A Study On The Spatial Heterogeneity Of The Impact Of Government Intervention On Financial Agglomeratio

The Sixth Plenary Session of the 19 th CPC Central Committee pointed out that we should accurately implement the new development concept and promote the construction of a new development pattern.Finance is the blood of the real economy.Promoting the agglomeration of the financial industry is conducive to improving the efficiency of social resource allocation,promoting the transformation and upgrading of economic structure,and enhancing the ability of the new development pattern of financial services.At present,with the increasing phenomenon of "north-south differentiation" in China’s economic and social development,how to give full play to the functions of the government,balance the relationship between the market and the government,and strive to improve the level of financial agglomeration has theoretical and practical significance for effectively promoting the coordinated development of regional economy.According to the theory of financial development and financial geography,this paper comprehensively combs the mechanism of government intervention on financial agglomeration,establishes the evaluation system of financial agglomeration index from the perspectives of financial scale,financial depth and financial spatial density,and uses the principal component analysis method to calculate the financial agglomeration index of 282 cities in China from 2008 to 2019.By constructing the spatial Dobbin model,from the perspective of the difference of economic development between the South and the north of China,empirical analysis of the spatial spillover effect of government intervention on financial agglomeration and the differences in the north and South regions..The research shows that: first,the degree of urban financial agglomeration in China shows North-South differences,and the financial agglomeration index of southern cities is generally higher than that of northern cities.Second,the level of financial agglomeration among cities has spatial correlation,and the level of urban financial agglomeration has spatial dependence and is relatively stable in adjacent regions.Third,based on the consideration of all 282 cities,government intervention has improved the level of financial agglomeration within the city and restrained the improvement of the level of financial agglomeration in surrounding cities.Fourth,there are significant differences in the impact of government intervention on financial agglomeration between the South and the north.Government intervention in northern cities inhibits the level of financial agglomeration within the city and improves the level of financial agglomeration in surrounding cities;Government intervention in southern cities improves the level of financial agglomeration within the city and inhibits the level of financial agglomeration in surrounding cities.Based on these conclusions: first,promote the effective combination of market leading and government regulation,reasonably allocate and utilize financial resources,and accelerate financial agglomeration.Second,give play to the leading role of central cities,optimize the North-South development pattern,and alleviate the phenomenon of "strong in the South and weak in the north" in economy and finance.Third,southern cities should effectively play the role of the government,optimize the integration and allocation of resources,curb the excessive expansion of financial scale and prevent financial risks.Fourth,northern cities should give full play to market forces,eliminate excessive administrative intervention and continuously improve the level of financial agglomeration.