Research On The Influence Of Financial Agglomeration And Industrial Structure Upgrading On Residents' Consumption

In recent years,China's economic growth has gradually slowed down,exports and investment have reduced the role of economic promotion,and consumption has become a major driving force for economic development.At present,China's economy has entered a new normal.Economic development should focus on innovation-driven development.At the same time,it is necessary to expand the influence of household consumption and domestic demand on economic growth.The financial system and industrial structure are important components of the modern economic system,while both financial agglomeration and industrial structure have a certain impact on residents' consumption.Therefore,it is of great significance to systematically study the impact of financial agglomeration,industrial structure upgrade,and the integration of the two on residents' consumption to stimulate the potential of economic growth.From the research method,this article adds financial agglomeration,industrial structure upgrade and household consumption to the same research system.First,it analyzes domestic and foreign related researches between financial agglomeration,industrial structure and household consumption,and further analyzes financial Theoretical analysis of how the agglomeration,industrial structure upgrade and their integration affect the consumption mechanism of residents.In the empirical analysis,the static panel model is first used to study the effects of financial agglomeration and industrial structure upgrade on survival-oriented consumption and enjoyable consumption,respectively.Then the financial industry is divided into banking,insurance,and securities.Based on the dynamic panel model,the time lag effect of the integration of the financial agglomeration and industrial structure upgrade of these three industries on household consumption is studied.Further use the spatial econometric model to analyze the spatial effects of the integration of financial agglomeration and industrial structure upgrade on residents' consumption levels from the eastern,central and western regions.The empirical results show that: financial agglomeration and industrial structure upgrade both have a significant positive effect on household consumption,but their degree of influence is different for different consumption structures;the integration of financial agglomeration and industrial structure upgrade has also affected the level of household consumption.Significant impact,and the impact shows a certain time lag effect,and the positive and negative effects of the effect change due to the financial industry and the number of lag periods;after the financial industry is divided into banking,insurance,and securities,it is found that they The integration of the industrial structure upgrade can have a significant spatial spillover effect on the surrounding areas.The integration of the banking financial agglomeration and industrial structure upgrade will inhibit the consumption level of local residents,while the securities industry and insurance industry can promote local residents' Consumption level.