Research On The Influencing Factors Of The Fiancial Services Agglomeration In The Yangtze River Delta

The agglomeration of financial services industry is widely concerned both internationally and domestically.In some of the most developed countries in the world,global financial centers have long been formed,such as New York,London,Tokyo and other international financial centers.In China,with the rapid development of economy after reform and opening up,the financial service industry has a certain scale in China,especially in the Yangtze River Delta,Pearl River Delta,Beijing,Tianjin and Hebei and other economically developed areas.However,compared with the above-mentioned international financial centers,the development of China's financial services industry is still lacking,even the most developed financial Shanghai also has a certain gap with foreign countries.Financial services industry plays an important role in promoting regional economic development.Finance can serve the development of entity enterprises through the effective allocation of social idle funds,and can achieve better allocation of resources through price changes.Therefore,it is of great practical significance to study and analyze the degree and influencing factors of financial agglomeration in the Yangtze River Delta region,and put forward relevant countermeasures and suggestions to promote the further agglomeration of financial services.Firstly,on the basis of expounding industrial cluster theory,financial geography theory and new economic geography theory,this paper analyzes the characteristics of financial service industry agglomeration,then explains the essence of financial service industry agglomeration,and puts forward the theoretical analysis framework and corresponding research hypothesis of three dimensions of factors,space and system,and at the same time puts forward the blank The existence of correlation will also have a certain impact on regional financial agglomeration.Secondly,through the relevant data of the Yangtze River Delta region from 2007 to 2016,this paper analyzes the development of financial services in the Yangtze River Delta region,and uses spatial Gini coefficient and location entropy index to measure the level of financial agglomeration at the provincial and urban levels in the Yangtze River Delta region.Then,according to the relevant research hypothesis,select the appropriate indicators to measure the hypothesis,and make an empirical analysis on the influencing factors of the agglomeration of financial services in the Yangtze River Delta urban agglomeration.At the same time,through the construction of the spatial panel model,it reveals the impact of spatial correlation on the financial agglomeration of the Yangtze River Delta urban agglomeration.Finally,according to the relevant results obtained from the empirical analysis,we put forward targeted countermeasures and suggestions.In the theoretical research,this paper combines the theoretical basis and the characteristics and nature of financial agglomeration to discuss the analysis framework of the factors affecting financial agglomeration.The analysis framework is divided into three dimensions: elements,space and system.Firstly,from the perspective of traditional research on the production of enterprise products,combined with the industrial characteristics of financial services,this paper puts forward the impact of human capital and innovation level on the agglomeration of financial services at the factor level.Secondly,on this basis,the industry is placed in the spatial level to consider,respectively,from the perspective of industrial space to study the financial industry self-evolution and manufacturing agglomeration on the impact of the financial services industry agglomeration,in the perspective of urban space to study the impact of economic aggregate and infrastructure on the financial services industry agglomeration,in the perspective of information space.The impact of information technology on the agglomeration of financial services.Finally,considering the impact of macroeconomic policies on industrial agglomeration,this paper chooses the institutional level to study the impact of institutional thickness on the agglomeration of financial services.In addition,on the basis of the above analysis framework,it is proposed that spatial correlation caused by inter-regional linkages will also have an impact on financial agglomeration.In the empirical study,first of all,through the analysis of the development status of financial services in the provincial level,urban level and industry level in the Yangtze River Delta region,we find that the rapid development of financial services in the Yangtze River Delta region in 2007-2016,the scale and importance of financial services in the Yangtze River Delta region are increasing.Secondly,by using spatial Gini coefficient and location entropy to measure the financial agglomeration at provincial and urban levels in the Yangtze River Delta region,it is found that the financial services industry in the Yangtze River Delta region in 2007-2016 shows an overall agglomeration trend and the agglomeration level rises.In the process of analyzing the city level,it is found that the financial service industry of the Yangtze River Delta urban agglomeration is the highest in Shanghai,followed by Hangzhou and Ningbo.Then,according to the influencing factors analysis framework of Yangtze River Delta financial service industry proposed in Chapter 2,this paper takes the location entropy of 26 cities in Yangtze River Delta urban agglomeration from 2007 to 2016 as the explanatory variable,and takes human capital,innovation level,scale of existing financial institutions,industrialization level,economic development level,infrastructure construction as the explanatory variable.8 explanatory variables of information technology and government intervention are used to construct a general panel data regression model for empirical analysis.Spatial factors are added to the model.The spatial weight matrix is introduced and the global Moran's I index is used to illustrate the spatial correlation of financial agglomeration in the Yangtze River Delta urban agglomeration.The financial agglomeration of Yangtze River Delta urban agglomeration is empirically analyzed.The empirical results show that: innovation level,the scale of existing financial institutions,industrialization level,economic development level and information technology level have a significant role in promoting the agglomeration of financial services in the Yangtze River Delta urban agglomeration;human capital measured by the number of college students and infrastructure construction measured by fixed assets have a significant impact on the agglomeration of financial services in the Yangtze River Delta urban agglomeration.The financial agglomeration of the Yangtze River Delta urban agglomeration has a negative effect;the impact of government intervention measured by the proportion of government public expenditure to GDP is not significant;the existence of spatial correlation makes the financial agglomeration in the Yangtze River Delta cities have a positive correlation.At the same time,this paper analyzes and explains the empirical results which are not consistent with expectations.Finally,in view of the empirical results,this paper puts forward relevant countermeasures and suggestions to promote the agglomeration development of financial services in the Yangtze River Delta.