Study On The Relationship Between Regional Financial Agglomeration And Industrial Green Development And Regional Difference

At present,the development of China's industrialization has entered the middle and late stage.The society faces problems such as large resource consumption,tight energy supply,and serious environmental pollution,which is detrimental to the sustainable development of the Chinese economy and social progress.Therefore,it is of utmost importance to change the mode of development and cultivate a green development concept.As the largest developing country,the growth of China's economy mainly depends on the development of industry.Then the industrial sector is the most critical area for China's green development.At the same time,under the background of the country's active promotion of supply-side reforms,the transformation of industrial development methods is imperative.While finance is the core of economic development,the transformation of the industrial economy cannot be separated from the support of the financial industry.At present,environmental issues have become the focus of global attention.Countries are racing to develop green economies and the demand for green finance to support green industries and sustainable development is gradually expanding.Financial agglomeration,as a trend in the development of the financial industry,needs to be confirmed whether it plays a positive role in promoting green development of the industry.The paper will conduct research from the following aspects.First of all,sort out the mechanism of financial agglomeration affecting industrial green development and conduct mechanism analysis.On the basis of literature research,we have combed out the relationship between financial agglomeration and industrial green development and the mechanism by which financial agglomeration promotes regional eco-efficiency and promotes industrial green development,including the industrial structure,technological innovation and corporate supervision.Secondly,build a comprehensive evaluation index of financial agglomeration and industrial green development.This paper selects 12 indicators from three aspects of banking,securities and insurance,and uses projection pursuit weighting method to measure the level of agglomeration of the three major financial industries in 30 provinces and cities in China from 2006 to 2015,and analyzes the space-time characteristics of financial agglomeration by comparing the development of the financial agglomeration level and concerning the changes in time and space.Similarly,we select seven representative indicators to establish a comprehensive index system from the four aspects of energy resources consumption,industrial wastewater discharge,industrial exhaust emissions,and industrial solid waste discharge,and use projection pursuit weighting method to measure the level of industrial green development in 30 provinces and cities in China for 2006-2015,to analyze the temporal and spatial characteristics of industrial green development and explore the relationship between financial industry agglomeration and industrial green development.Thirdly,on the basis of mechanism analysis and index construction,analyze the relationship between financial agglomeration and industrial green development by spatial econometric methods.Above all,the global and local spatial autocorrelation tests were carried out on industrial green development,and the local spatial autocorrelation test were carried out on financial agglomeration levels to verify the spatial agglomeration characteristics of the two factors.The distribution shows that the eastern region is superior to the central and western regions,showing a decreasing trend in the east,middle,and west levels.Then construct the non-regulatory effect model and the regulatory effect model separately,including different regional regulatory effect models exploring the impact of the three major financial industries at the national and regional levels on the green development of industry under different regulatory effects.It is concluded that the regulatory effect of industrial structure,technological innovation,and enterprise supervision on the concentration of banking industry and the concentration of securities industry is obviously better than that of insurance industry.In addition,the regional differences exhibited by the regional regulatory effect models are also quite obvious.As a whole,the regulatory effect of the eastern region is apparent in the central and western regions and the spatial spillover effect of banking agglomeration and securities industry agglomeration is higher than that of the insurance industry.Finally,put forward targeted policy recommendations.Concerning empirical test results on the effects of financial agglomeration on industrial green development,the paper puts forward specific policy recommendations to better play the positive role of financial agglomeration in industrial green development.