The Spatial Effect Of Financial Agglomeration On Regional Economic Growth

Since the reform and opening up,China's economic development has made remarkable achievements.In the context of economic and financial globalization,the trend of the spatial agglomeration of financial industry is becoming more and more obvious.At present,agglomeration has become the basic feature of the structure of the financial industry space organization,which plays an inestimable role in promoting regional economic growth.However,the distribution and agglomeration of financial resources in China are not balanced in various regions.The eastern region is economically developed,financial resources are rich,and the level of agglomeration is high,but the economic development of the middle and western regions is lagging behind,financial resources are scarce and the level of financial agglomeration is relatively low.This paper introduces the financial geography theory,the scale economy theory,the regional economic growth theory and the space economics theory to analyze the connotation,the evolution path and the motivation of the financial agglomeration,and constructs the theoretical analysis frame of the financial agglomeration on the regional economic growth.Following the principles of substance,comprehensiveness,structure and operability,the comprehensive evaluation index system of financial agglomeration is constructed from three aspects of financial scale,financial efficiency and financial structure.At the same time,the factor analysis method is used to measure the financial agglomeration degree of 31 provinces(cities and autonomous regions)from 2000 to 2015 in China,and the spatial effect mechanism of financial agglomeration affecting economic growth is tested by the spatial panel data model.The research shows that:(1)China's financial agglomeration phenomenon is obvious,and different regions are quite different.The level of financial agglomeration in China has a dynamic evolution in time.It shows that the mean of financial agglomeration is changing and increasing.At present,although the level of financial agglomeration in China has been improved,there are significant differences in the speed of regional promotion.The level of financial agglomeration from low to high is the western,central and eastern regions,respectively.In terms of the internal differences in the level offinancial agglomeration in various provinces,the degree of financial agglomeration in the central region is the least,and the degree of financial agglomeration in the eastern and western regions is the largest.(2)There is a significant spatial correlation between financial agglomeration and economic growth in China.The Moran's I of financial agglomeration and economic growth shows a basic trend of increasing year by year,and there are obvious spatial dependence characteristics between neighboring provinces,autonomous regions and municipalities directly under the central government.(3)financial agglomeration can significantly promote the region economic growth,and financial agglomeration has a significant spatial spillover effect.Financial agglomeration can affect the growth of local economy through the diffusion effect of financial resources,technological innovation effect and attracting foreign investment,but the financial agglomeration can not promote the economic growth by upgrading the industrial structure.Financial agglomeration has positive and negative effects on adjacent areas.Among them,financial agglomeration can promote economic growth in adjacent areas with the help of technological progress and industrial structure upgrading,but the spatial effect of financial agglomeration through the diffusion of financial resources and attracting foreign investment is not significant.Based on the above research findings,the policy recommendations put forward in this paper:(1)adjusting the financial industrial structure and coordinating the development of regional economy.It is encouraged to make full use of comparative advantages to develop advantageous industries,support the development of small and medium enterprises,rationally guide the flow of financial resources,improve the efficiency of the allocation of financial resources,and gradually establish a rational and advanced industrial structure system so as to promote the coordinated development of regional economy.(2)deepen financial market reform and set up multi-level financial market system.Local governments should change their ideas from intervention to service,relax control of financial markets,eliminate institutional barriers to financial markets,make free flow and exchange of financial resources,and accelerate the gathering of financial resources.(3)give full play to the government's policy guidance and speed up the gathering of financial resources in different regions.By perfecting the credit mechanism of the financial agglomeration area,we can create a good and safe financial market environment for the development of the financial industry,and guide more policy financial resources to the central and western regions,strengthen the absorption capacity of the financial resources in the central and western regions,and encourage the eastern region to transfer the idle gold to the central and western regions.