| As the core of modern economy, finance is playing a vital role in the ups and downs of world's economic and political pattern, and the pace of economic and financial globalization continues to accelerate and deepen. For this reason, countries and areas are aware of that the competition is changing toward the economic strength, and by all means to expand their capacity and scope of economic and financial radiation. However, the setup of economic center is relying on the financial center, so as an inevitable result of the development of economic center, financial center is an important symbol measuring a country or region's economic strength and openness.The research on financial center has a long history, and the theory of it has been very abundant which include theory of financial development theory, financial agglomeration theory, financial geography theory and financial radiation theory. Attendant with financial center theoretical system is a financial center competitiveness evaluation system, which domestic and foreign scholars have done a lot of theoretical and empirical research, but the lack of a unified, scientific and authoritative index system. While domestic scholars study the construction of financial centers mostly around the building of Shanghai into an international financial center and to start, for specific financial center in Western cities, only a handful of the literature.Early 90's of last century, the state's western development had been proposed as strategic move, the scope of developing the western region, including Chongqing, Sichuan, Guizhou, Yunnan, Tibet, Shaanxi, Gansu, Qinghai, Ningxia, Xinjiang, Inner Mongolia, Guangxi, with the area of 6,850,000 square kilometers, accounting for 71.4%.This paper summarizes and analyzes on the basis of existing literature, combined with the actual situation in the western region, multi-disciplinary considerations, although based on the Western financial center, but not limited to this. Therefore, selected samples include:Chongqing, Chengdu, Xi'an, Kunming, Nanning, Shanghai, Beijing, Shenzhen, Tianjin, Wuhan, Guangzhou, Nanjing. Then the evaluation index is selected for data availability and structure of the article, this article ultimately selected a total of 4 levels of 28 indictors used to build the competitiveness of Western financial center in the evaluation system:(1) the financial markets, including year-end balance of deposits of financial institutions, year-end balance of loans of financial institutions, insurance premiums, insurance depth, the financial value/GDP, number of employees in the financial accounting and financial professionals; (2) economic infrastructure, GDP, GDP growth rate, fixed asset investment, retail sales, per capita income of urban residents, per capita income of rural residents and local fiscal revenue; (3) the outside world, including imports and exports, imports and exports/GDP, the actual utilization of foreign capital, foreign capital contribution rate and the number of bonded areas; (4) urban development potential, including the number of students in institutions of higher learning, value-added enterprises above designated size, the proportion of industrial investment in total investment, R & D costs/GDP, number of patents granted, the green coverage, infrastructure put, port throughput and the amount of post and telecommunications.In determining the sample cities and indicators variables, based on the factor analysis model, this paper started empirical analysis with SPSS 18.0 software, respectively in 12 sample cities, four levels of 28 variables. Factor analysis links multiple indicators or factors to come with a small number of factors, so that a certain category by a factor close relationship of the variables, you can use a small number of factors reflecting the large amount of information of original data. In this basis, this article determines the common factors at all levels, the use of ingredients obtained eigenvalue matrix, and then by calculating the weight of different common factors, ultimately calculate the composite score for the sample cities and get ranked. Accordingly, it can be found that the competitiveness of the financial gap between the western cities, and the candidate to build Western Financial Center, and the development path for Western Financial Center Construction.After comprehensive comparison, taking into account the gap between western economy and international financial center and the domestic financial center, and because of Chongqing and Chengdu in the economic and financial development in close contact with the complementary economic structures, the paper finally concludes:Based on the Chengdu-Chongqing Economic Zone, Chengdu and Chongqing shall work together to build a common Western Financial Center with the complementary interaction and mutual assistance. On this basis, we propose policy recommendations to build Western Financial Center, including three major aspects:(1) to accelerate the concentration of financial institutions to form a high concentration of financial resources; (2) to seek and make good use of the central policy for the Western financial center to create a sound economic foundation; (3) to create a sound credit system and improve the regional financial ecological environment. |
PDF Full Text Request