beijing-Tianj in-Hebei collaborative development needs to strengthen the reasonable financial capital flow,optimize the allocation of financial resources within the aera,consequently,create a scientific financial development pattern.On the base of the Beijing-Tianj in-Hebei area’s present situation of financial development,this paper uses Feldstein-Horioka model(FH model)to analyze the finance capital mobility.The period is divided into two parts:2005 to 2009 and 2010 to 2015.The main conclusions include:Beijing-Tianjin-Hebei area’s finance capital mobility continuously increases during the period,the provincial financial capital flow index fells from 0.4640 to 0.2301,the municipal financial capital flow index fells from 0.6593 to 0.5567.Provincial finance capital mobility is higher than the municipal’s,the difference between them is getting bigger,the difference increases from 0.1953 to 0.3266.Compared with the Guangdong Province,the degree of Beijing-Tianj in-Hebei area’s financial capital flow is weaker,but the difference them is gradually narrowing.The provincial financial capital flow index fells from 0.1378 to 0.0199,and the municipal financial capital flow index fells from 0.1382 to 0.0881.Economic growth and government intervention influence financial capital flow complexly,which is related to economic background and policy.The effect of government intervention on provincial capital financial flow is higher than economic growth from 2005 to 2009,economic growth had greater impact on provincial financial capital flow than government intervention from 2010 to 2015.Based on the empirical analysis results of Beijing-Tianjin-Hebei area’s financial capital flow and actual situation of this aera,this paper puts forward three suggestions:"moderate intervention",targeted financial policy and make full use of economic growth,to improve the financial capital flow within the region so that promote stable and healthy financial capital operation.