The Study On The Financial Industry Aggregation And Regional Economic Growth

The financial industry agglomeration has gradually become a worldwide economic phenomenon, which supports the regional economic growth. At present, our country has formed a relatively perfect financial system,the three economic circles of eastern coastal region which has become the main financial industry agglomeration.However, financial industry agglomeration is not obvious because of weak economic foundation in the vast central and western regions of our country,at the same time,domestic scholars have also paid little attention to it.With release of “national model town planning”,Zhongyuan,the middle reaches of the Yangtze River,Cheng Yu,Ha Chang urban agglomeration are listed as national key development of urban agglomerations, these emerging urban agglomeration as an important growth pole to promote the coordinated development of regional economy,research in these areas also appears particularly important.The Zhongyuan urban agglomeration as the research scope, research on the financial industry agglomeration and regional economic growth of the relationship,from the theoretical study of financial industry agglomeration effect on relatively Weak economic foundation area.It has practical guiding significance for the construction of regional financial center and the promotion of regional economic development in Central Plains.Talking about the financial industry agglomeration,it deals with the related theories including industrial organization theory, industrial agglomeration theory, financial geography theory and the theory of financial resources, based on these theories, the financial industry agglomeration can defined as a dynamic process can be defined as the results of the static, that includes financial institutions agglomeration and financial resources agglomeration, the reason is reason for including the macro, meso and micro levels.Talking about the financial industry agglomeration and regional economic growth relationship,theory circles generally think is a mutual promoting relationship.Zhongyuan urban agglomeration as an example,review the development of the financial industry and vertical and horizontal comparative analysis of the status of the financial industry agglomeration, and found the advantages and disadvantages of Zhongyuan urbanagglomeration of financial industry agglomeration.This paper selects 1996-2014 years of relevant economic and financial data, to GDP as the dependent variable, to banking location entropy and insurance industry location entropy as the independent variable, the stationary test, co integration test to prove that there is a long-term stable equilibrium relationship between the variables, using Granger causality test confirmed there is a causal relationship between variables, further through the pulse response function and variance decomposition shows the degree of the mutual influence between the variables.Finally come to the conclusion: the central bank and the insurance industry agglomeration can promote the economic growth of Zhongyuan urban agglomeration, the economic growth of Zhongyuan urban agglomeration can promote the development and agglomeration of the insurance industry. Especially in the long run, the impact of financial industry agglomeration on regional economic growth is very significant. According to the present situation of Zhongyuan urban agglomeration and the result of the empirical analysis, this paper puts forward a series of suggestions:making a government guiding role and increasing strength of regional economy,making the development of financial institutions and promoting the financial industry innovation,strengthening financial institutions supervision and guaranteeing the security and development of the financial industry,constructing financial background service center and enhancing the status of Zhengzhou center.