The Study On The Financial Agglomeration Level And Its Influence On Economic Growth In Guangdong-Hong Kong-Macao Greater Bay Area

Since the global financial crisis in 2008,China's rapid economic growth has slowed down.The export-oriented economic growth model has encountered difficulties,and economic growth in the Pearl River Delta region has been hindered.In order to stimulate the development of the Pearl River Delta,Hong Kong and Macao,the government clearly and timely proposed the construction of the Guangdong-Hong Kong-Macao Greater Bay Area in 2017.Among the "9 + 2" cities in the GuangdongHong Kong-Macao Greater Bay Area,Hong Kong,Guangzhou,and Shenzhen are cities with considerable advantages in the financial industry.The construction of the Guangdong-Hong Kong-Macao Greater Bay Area needs to take advantage of the respective financial industries in Guangdong,Hong Kong,and Macau.Advantages,coupled with the Pearl River Delta's strong manufacturing base and the increasingly developed high-tech industries in Shenzhen and other places,create a "finance + technology" development model for the Greater Bay Area,and promote the continued economic growth of the Bay Area.This article first describes and summarizes the definition and motivation of financial agglomeration in the form of literature review,and then theoretically analyzes the effect of financial agglomeration on economic growth.Next,this paper calculates and comprehensively evaluates the financial agglomeration levels of 11 cities in the Guangdong-Hong Kong-Macao Greater Bay Area from 2006 to 2017 by calculating the location entropy of the overall financial industry and its three sub-industries,and using principal component analysis.The selected location entropy calculation results of multiple financial industry indicators all show that there is a significant financial agglomeration effect within the GuangdongHong Kong-Macao Greater Bay Area.The highest agglomeration level is Hong Kong,followed by Shenzhen and Macau.Subsequently,using the panel data of cities in Guangdong,Hong Kong and Macau in the Bay Area from 2006 to 2017,a simultaneous equation model was constructed,and a three-stage least squares method was used for regression analysis of sample data.The empirical results show that there is a significant two-way interactive causality between financial agglomeration and regional economic growth,and the level of technological innovation has a positive correlation with the degree of urban financial agglomeration,and the verification results obtained by grouping estimates are also consistent with the above conclusions.Finally,based on the conclusions drawn,based on the relationship between the financial agglomeration and economic growth of the Guangdong-Hong Kong-Macao Greater Bay Area,policy recommendations were made from three aspects.