Research On The Evaluation Of The Development Of Financial Industry In Shandong Province From Multidimensional Perspective

As an important driver of national economic development,the Financial Industry plays an important role in reducing corporate financing costs,providing timely and adequate financial support for corporate development,and better serving the real economy.It will be beneficial to transform the mode of economic development and promote the optimization and upgrading of industrial structure by rationalizing the allocation of financial resources and promoting the development of key industries.At present,under the background of Economic Globalization and Financial Globalization,the development of the Financial Industry faces many opportunities and challenges.Under the conditions of economic development in the new era,it is particularly important to improve the development efficiency of the Financial Industry,achieve a precise positioning of the Financial Industry,correctly understand the level of development of the regional Financial Industry and its agglomeration capabilities,and implement the structural reforms on the supply side,specifically in the development of the Financial Industry,and improve the financial market development structure.Shandong Province,as a major economic province in the eastern part of China,has the third largest economy in the country.At present,Shandong Province is in the transitional stage from a large economic province to an economically strong province.Under the background of the Economic New Normal development and the New and old kinetic energy conversion,it is selfevident to attach great significance to improving the Financial Industry development structure of Shandong Province,improving the efficiency of financial development,and giving full play to the contribution of the Financial Industry to economic development.Therefore,there is a more specific understanding of the development of the Financial Industry in Shandong Province,which is of great significance in order to provide reasonable suggestions for promoting the development of the regional Financial Industry in Shandong Province.This paper sorts out relevant literature on the development of the Financial Industry at home and abroad,starting from the theory of regional financial development,the theory of regional nonequilibrium,and the theory of financial structure,and defines relevant concepts.This paper starts from the multidimensional perspective of the development level of the financial industry,the development efficiency of the financial industry,and the ability of financial aggregation,and the ability of Financial Agglomeration to comprehensively evaluate the development of the Financial Industry in Shandong Province.Firstly,a comprehensive analysis of the financial development level of 17 prefecture-level cities in Shandong Province was conducted using Factor Analysis.At the same time,a Systematic Cluster Analysis method was used to classify and compare the development status of the Financial Industry in 17 prefecture-level cities.Secondly,the Financial Efficiency of eight coastal provinces and cities including Shandong Province was analyzed through the use of the Malmquist DEA model,and evaluated the Financial Efficiency of 17 prefecture-level cities and three major financial industries in Shandong Province.Thirdly,the financial agglomeration level of 17 prefecture-level cities in Shandong Province was evaluated,which the state of Financial Industry agglomeration in Shandong Province was revealed in detail by establishing the evaluation system of financial agglomeration level in Shandong Province.On this basis,there is a systematic grasp of the development of the Financial Industry in Shandong Province.The research shows that the development of the Financial Industry in Shandong Province is in good condition and the development potential of the Financial Industry is relatively large,but the scale and depth of development are not enough,and the contribution to the regional economic development is insufficient.The gap is more obvious compared with the provinces and municipalities with better development in the financial sector in Guangdong and Jiangsu province.There is a large regional gap in the level of development of Financial Industry among 17 prefecturelevel cities.The development efficiency of the Financial Industry in Shandong Province has been gradually improved,but the regional differences are large,and the problem of structurization and scale is obvious.The trend of agglomeration of Financial Industry in Shandong Province is evident.Financial capital,financial talents,and financial institutions are the main factors affecting Financial Agglomeration.To further promote the healthy and sustainable development of the financial industry in Shandong Province,it is necessary to take measures from the external environment for the development of the financial industry,the structure of the development of the financial industry,financial talents,and so on.