Research On The Measurement And Influencing Factors Of China's Regional Financial Competitiveness

Finance is the core driving factor of economic development,the "vitality","stability","prosperity" and "strength" of finance determine the "vitality","stability","prosperity" and "strength" of economy,which highlights the important role of finance in economic development.In recent years,the state's support for financial development has gradually increased,especially since the 18 th CPC National Congress.In 2012,the 18 th National Congress of the Communist Party of China pointed out that it is necessary to enhance the ability of financial services to the real economy by enhancing the competitiveness of banks,securities,insurance and other financial industries.In 2013,the Third Plenary Session of the 18 th Central Committee of the Communist Party of China formally proposed "developing Inclusive Finance",which was highlighted in subsequent government work reports.In 2017,the 19 th National Congress of the Communist Party of China explicitly proposed to increase the proportion of direct financing and promote the healthy development of multi-level capital market.In 2019,the Fourth Plenary Session of the 19 th Central Committee of the Communist Party of China further emphasized that the ability of finance to serve the real economy should be improved.In summary,whether it is to enhance the ability of financial services to the real economy,develop inclusive finance,or promote the healthy development of the capital market,are the most powerful reflections on the improvement of financial competitiveness.The regional financial competitiveness is the comparative advantage and comprehensive ability of a region in the process of absorbing,controlling,utilizing,owning and allocating financial resources in the competition with other regions,which is the expression of financial competitiveness at the regional level.So,the financial competitiveness of a region directly determines whether the regional financial resources are effectively allocated,and then affects the ability of the regional financial services to the real economy,so as to affect the whole national economy and social development.Therefore,how to objectively and accurately evaluate the current regional financial competitiveness in China,accurately grasp the development status of regional financial competitiveness in China's four major economic sectors,make clear the differences in financial competitiveness among financial entities,and clarify the adjustment direction will become an economic issue that requires in-depth research.It has important theoretical significance and practical value.Based on this,this paper conducts a comprehensive and systematic study on China's regional financial competitiveness,and tries to accurately evaluate the status of China's regional financial competitiveness through the measurement of regional financial competitiveness,and tries to analyze the evolution characteristics of regional financial competitiveness of the four economic sectors in China and the differences of the competitiveness of each financial entity through horizontal and vertical comparative analysis,and discusses the effective ways to improve regional financial competitiveness through the empirical Analysis of the multi-dimensional influencing factors on regional financial competitiveness.Specifically,the main content of this article includes:The first chapter is the introduction.First,by introducing the research background and significance,this paper clearly points out the problems to be studied.Secondly,through the introduction of research ideas,research methods,main content and technical routes,this paper clarifies the specific arrangements for research issues.Finally,summarize the innovations and shortcomings of this article.The second chapter is the review of domestic and foreign literature.First,it is a review of relevant foreign literature,including the definition of financial competitiveness,the construction of financial competitiveness index system and the multi-perspective discussion of financial competitiveness.Secondly,it is a review of relevant domestic literature,including the definition of financial competitiveness,the construction of financial competitiveness index systems,the competitiveness of financial institutions,and regional financial competitiveness.Finally,it is a review of the above-mentioned domestic and foreign related literatures,which is based on summing up the existing research deficiencies and highlights the importance of the research in this paper.The third chapter is the theoretical analysis of regional financial competitiveness.First,it introduces the connotation of regional financial competitiveness,including the definition of regional finance,the definition of competitiveness,the definition of regional financial competitiveness,and the interpretation of the characteristics of regional financial competitiveness.Secondly,it introduces the theory of regional financial competitiveness,including the explanation of regional finance-related theories such as financial development theory,regional financial theory,financial resource theory and financial geography theory.And the explanation of competitiveness-related theories such as Marxist competitiveness theory,western classical competitiveness theory,and modern competitiveness theory.Finally,it is a theoretical elaboration of the influencing factors of regional financial competitiveness,including the identification of influencing factors and the analysis of impact mechanism.This paper discusses the influencing factors of regional financial competitiveness from seven aspects: economic development level,financial strength,industrial structure,degree of openness,human capital quality,technological innovation and informatization.The fourth chapter is the measurement of China's regional financial competitiveness.First,it introduces the construction of the regional financial competitiveness indicator system,including the basic ideas,principles,specific dimensions(banks,insurance,securities,and financial companies)of indicator system construction and the relevant explanations of data sample descriptions.Secondly,it introduces the selection of regional financial competitiveness measurement methods,including the selection of measurement methods(European space distance method)and the establishment of weights(variation coefficient method).Finally,it is the analysis of the measurement results of regional financial competitiveness,including the analysis of the results of the overall measurement of regional financial competitiveness and the analysis of the results of the calculation of bank competitiveness,insurance competitiveness,securities competitiveness,and financial company competitiveness in the sub-dimension.The fifth chapter is the comparative analysis of China's regional financial competitiveness.First,it is a horizontal comparative analysis of regional financial competitiveness,including the comparative analysis of the change trend,growth rate and dynamic evolution of the national and four major economic sectors(east,central,western,and northeast)based on the results of comprehensive measurement and sub-dimensional measurement.Secondly,it is a longitudinal comparative analysis of regional financial competitiveness,including the comparative analysis of the change trend and growth rate of regional financial competitiveness,bank competitiveness,insurance competitiveness,securities competitiveness,and financial company competitiveness of the national and four major economic sectors(east,central,western,and northeast).Finally,it is a concrete summary of the results of the horizontal and vertical comparative analysis of regional financial competitiveness.The sixth chapter is the analysis of the influencing factors of China's regional financial competitiveness.First,it introduces the model construction,variable selection and data sources,including the specific model construction,variable selection and relevant data description of the comprehensive and sub-dimensional influencing factors of regional financial competitiveness.Secondly,it is the empirical test of influencing factors,including the empirical test of comprehensive measurement results and the empirical test of dimensionality measurement results.The seventh chapter is the conclusion and policy recommendations.In this part,this paper summarizes the previous calculations of China's regional financial competitiveness,horizontal and vertical comparative analysis,and conclusions of influencing factors,and gives corresponding policy recommendations based on this,in order to point out the direction for the effective promotion of regional financial competitiveness under the high-quality development of China.The innovations of this paper are as follows:First,the innovation of indicator construction.For the construction of regional financial competitiveness indicator system,most scholars consider it from three aspects of economy,society and finance,but the construction of such an indicator system can not effectively reflect the financial competitiveness.To be precise,it is more like the construction of regional competitiveness indicator system.Therefore,in the construction of the indicator system,this paper does not include the economic and environmental indicators into the system construction.Instead,it takes various financial entities as the starting point,and constructs an indicator system of regional financial competitiveness from the four dimensions of bank competitiveness,insurance competitiveness,securities competitiveness and financial company competitiveness.Second,innovation in measurement methods.For the selection of measurement methods of regional financial competitiveness,most scholars mainly use factor analysis,principal component analysis and analytic hierarchy process.Although these methods can measure the strength of financial competitiveness through scoring to a certain extent,they do not take into account the spatial relationship between regions in the process of index formation.As we all know,regional financial development has certain location characteristics,and the intensity of financial competitiveness under different location characteristics will be different.Therefore,when measuring regional financial competitiveness,we should also consider it from a more spatial perspective.Therefore,this paper uses the European space distance method to measure the regional financial competitiveness.The European space distance method measures the main variable by calculating the mean value of the spatial distance between different points,which can reflect the connotation of financial competitiveness well from the multidimensional perspective,and there is no elimination of hierarchical sub indicators or dimensional sub indicators,which can better retain the full range and richness of indicators,so as to more accurately,truthfully and effectively measure the level of regional financial competitiveness.Third,the innovation of research perspective.For the study of regional financial competitiveness,most scholars will use economic and environment indicators as sub-indicators to construct regional financial competitiveness.But this paper believes that economic and environmental indicators are only influential factors on the strength of regional financial competitiveness,and should not be included in the construction of the indicator system.Therefore,this paper analyzes various economic and environmental indicators as the influencing factors of regional financial competitiveness,In order to improve the competitiveness of regional financial external path training to achieve accurate positioning.