A Study On The Spatialspillover Effect Of Financial Agglomeration On Economic Growth In Beibu Gulf City Group

The Beibu Gulf City Group has been approved as a national urban agglomeration to create a "one-bay two-axis,one-core and two-pole" urban agglomeration framework.Firstly,this paper combines the agglomeration theory and economic growth theory to study the mechanism of Beibu Gulf urban Financial agglomeration on urban economic growth,and analyzes Financial agglomerationthe connotation,formation reasons of financial agglomeration and the mechanism of interaction between urban economic development and other areas in detail.The panel data of Beibu Gulf urban agglomeration from 2011 to 2016 was selected as the research object.Using Moran'I scatter plot and cold hotspot analysis,the spatial distribution law and dynamic evolution trend of financial agglomeration of Beibu Gulf urban agglomeration were investigated.In analysing the financial clustering of the Beibu Gulf urban agglomeration on economic growth,we use the SDM model to explore the marginal effects of financial agglomeration on economic growth,The introduction of co-ordination terms analyzes the role of financial agglomeration in economic growth,and studies the spatial spillover effects of financial agglomeration on the economic development of urban.The study found that:(1)Moran'I scatter plot and cold hotspot analysis The spatial distribution of financial agglomeration shows that the financial agglomeration of the Beibu Gulf urban is at its infancy.The financial agglomeration degree is not high,the internal development is uneven,and there is a polarization development.The global spatial autocorrelation test and local spatial autocorrelation test were performed on financial agglomeration and major variables,and the spatial dependence and local spatial correlation of financial agglomeration were found to be strong.(2)According to the SDM model random effects of panel spatial data,the current financial agglomeration of the Beibu Gulf urban agglomeration has a positive effect on economic growth.This effect is related to financial scale and financial efficiency.Increasing financial efficiency can promote the Beibu Gulf City positive impact of financial agglomeration on economic growth.(3)For the Beibu Gulf urban,the spatial spillover effect of financial agglomeration on economic growth is a positive and favorable spillover,and financial agglomeration has greater effect on the spatial spillover of neighboring cities through the improvement of financial efficiency.To improve financial efficiency is mainly to improve the effective utilization of financial resources.It can improve the efficiency of capital utilization by accelerating financial innovation and developing efficient financial products.Financial agglomeration in this way can have a good demonstration effect on the neighboring cities.The spillover effect of the approach,Financial agglomeration through financial expansion,on economic growth is negative,the expansion of a city's financial scale requires the concentration of regional resource elements into this city,there will be a certain degree of competition in the financial resources of neighboring cities.(4)The expansion of financial scale and the improvement of financial efficiency can both promote economic development,in Beibu Gulf City Group,The spillover effect of the expansion of financial scale on economic growth is more pronounced in city than between cities,In other words,the improvement of financial technology and the improvement of innovation level have demonstrated effects in neighboring cities;and the spillover effect of financial scale is larger between cities.(5)Human resources and investment are the important driving forces of economic development,A city's human resources reserves can provide a steady stream of power for technological progress,it can improve the resource utilization efficiency of the financial market;The increase in investment has,to a certain extent,led the expansion of the financial scale and the accumulation of capital stock.Based on the spatial empirical analysis of the economic growth in the Beibu Gulf City Group,this paper has proposes targeted policy recommendations.