Resarch On The Role Of Financial Agglomeration In The Upgrading Of Industrial Structure In Southwest China

With the rapid development of economic globalization,financial industry is playing an increasingly important role in modern economy,and it has gradually become the core of economic development.From the current situation of China's financial development,there is an obvious gap between the western region and the eastern and central regions.The southwest region,consisting of chongqing,sichuan,guizhou,yunnan and Tibet,is endowed with vast resources,vast territory and large population,and enjoys great development advantages.However,due to geographical environment,social and economic development and other constraints,the gap between the southwest region and other developed regions has become increasingly prominent in the process of industrial structure upgrading.At present,it has become an urgent task to effectively utilize financial means to optimize resource allocation,make financial industry cluster development,promote industrial structure upgrading and change economic growth mode.Among them,financial institutions constantly break through the geographical restrictions,and gradually evolve from the traditional single distribution mode to the mixed concentration mode,which is increasingly concentrated in a certain region to form a certain scale of financial agglomeration.This agglomeration mode has developed into the basic organizational form of modern financial industry.How to make the financial agglomeration in southwest China play a positive role in the upgrading of regional industrial structure has become a hot topic worthy of further study.Based on the research of domestic and foreign scholars,it is found that the financial industry has obvious characteristics of industrial agglomeration,and the spatial spillover effect of financial agglomeration on the upgrading of industrial structure in the mechanism of spatial geography is very significant.It is of great significance to discuss the influence mechanism of financial agglomeration on industrial structure upgrading and further study the overall level of financial agglomeration development in China.Firstly,this paper collects and sorts out the existing domestic and foreign literatures,and reviews the relevant literatures on the formation motivation,development effect,spillover effect and how to play a role in industrial structure upgrading of financial agglomeration.Secondly,the relevant theories of financial agglomeration and industrial structure upgrading and the influence mechanism of financial agglomeration on industrial structure upgrading are analyzed.The effects of the mechanism are summarized as follows :(1)the capital formation mechanism of financial agglomeration;(2)the capital-oriented mechanism of financial agglomeration;(3)technological innovation mechanism of financial agglomeration;(4)industrial integration mechanism of financial agglomeration;(5)risk prevention and compensation mechanism of financial agglomeration.Secondly,in this paper,the current situation of the development of financial industry in southwest China and analyzing the present situation and problems of the industrial structure,selection of relevant indicators for study in the observation period 2007-2017 years,the financial industry development level in southwest China has not been sustained development,the relative lack of financial talents,the phenomenon of brain drain is more outstanding,have different financial structures internal industries development,industrial structure upgrade the level of the whole development relative lag,gap between the provinces in the region is obvious;This paper selects relevant data of the financial industry in southwest China,USES location entropy to calculate the concentration level of the financial industry in southwest China,and obtains the development status and characteristics of the financial concentration in southwest China.Using the ratio of the added value of the secondary and tertiary industries to the GDP of the region to measure the upgrading degree of the industrial structure,the problems existing in the upgrading process of the industrial structure in the southwest region were discussed according to the obtained industrial structure upgrading index.In this paper,empirical research part of the first is through the global Moran index(Moran,'I)was carried out on the southwest regional financial agglomeration and industrial structure upgrade space since the correlation test,it is concluded that both on the space exists significant spatial autocorrelation,and then based on Moran index depicting Moran scatter plot,more effectively explore the southwest chongqing,sichuan,guizhou,yunnan and Tibet in the provinces of the industrial structure upgrade and financial agglomeration spatial pattern,spatial error model(SEM)was established through empirical test research southwest regional financial agglomeration effect on industrial structure upgrade,The study found that the development of the financial industry in southwest China showed an obvious agglomeration phenomenon,but the level of development was lower,indicating that there was a great potential for development.There are some differences in the development level of the financial industry among the provinces in southwest China.Among them,the agglomeration of banking industry and insurance industry has promoted the upgrading of industrial structure in southwest China and has significant positive spillover effect,while the agglomeration development of securities industry has not played a positive role in the upgrading of industrial structure in southwest China.In addition,foreign direct investment and talent capital stock in the four control variables not only promote the upgrading of industrial structure,but also show a significant positive spillover effect.However,technological progress and government intervention in southwest China do not play a positive role in promoting the upgrading of industrial structure,and the spillover effect is negative.Finally,on the basis of empirical results,this paper puts forward the following suggestions for the promotion of industrial structure upgrading by financial agglomeration in southwest China: Building a financial center in line with the overall layout and strengthening the radiation;Reasonably guide the flow of financial resources and promote balanced development;Strengthen financial innovation,enhance agglomeration strength;We will improve industrial development policies and optimize overall market allocation.