| In more than30years of reform and opening up, China’s economic development has made remarkable achievement, but also formed a larger regional economic disparities, and the unbalanced development pattern continues to expand. Due to natural causes such as geographic location, resources endowment and the policy of reform and opening to the central regional unbalance, it led to the imbalance of the regional financial development in our country and the coordination. However, due to natural factors, policy factors, as well as historical and cultural reasons lead to china’s economic development shows regional differences:a higher degree of economic development of the eastern coastal areas, but also the economic development of the relatively backward central and western regions; Existing building a market economythe eastern region have planned economic system still occupies an important position in the western region; of both urbanization rate higher eastern region, and there are more to less developed rural areas of central and western regions.Based on the actual situation of our country, we will sort out at home and abroad on the basis of financial agglomeration and regional economic growth literature, while fully learn the theory of financial agglomeration and regional economic growth theory, carry out a detailed analysis of the formation and evolution of the financial agglomeration,strive to establish a theoretical model of financial agglomeration preliminary. At the same time, this paper will study the impact mechanism and path of financial agglomeration of regional economic growth, to sort out the difference between the conduction mechanism. In addition, we will also use the1985-2010provincial panel data for empirical analysis.On the one hand, this paper use national data econometric analysis to study the widespread impact of the financial agglomeration of regional economic growth from a macro point of view; on the other hand, This article will use the data of the eastern, central and western regions, regional econometric analysis from meso point of view, in order to study the regional impact of the financial gathering of regional economic growth. Finally, on this basis, the paper will be combined with the results of the theoretical and empirical analysis and targeted policy recommendations in order to realize the goal of regional economic coordinated growth.In the paper, the theoretical analysis found that the financial agglomeration with the formation of two distinct paths:the first path as the natural gathering a financial center, that regional economic growth led to the increase in financial institutions and financial elements concentrated;the second path for the government to implement the economic and financial policies, to improve the financial environment, and to increase the attractiveness of financial institutions and financial resources. At the same time, in fact, the paper found that the financial gathering is to promote regional economic growth through the financial functions of play. Financial institutions function basically has the following several:the functions of risk management, information reveal, corporate governance, offer savings and convenient trading functions. Through the five major functions of financial can effectively reduce the operating costs of financial institutions, financial institutions to increase capital accumulation and enhance innovation ability, achieve regional economy growth. Empirical study shows that the fiscal decentralization is to promote overall effect on regional economic growth, and the government of exogenous driven financial agglomeration significantly but the influence of the positive and negative effect on regional economic growth is not stable, at the same time natural endogenous driven financial agglomeration has become the favorable factors that promote the regional economic growth, but the block effect on its growth.; Fiscal decentralization after financial agglomeration effect on regional economic growth is not stable, but in the further reform of tax allocation in1994, the government’s intervention and management of financial agglomeration gradually tend to rationalize and actualization, local governments are also barriers for the development of financial industry. Therefore, with the deepening reform of fiscal decentralization, the financial agglomeration is strengthen unceasingly to the promoting effect of regional economic growth, the negative effect gradually disappear; Because our country each area in geography, history and culture, etc. There are many differences between the initial endowment, causes our country east Midwest regional financial agglomeration effects on regional economic growth and regional differences.According to the results of this analysis, the relevant policy recommendations:First, the central and local governments should reform and improve the system of financial policies, and to strengthen the collaboration of the two levels of government; Second, financial institutions should continue to strengthen the financial innovation,in order to accelerate the the financial gathering; Third, the government should try to establish a financial test area, and to implement the financial policy of regionalization. |
