The Empirical Study Of Financial Cluster’ Effect On The Growth Of Marine Economy In Yangtze River Delta Economic Circle

Finance is the core of modern economy, while the financial agglomeration is thecore of development of finance. Financial agglomeration attracts financial resourcesand promotes the development of regional economy and through economies of scaleand scope. At the same time, the agglomeration effect and radiation effect promote thedevelopment of the surrounding area of economy and finance, which develops the theeconomic gap between different regions. Therefore, the financial agglomeration is akey factor to promote the development of regional economic and financialcompetitiveness.As one of the six urban agglomerations and one of the most developed area ofChina, Yangtze River delta economic circle develop its Marine economy ratherrapidly, and its Marine economy GDP accounts about32%of the total of China in2010. However, the problems of environmental constraints and the limited resourceshave become increasingly prominent, there is an urgent need to change the mode ofeconomic growth and speed up the upgrading of the industrial structure, So it isparticularly important to give full play to the financial agglomeration effect on marineeconomic development, enhance the potential and ability of sustainable developmentof marine economy in the future.This paper aims to construct the framework of the effect of financialagglomeration on marine economic growth, on the basis of which analyses the effectof financial agglomeration of China’s Yangtze River Delta economic circle on marineeconomic growth through empirical modeling. Then, deeply analyses the upgradingeffect of marine industrial structure of financial agglomeration of the Yangtze RiverDelta economic circle on marine economy, finding the current situation andshortcomings of the support of financial agglomeration of the Yangtze River Delta economic circle on ocean economy growth, and provide reference for increasing thefinancial agglomeration promote effect on marine economy growth.The main contents of this paper are as follows:First of all, this paper introduces and analyses the definition and characteristicsof financial agglomeration and marine economy, the motive of financialagglomeration, the condition and economic nature of financial agglomeration. On thisbasis, construct the theory framework containing the path which financialagglomeration supports the marine economic growth, the model and methods of thepaper.Secondly, evaluate the level of financial agglomeration of China’s Yangtze RiverDelta economic circle from the angles of the analysis of level of financialagglomeration of Yangtze River Delta economic circle and the measurement of levelof financial agglomeration of the Yangtze River Delta economic circle. Themeasurement of level of financial agglomeration of Yangtze River Delta economiccircle is finished by PCA measure on the basis of evaluation index consisting of28indexes of four target layer from the financial scale, economies of scale, financialinfrastructure and the marketlism of finance under the principle.Then, analyze the influence of financial agglomeration of the Yangtze RiverDelta economic circle on ocean economic growth using the panel data model. On thebasis of financial location entropy index, unit root model test and co-integration testare made to examine whether equilibrium relationship between the financialagglomeration of the Yangtze River Delta economic circle and economic growthexists. By identifying influence form to determine the model form, get the results ofempirical modeling and analyses it.Finally, deeply study the upgrading effect of the financial agglomeration of theYangtze River Delta on marine industrial structure, which includes the measurementof the upgrading effect and the factors upholding the upgrading effect.This paper mainly innovates in the following several aspects:1, empirically study the effect of financial agglomeration of the Yangtze River Delta on marine economic growth by the panel data model, and obtained a series ofvaluable results and conclusions, which provides a powerful reference for increasingeffect of the financial agglomeration on the development of marine economy.2, deeply analyses the upgrading effect of the financial agglomeration of theYangtze River Delta on marine industrial structure, which includes the measurementof the upgrading effect and the factors upholding the upgrading effect.