Research On Spatial Differences And Influence Factors Of Financial Services Industry Development In Shandong Province

In recent years,the value-added of financial services in Shandong Province has been increasing rapidly,the scale of financial assets has been expanding and the contribution rate to GDP has increased year by year.At the same time,the regional differences in the development of financial services in Shandong Province are increasing and the imbalance of the allocation of financial resources has become more and more serious.In view of this,this paper focuses on the following three issues:First,what is the spatial difference and the dynamic evolution law of the financial services industry in Shandong province?Second,what are the factors affecting the development of financial services industry in Shandong province and what are their mechanisms of action?Third,how to promote the regional coordinated development of Shandong's financial services industry?Based on analysis of the above three problems,on the one hand,we can provide reference and basis for formulating the development strategy and policy of financial services industry in Shandong province.On the other hand,we can provide a new perspective and reference for optimizing the regional financial resources allocation,narrowing the regional economic gap and promoting the coordinated development of regional economy in Shandong.Based on the data of financial services development of banking and insurance industry in Shandong Province from 2003 to 2016,the paper first analyzes the status quo of the overall development of financial services industry in Shandong Province and compares the development of the banking industry and the insurance industry according to the division standards of the three regions in the East,middle and West.Secondly,the Gini coefficient and its decomposition method are used to estimate the overall spatial differences in the development of financial services in Shandong Province,and the overall differences are decomposed into intra-regional differences,interregional differences and variable densities,thus revealing the size and source of regional differences.Thirdly,the non-parametric estimation method of nuclear density is used to investigate the dynamic evolution of the financial service industry in the eastern,central,western and overall partsof Shandong Province.By means of mean change,distribution pattern,peak number and so on,the overall level promotion of financial services development,the change of regional differences,polarization or multipolarization are reflected.Then,based on the theoretical analysis,this paper makes an empirical test on the influencing factors of the financial service industry in the eastern,central,western and overall partsof Shandong Province on the basis of panel data model.Finally,based on the results of empirical test,the paper puts forward the concrete countermeasures of coordinated development of financial service industry in Shandong Province.The conclusions are as follows:First,the sum of deposits and loans made by financial institutions,the total amount of insurance revenues and expenditures,and the total revenue and expenditure in the financial sector of the whole,eastern,middle and west of Shandong Province all showed a significant increasing trend but there are obvious regional differences.The highest level of development is in the east.followed by the development of the central level,and the lowest level of development is in the west.As far as the financial correlation rate is concerned,the western region remained almost at the lowest level during the sample observation period,and the central region was higher than the eastern region before 2009,while the eastern region remained at its highest level between 2009 to 2014,but he central region becomes the highest level since 2015.Second,the overall and regional differences in the development of financial services industry in Shandong province have shown a decreasing trend.Regional differences between the eastern and central regions decrease,and the regional difference between the eastern and the western regions,and the central and western regions are both increases.From the average of the sample observation period,the variable density has the greatest contribution rate to the difference of financial service industry in Shandong Province,and the interregional difference is the second,and the level contribution rate of regional difference is the smallest.Third,the overall financial development curve of Shandong province shifted to the left before 2008 and then shifted to the right after 2008,which may be due to the impact of the financial crisis,so that the of financial development in Shandong province declined first and then increased.On the whole,the differences in the level of financial development in the overall and central regions of Shandong Province are increasing,and the differences between the eastern and western regionsreduced first and then increased.In addition to the eastern region,the phenomenon of "right tail"appeared in the whole and other areas of.Shandong province.There are multi-polarization phenomena in the whole and central and western regions of Shandong Province,and the difference of financial development level in the eastern cities is small.Forth,the impact of various factors on the development of financial services in the eastern,central and western regions is not consistent,which to some extent weakened the coordination of the development of financial services in Shandong Province.Among them,the level of economic development has no significant impact on the development of financial services in the western regions,and has a significant negative impact on the eastern region and the central region.The industrial structure also has a significant negative impact on the three regions.The proportion of fixed assts investment and road area have significant positive influence on the development of the financial services industry in the eastern and central regions,but have no significant impact on the western region.The development of education is of great significance to the development of financial services in the eastern and western regions,and has a significant negative impact on the central region.The degree of openness to trade has a significant positive impact on the development of financial services in the eastern and central regions,and the impact on the western regions is not significant.The wage level has no significant impact on the development of the financial services industry in the eastern region,and has a significant positive impact on the central region,and has a significant negative impact on the west.Foreign direct investment is not significant to the development of financial services in three regions.Fifth,in order to promote the regional coordination of the financial services industry in Shandong Province,we can actively guide and make efforts to create favorable conditions for the coordinated development of the financial services industry;Increase the support of the financial backward areas,and gradually narrow the differences in the development of regional financial services;Establish inter-city coordination mechanism,and strive to narrow the regional financial development differences;Vigorously promote the eastern,central and western regions of the coordinated development of three areas;To further improve the infrastructure construction;Improve import and export environment and coordinate trade relations;Improve the policy based financial system;Coordinate the development of education and increase the rate of return on Education;Coordination of foreign direct investment and other aspects should be given priority consideration.