Study On The Spillover Effect Of Financial Industry Agglomeration In China

In the current international economic situation, all countries attach great importance to the development of financial center in promoting the role of regional economic development, and focus on building a financial center with international competitiveness. The rapid transmission of financial information and the efficiency of resource allocation of financial institutions have important effects on the influence of financial industry agglomeration on regional economic development. The scale of the development of financial industry breakthrough geographical conditions, policy regulation and financial constraints, the overall continue to uplift the regional economic growth level and to drive the development of the industry and to solve the problem of local employment, from the point of view of sustainable development for regional economic long-term stability created good situation. In recent years, the financial industry of the rapid agglomeration also caused the attention of scholars, most scholars focus on the financial industry agglomeration in geography, economics, and other aspects to do a more detailed study, but in the financial industry agglomeration spillover effect of economic growth should be the relative lack of research.The in combing the relevant theory based, summarizes and induces the characteristics and motive of the financial industry agglomeration, analyzes the mechanism of the financial industry agglomeration spillover effect, summarizes the financial industry agglomeration in the face of the channel of knowledge spillover and industrial structure overflow. After the contrast and analysis of the prevalent on the concentration of financial industry agglomeration and financial industry agglomeration of our country present situation, the characteristic, the location quotient index estimates the our country financial industry agglomeration degree and the brief analysis. Finally based on the panel data of 31 provinces and cities of our country by two-step System GMM method empirical analysis of the spillover effect of financial industry agglomeration of our country, conclusions of the research are as follows:first, financial industry agglomeration is the dynamic impact on the economic growth. Second, the role of financial industry agglomeration on economic growth is also affected by the industrial structure, openness and government size. Third, human capital, infrastructure significantly expansion of the financial industry agglomeration.Proposed to promote the efficiency of policy recommendations of China's financial industry clustering on the basis of the research:(1) establish perfect financial market system; (2) promote financial innovation; (3) of the regional positioning reasonable financial development strategy; (4) to strengthen infrastructure construction, to attract the talents of high level.Financial industry agglomeration as a necessary stage of the development of the financial industry, the future will be a period of time. As the degree of financial development and financial industry agglomeration are closely related, the interaction between the two may also have different effects on the growth rate. Although it is difficult to measure the financial development degree, how to find out the appropriate measures to further study the relationship between the financial industry agglomeration and the long-term economic growth is a topic that can be studied in the future.