Study Of The Impact Of The Financial Efficiency On The High-tech Industry Agglomeration

High technology industry is the core industry among the strategic emerging industry in China. Accelerating the development of industry and ptimizing the industrial structure are the fundamental means to realize the the goal "Made in China 2025 Strategy".Also, finance is the lifeblood of the modern economic development and the accelerator of the industry development. Any form of industry, especially the development of the formation of the high-tech industry agglomeration and cluster, the adjustment of industrial structure, can not leave the financial support.It is a necessary guarantee for the goal "Made in China 2025 Strategy" to promote the efficiency of financial development and financial nature. The deep connection between the high technology industry and the finance,the development of high technology industry and the optimization of industrial organization structure are all conducive to the transformation of China’s economic growth mode and the structural reform of the supply. Financial development theory points out that a financial system in which there is no-financial repression, full financial liberalization achieved, effective financial regulation and itself well functioned can improve the efficiency of financial resource allocation, effectively guide the market allocation of financial resources, and can also adjust the industrial structure and reasonable scale, promote the specialized division of labor. One of the standard for good financial system is the as high as possible financial efficiency would help the rationalization of industrial structure, promote the development of the economy as a whole. Under an open framework of new economic geography theory, modern industrial cluster evolution of typical facts show that compared with the scale enlargement of financial development, a modern financial system which can effectively allocate the financial resources is more important to the regionalization of industry agglomeration. The financial efficiency is the effective function that showed by the financial sector in financing activity,which is an important symbol of financial markets to link function.Based on the above reasons, this article comprehensively analyzes the classical industrial location theory, new classical theory of industrial agglomeration, new economic geography theory, industrial cluster theory, the "new" new classical economics theory, and the theory of financial development, especially the views on the financial efficiency.The author selected five index which can reflect the different levels of financial efficiency, respectively is bank capital allocation efficiency, the securities market financing efficiency, the efficiency of conversion from saving investment, financial resource allocation efficiency, incremental capital output efficiency. And extracted in this paper, the financial efficiency affects the high-tech industry agglomeration "two aspects, six paths" mechanism; Also, To choose high technology industry, electron and communication equipment manufacturing industry as the research object, use the location entropy index and industry agglomeration index to measure the industry agglomeration status, and descriptive statistical analysis was carried out on the related data; Further more, this article combine with the theory of model number, the financial efficiency as the core of five levels and control variables were included in the model, through panel data, inspection of industrial agglomeration effect; Finally, this article analyzes the empirical results, and give the research conclusion and the corresponding policy recommendations.In order to research the pertinence, this article choose the electron and communication equipment manufacturing industry which is the representative of the high technology industry as the research object, and adopt the location entropy index and spatial agglomeration index as two ways to measure China’s 30 provinces from 1997 to 2011 in electronic and communication equipment manufacturing industry cluster. The results founds that both index of "double hump" movement, or index of "inverted U" movement, explain that in the 15 years the electron and communication equipment manufacturing industry in our country, agglomeration degree increased at first process and then decreased. Further more, this paper founds that before 2004 Chinese electronic and communication equipment manufacturing industry almost entirely cluster in Guangdong province; 2004 years later, the dispersion phenomenon appeared in the industry of Guangdong province, and transfer to the eastern coastal Jiangsu, Zhejiang, Shanghai, Hong- Kong, which makes electron and communication equipment manufacturing industry cluster in the comprehensive eastern coastal economic zone rose slightly, but the rest of the region still didn’t get the benefits of industrial transfer. The discovery of this result has important practical significance: many parts in the mid west set up many of the economic and technological development zone to undertake eastern industrial transfer is likely to be the result of homogeneity nausea competition, which is a waste of resources and failed to get real results.Empirical analysis found that the impact of different financial efficiency on the electron and communication equipment manufacturing industry agglomeration is obviously different.The estimated coefficient of the Banks’ capital allocation efficiency, the securities market financing efficiency, and the financial resource allocation efficiency are significantly positive. It shows that bank capital allocation efficiency, the securities market financing efficiency, the financial resource allocation efficiency of electron and communication equipment manufacturing industry agglomeration has significant positive promoting; Significant negative abnormal conversion rate of savings investment estimation results, showed that the inhibition the electron and communication equipment manufacturing industry agglomeration. Incremental capital-output ratio estimation result is negative, and is very small, insignificant, shows the effect of the ICOR on the electronic and communication equipment manufacturing industry agglomeration is not significant.Based on the empirical results of this study, to enhance the financial efficiency and promote high-tech industry agglomeration, this study gives the corresponding suggestions as follows:(1) strengthening financial regulation, strictly controlling the virtual economy bubble, striving to guide the social capital into the real high technology industry and promoting transformation and upgrading of high technology industries.(2) The optimization of financial structure, improving the multi-level capital market and financial market system, promoting financial market oriented reform, providing guarantee funds for industrial development.(3) Combining with local actual moderate scale development manufacturing and being ready to undertake industrial transfer.(4) Determined making the entity industry and the financial supply side structural reform.