Financial Cluster And Diffusion Effects Research

Finance as the core of modern economy, can promote the economic growth of a country or region. With the development of economic integration and financial globalization, the flow of financial resources significantly expanded the scope, which, to some extent, caused the financial resources and institutions highly concentrated at some areas. A large number of banks, securities, insurance and their related services gather together, sharing information, communications, transportation and other favorable conditions. To some extent, it also attracted a large number of financial professionals. Under the macroscopic context of globalization, informationization and the multinational development, financial gathering has also become an inevitable trend of modern economy development. From a global perspective, the financial resources are concentrated in three regions of New York, London and Tokyo; while Beijing and Shanghai gradually become the financial gathering center on Chinese mainland.The present financial agglomeration study is mainly concentrated on the financial gathering formation model, impact factors, the formation and development process of the financial industry clusters. And the effects brought during the process of financial agglomeration promoting the regional development have to be further enriched. On the one hand, Chinese financial system is not sound and financial statistics is in lack; On the other hand, a measure for financial agglomeration could be improved. This paper, based on summarizing the relevant theoretical knowledge, established the indicators for the financial agglomeration and urban competitiveness evaluation; meanwhile, selecting the data of2005-2011as the studying object, it empirically analyzed the degree of financial agglomeration and the urban competitiveness of10districts by factors, including Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Chongqing, Kunming, Guiyang, Nanning, Xi’an; Also and measured the radiation radius of six regions with radiation functions by Wilson maximum entropy theory, by which quantitatively analyzed the agglomeration and radiation effect of the financial agglomeration exists in regional economic development. Finally, taking the financial concentration index and GDP growth rate of Chengdu, Chongqing in1990-2011as an example, further measured the radiation effect between them by using Grainger causality test and gathering of regional economic development and radiation effects, using Granger causality test and the impulse response function, then finally obtains the financial agglomeration can promote regional economic growth.