Empirical Research On Financial Agglomeration,Innovation And Real Economic Growth

Having the whole world in view,we find the financial industry has already become one of the strongest and largest industries in the world.With high development of social economy,as a production,life-oriented service industry,the financial industry is an important engine to pull the Chinese Troika,which has connections with more than 100 industries and grows up together.As always saying "when financial vitalized,economic viability,when financial stability,economic stability",the rapid development of the financial industry,followed by the rapid economic growth,also accompanying negative impact on entity industry.How to play its resource allocation function in the market,to revitalize the economy,and to help the development of the physical industry is crucial and worth exploring.Considering the role of financial agglomeration in resource integration and the economies of scale of financial innovation,this thesis introduces the theory of financial industry agglomeration and the theory of financial innovation to explore the impact of the two on the development of the real economy,in order to look for an effective way about the financial better serve the real economy.Firstly,this thesis uses the location entropy index to measure the financial agglomeration degree of various provinces in China from 2007 to 2016,and uses time series graph and quantile graph method to analyze it in time and space,find there is obvious agglomeration in the development of China's financial industry.In addition,by selecting appropriate input-output indicators,using the Malmquist index based on DEA method to measure the innovation efficiency of China's financial industry in 2007-2016,at the same time,consider the non-expected output of financial institutions' bad loan ratio.The total factor productivity of China's financial industry has been in a constantly fluctuating trend for a long time,and we find the internal driving force for this change is technological progress.Secondly,this thesis introduces spatial factors into the model,and studies the relationship between financial agglomeration,innovation and real economy by constructing various spatial econometric models.Empirical research found that all areas' real economy have significant spatial spillover effects.It can be attributed to the“ demonstration effect ” of the neighboring provinces development on real economy,local government regards it as a positive learning case.The impact coefficient of financial agglomeration on the real economy is significantly positive.The increasingly perfectfinancial system promotes the flow and agglomeration of financial element resources,and promotes the development of the real economy.Financial innovation has a "reverse U" nonlinear relationship with the real economy.Occording to it,we can adjust the means and intensity of financial innovation to better serve the development of the real economy.The interaction between financial agglomeration and innovation has also promoted the development of the real economy,but the effect is weak,so more attention should be paid to the integration and interaction of the two.Finally,based on the empirical results of this thesis,the following suggestions are proposed for the financial industry better serve the real economy:(1)Focus on creating a financial center and industrial base with comparative advantages according to local conditions,and form complementary advantages and support in the agglomeration area.(2)Through the new concept of “Internet + Finance”,explore new modes of cooperation among “ politics,enterprises and people ”,providing a dynamic policy and legal environment for financial innovation.(3)Increase investment in the real economy sector and actively guide high-education,high-technical talents to the physical sector.(4)Continue to put forward regional coordinated development and promote the coordinated development of financial industry and real industry.