Environmental Effects Of Bohai Rim Market Integration And Financial Agglomeration

Establishing a unified market economic system while achieving green economic growth is an important goal of China's future economic development.To this end,China has successively made strategic deployments to different areas of the Pearl River Delta,Yangtze River Delta,Beijing-Tianjin-Hebei,Bohai Rim,Guangdong-Hong Kong-Macao Greater Bay Area and promoted its coordinated development.Among them,the 14th National Congress of the Communist Party officially proposed the concept of the Bohai Rim Economic Circle,which marked the formal rise of the coordinated development in this region into a national strategy.Relying on its rich mineral resources and superior geographic location,the Bohai Rim Economic Circle is the economic leader in northern China.Since the reform and opening up,the market integration and financial agglomeration in this region have continued to deepen,and the level of economic development has improved significantly,but its environmental problems It has also been criticized for a long time.While continuously releasing the economic vitality of the Bohai Rim and establishing a unified market economic system,how to leave a green mountain and green hill for future generations is a question we have to think about.Therefore,this paper selects the city panel data of 44 prefecture-level cities in the Bohai Rim Economic Circle(Beijing,Tianjin,Hebei,Shandong,and Liaoning)from 2003 to 2017,and uses the relative price method and location entropy model to construct the market integration index and The degree of financial agglomeration uses a dynamic panel GMM model to explore the environmental effects of market integration and financial agglomeration.It can be divided into two parts:theoretical research and empirical testing.In the previous part,first,through the review of relevant literature,the market integration index and the construction method of financial agglomeration degree were clarified,and the research status of market integration and the environmental effects of financial agglomeration was sorted out.Then in-depth analysis of the internal mechanism of market integration and the environmental effects of financial clusters,and construct corresponding measurement models;in the empirical test,we must first construct two key variables of market integration index and financial agglomeration,using relative price method and location entropy,respectively The model,and then empirical analysis of the absolute amount of different industrial pollutants discharged in different regions and in accordance with the measurement model,and a simple exploration of its mechanism from three aspects:scale effect,technical effect and structural effect.In order to better explore its economic significance,the absolute amount of industrial pollutants discharged per unit of GDP is used as the variable to be explained,and an empirical test is conducted.The empirical results show that the environmental effects of market integration and financial agglomeration are both identical and heterogeneous in different regions(Bohai Rim,Beijing-Tianjin-Hebei,Shandong Province,Liaoning Province)and different industrial pollutants.First of all,the dynamic lag and cumulative effects of market integration and financial agglomeration are significantly present in the emissions of different regions and different industrial pollutants,and for the full sample,the absolute amount and unit of the three industrial pollutants discharged by market integration and financial concentration The GDP emissions all show an inverted "U"relationship that promotes and then suppresses.Market integration has a direct effect on the absolute amount of different pollutant emissions.In addition,it also has a partial structural effect on the absolute amount of industrial wastewater discharge.The absolute amount of emissions has a partial technical effect,and it has a partial scale effect,technical effect,and structural effect on the absolute amount of industrial sulfur dioxide emissions.Market integration has a direct effect on the unit GDP emissions of the three industrial pollutants,and it has an effect on industrial wastewater per unit GDP.Emissions also have partial technical and structural effects,partial scale and technical effects on industrial dust emissions per unit of GDP,and partial structural effects on industrial sulfur dioxide emissions per unit of GDP.Financial agglomeration has a direct effect and a partial technical effect on the absolute amount of the three industrial pollution emissions,and has a direct effect,a partial technical effect and a structural effect on the unit GDP emissions of the three industrial pollutants.Secondly,there are differences in the environmental impact and mechanism of market integration and financial agglomeration for different areas within the Bohai Rim(Beijing,Tianjin,Hebei,Shandong,and Liaoning Provinces)or different pollutant emissions.