The Research Of Financial Agglomeration And The Economic Growth Base On The Threshold Model

Industrial agglomeration is an important feature of today's industral development.It can not only become the leading power in regional economic development,but also become the key to enhance the industral competitiveness for a country or region.Increasing returns to scale,the free movement of factors of productuon and the lower transportation costs are the important cornerstones of industrial agglomeration's formation,while the financial industry has an unparalleled advantage in these three areas,thus,the formation of financial agglomeration is more inevitable in these three areas,thus,the formation of financial agglomeration is more inevitable and reasonable compared to other industries.Firstly,combing financial functional perspective,the paper elaborates the mechanism of action and effects that financial agglomeration affects on regional economic growth.Based on that,the paper selects multiple indicators to build a comprehensive evaluation system by factor analysis which can be better measure the development level of regional financial agglomeration,and then do comparative analysis between regions,in order to define the degree and feature of each region's financial agglomeration development in China.Secondly,the paper select 20 years data from 1997 to 2016 of China's representative cities to build econometric models,and does empirical test from non-linear effect that financial agglomeration,and then do comparative analysis regions,in order to fefine the degree and the feature of each region's financial agglomeration development in China.Secondly,the paper select 15 years data from 1997 to 2016 of China's representative cities to build econometric models,and empirical test from the non-linear effect that financial agglomeration will act on regional economic growth.The results show that,the current level of financial agglomeration is low and regional differences are significant.Financial agglomeration has a positive on economic growth,but it's not the main driving force.Financial agglomeration has a ‘Staircase'structure,and improve the level of financial agglomeration will inevitably lead to be better contributions to the development of the real economy.The financial agglomeration mainly through capital accumulation,industrial structure adjustment path to grow,while the financial agglomeration effect of economic growth path of technological innovation is not significant.Finally,the corresponding policy discussion is made from the aspects of rational planning of financial agglomeration,improving the level of financial agglomeration,and giving full play to the benefit of financial agglomeration,The First is to rationally locate the financial agglomeration area and construct a multi-level financial center pattern;The second enhances the level of regional financial agglomeration and promote the sustainable development of financial agglomeration from the following aspects: strengthening government policy support,building multi-level financial market system,accelerating the construction of financial ecological environment and talent development;The third gives full play to the benefits of financial agglomeration,increase financial support for industrial restructuring and technological innovation,in order to transform the mode of economic development and better serve the real economy.The fourth plays to the benefit of financial agglomeration,support the adjustment of industrial structure and technological innovation in the financial industry,and better serve the real economy by changing the way of economic development.The fifth establishs a benign financial environment to coordinate with other aspects.There are two major innovations: according to the report will be divided into eight economic regions in China and not according to the administrative area to study the regional financial agglomeration degree determination;the paper from the perspective of financial industry cluster research and verification of financial development on economic growth,provides a new perspective for financial traditional development theory.And the nonlinear threshold model is used to study the relationship between financial agglomeration and economic growth.