Research On The Influence Of Financial Agglomeration On The Development Of Regional Economy

Since the beginning of the new century,the coordinated development of a series of regional coordinated development strategies such as the "One Belt,One Road","Beijing-Tianjin-Hebei Coordinated Development" and "Yangtze River Economic Belt Construction" have made the coordinated development of the regional economy an important focal point for the reform of the economic structure.The adjustment of economic structure among the regions has achieved initial success,but there is still a large gap between the development levels of the regions.The unbalanced development pattern restricts the rapid economic development.The Beijing-Tianjin-Hebei region,the Yangtze River Delta and the Pearl River Delta are important regions for China's economic development.There are also certain differences in the degree of economic development.Complementary advantages among different regions and drawing on each other's excellent collaborative experience are top priorities for China's economic and social development.This paper takes financial agglomeration and the development of regional economy as the breakthrough point,based on a systematic review of relevant research,and referring to the previous theories and research methods,the concept of financial agglomeration is defined,and the measurement method of location entropy is used to separate banking and securities industries.The three industries of the insurance industry conducted a coImparative analysis of the financial agglomeration status of Beijing-Tianjin-Hebei,Yangtze River Delta,and Pearl River Delta.Then use ADF test,cointegration test and panel data model to empirically analyze the impact of the agglomeration of major financial industries in the three regions on regional economic development.Finally,combining the results of theoretical and empirical analysis,this paper proposes targeted policies that are conducive to the coordinated growth of the regional economy.Research indicates:First,there is a significant gap in economic development in the longer triangle region of Beijing,Tianjin and Hebei.As far as the per capita GDP growth rate is concerned,the Beijing-Tianjin-Hcbci region lags far behind the Yangtze River Delta and the Pearl River Delta and it has been increasing year by year.Second,Beijing-Tianjin-Hebei financial institutions have a dominant asset size but financial talent is scarce.In 201 6,there were 356,182 financial workers in the Beijing-Tianjin-Hebei region,which is only one-half of the Yangtze River Delta region.Third,the Yangtze River Delta region is far ahead in the banking and securities industry.Fourth,the higher the level of financial agglomeration,the faster the regional economic growth.Through empirical analysis,it can be found that the economic growth rate is related to the level of financial agglomeration.Banking,securities,and insurance financial agglomeration all have a positive effect on the proportion of regional GDP.Among them,the securities industry has the highest degree of financial agglomeration.Raising one unit led to an increase of 0.1121 units in regional GDP.This paper proposes:to improve the regional financial synergistic development system and mechanism;to set up a financial talent exchange platform;to improve the regional financial market system;and to strengthen regional financial infrastructure construction and resource integration.