Regional And Corporate Spillover Effects Of Financial Agglomeration

Secretary Xi Jinping emphasized many times,"Finance should serve the real economy,meet economic and social development and the needs of the people,correctly grasp the nature of finance,deepen structural reforms on the financial supply side,and enhance the ability of financial services to the real economy.The form of financial space is an investigation of the geographic spatial dimension of the financial system.Therefore,it is of practical significance to explore the geographical characteristics of finance under the current background of urbanization and industrial transformation and upgrading.This article focuses on an innovative agglomeration form-characteristic towns.As a specific form of characteristic towns,financial towns play an important role in promoting the development of characteristic towns and promoting the integration of urban and rural development.The most mature province and city in the development of financial towns is Zhejiang,not the north,Shanghai and Guangzhou regions.There are currently 11 provincial financial towns in Zhejiang,mostly private equity fund towns.Can such a highly geographically centralized and business-focused financial agglomeration model actually drive regional economic growth? Through what channels does it affect the real economy?This article adopts a research method that combines theoretical analysis,case analysis and empirical testing.First analyze the reasons for financial agglomeration,and then try to explain from a theoretical dimension how financial agglomeration affects regional economic efficiency and corporate performance at the macro and micro levels.After the theoretical discussion,this article introduces the basic situation of Zhejiang's financial characteristic towns,highlighting two questions: First,what successful experience has the financial town represented by the Yuhuang Shannan Fund? Secondly,how do fund managers in financial towns provide financing services to enterprises at the level of detailed business? In order to further consolidate the discussion on small towns,this article designed a detailed empirical analysis to examine the regional and financial spillover effects of financial agglomeration.The empirical test supports the conclusion of the case analysis: financial agglomeration is conducive to improving regional economic efficiency and easing corporate financing constraints.Since the private equity industry presents a stronger and more flexible spatial agglomeration,and there is a progressive financial agglomeration model of characteristic towns,this article focuses on private equity agglomeration.From small to big,analyze the economic impact of financial agglomeration.The content of the article is as follows:The first chapter "Introduction" summarizes the content of the full text,and introduces the research background from five aspects: the importance of financial elements,the representation of financial agglomeration,private equity fund agglomeration and new performance of agglomeration,and points out the theory and social value of this article.And possible innovations.The second chapter,"Literature Review",focuses on financial agglomeration,regional spillover effects,corporate spillover effects,and the development of private equity funds.It is also pointed out that the research perspective and data construction of this article are innovative compared with the existing research.Chapter 3 "Mechanism Analysis of Financial Agglomeration Effect",based on literature and facts,proposes that private equity fund agglomeration can increase regional economic output and promote the upgrading of regional industrial structure.Chapter 4 "Variable definition and model setting",this article first innovatively uses crawler software to capture micro-data of private equity fund managers of the China Securities Fund Association,and calculates the relevant regression indicators of regions and enterprises.Chapter 5 "Empirical analysis and test",based on the spatial econometric model to study regional spillover effects;based on the sensitivity of investment cash flow,confirms that the degree of private equity fund competition has a mitigating effect on corporate financing constraints.Chapter 6 "Case Analysis" provides a detailed explanation of the development overview,successful experience and business details of financial towns in Zhejiang Province.There are few researches on the micro-businesses of characteristic towns in domestic studies,so the case analysis in this article provides a useful supplement to this.Chapter VII "Conclusions and Recommendations",this article puts forward targeted policy recommendations based on the results of case analysis and empirical testing.