Research On The Relationship Between Financial Agglomeration And Dual Margin Of Enterprise’s Export

The rise of trade protectionism and the repeated outbreaks of COVID-19 have exacerbated uncertainties of the international market,and Chinese enterprises are facing an especially severe export situation.With the rapid development of export-oriented economy services,financial agglomeration may become a new comparative advantage in foreign trade and provide strong support for enterprises to deal with and adapt to the export crisis.But at the same time,the effectiveness of financial agglomeration is bound to depend on a certain institution soil,and is closely related to the regional institutional quality.Based on this,this paper systematically measures the relationship between financial agglomeration and dual margin of enterprise’s export from the perspective of the heterogeneity of enterprise and the financial industry,and further superimposes institution and resilience factors,to examine the effect of the interaction of financial agglomeration and institutional quality,financial agglomeration and enterprise resilience on the dual margin of enterprise’s export.It is expected to provide effective ideas and feasible suggestions for promoting the integration planning of financial agglomeration areas and promoting the construction of a trade power.This paper firstly defines and interprets the connotation of variables,sorts out and summarizes the literatures,builds a mechanism framework and mathematical model,and designs measures with the help of location quotient,factor analysis and other methods.Secondly,Heckman two-stage model and IV model were used to solve the problem of“parameters cannot accurately reflect the distribution of the overall properties of samples”caused by sample selection bias and the problem of endogeneity caused by “correlation between explanatory variables and random perturbation terms” in the empirical process,and the consistent estimation was obtained.Then,through the mediating effect model,the conduction path between variables is deeply probed.Finally,the mathematical and statistical indicators such as the spatial Gini coefficient and the HK index are replaced to re-measure financial agglomeration from multiple perspectives to test the robustness of the research conclusions.Through theoretical analysis and empirical measure,the main conclusions are as follows:Firstly,financial agglomeration has a significant role in promoting the growth of enterprise’s export extensive margin and intensive margin by improving their financing ability and innovation strength.Further the heterogeneity test of financial industry found that insurance industry agglomeration and banking industry agglomeration played a more prominent role;The heterogeneity test of enterprise found that the dual margin of export of capital-intensive enterprise and emerging enterprise are more sensitive to the deepening of financial agglomeration than that of other factor-intensive enterprise and traditional enterprise.Secondly,institutional quality can significantly promote export intensive margin and extensive margin by saving transaction costs and enhancing innovation strength.Moreover,the optimization of institutional quality will weaken the positive effect of financial agglomeration on the growth of dual margin.The further heterogeneity test of enterprise shows that compared with western region enterprise and small enterprise,dual margin of large enterprise and the enterprise in central and eastern regions are more affected by the development of financial agglomeration and the improvement of institutional quality.Thirdly,the enhancement of enterprise resilience is one of the important factors that promote the growth of enterprise’s export extensive margin and intensive margin,and the increase of financial agglomeration can further strengthen the positive impact of enterprise resilience on the dual marginal growth of enterprise’ export.Further heterogeneity test of enterprise found that,compared with state-owned enterprise,non-state-owned enterprise’s export dual margin is more affected by the deepening of financial agglomeration and the strengthening of enterprise resilience.Combined with the research conclusion,this paper mainly has the following four suggestions: Firstly,actively promote the research and development of financial products,enrich and expand the financing channels and ways of enterprises,and fully use the radiation of financial agglomeration to drive the expansion of foreign trade;Secondly,strengthen the cooperation of various regions and departments,promote the coordinated efforts of the government and the market,create a first-class business environment,and escort the export of enterprise.Thirdly,improve the risk prevention mechanism and the trade friction early warning mechanism,continuously improve the survival ability and adaptability of enterprises,and promote the stable development of export activities.Fourth,different types of enterprises should take targeted measures to adjust their development strategies based on their own characteristics and market demands,so as to maximize their international competitive advantages.