The Impact Of Financial Agglomeration On The Upgrading Of Industrial Structure

The rational allocation of funds is conducive to the healthy operation of macroeconomics and the healthy development of micro-enterprises,and has a profound impact on the transformation and upgrading of industrial structures.Benefiting from the policy dividend of reform and opening up and the determination of Guangdong Provincial Government to establish the goal of "financial province" put forward by the end of 2003,the agglomeration effect of Guangdong Province has become increasingly evident.The number of financial institutions,financial practitioners and premium income rank first in China,forming a To Guangzhou and Shenzhen as a dual cluster center to the Pearl River Delta as an important support,non-Pearl River Delta region as an important backing of the financial structure.How to give full play to the agglomeration and diffusion effects of the financial industry and make use of the mechanism of capital formation,capital allocation,technological innovation,industrial consolidation and risk prevention to promote the readjustment of the industrial structure and release the driving force of economic development,so as to enhance the comprehensive competitiveness of Guangdong Province,Has become an important issue of theoretical and practical signifieance.Based on the research on the theories of financial agglomeration and upgrading of industrial structure,this article first analyzes the theoretical support of financial agglomeration on the industrial structure and analyzes the five internal mechanisms by which financial agglomeration affects the upgrading of industrial structure.Then through the qualitative and quantitative analysis of the overall and sub-sectors of financial agglomeration in Guangdong Province,the level of financial agglomeration is quantified with the location entropy.Then through the analysis of the trend of industrial structure upgrading and the status quo of the second and third industries,it illustrates the upgrading of industrial structure.Followed by the multi-regression analysis of causal relationship between Guangdong's financial agglomeration and upgrading of industrial structure.The test results show that financial agglomeration,through its unique mechanism,plays an important role in upgrading the industrial structure,providing sufficient financial support for upgrading the industrial structure,promoting technological innovation,promoting industrial consolidation and realizing effective allocation of resources.However,sub-sectors subdivided into financial agglomerations are analyzed.The effects of banking,securities and insurance industries on the transformation and upgrading of Guangdong's industrial structure are not consistent.Due to its owrn prudential compliance and the industrial characteristics of Guangdong Province,the banking industry has shown some restraining effect.Benefit from the securities industry,the securities industry,theShenzhen Stock Exchange,small plates and the GEM and other national platforms,effectively supporting the transformation and upgrading of industrial structure.Although the insurance industry also has an impact on the transformation and upgrading of the industrial structure,its impact is weaker.Finally,based on the previous theoretical and empirical research on financial agglomeration and upgrading of industrial structure,this paper puts forward some policy suggestions on how to deepen the financial agglomeration effect in Guangdong Province,broaden the level of financial agglomeration,adjust the industrial structure and adapt to the economic healthy and sustainable development.