Financial Agglomeration,Regional Innovation And Economic Growth

With the rapid development of global economic integration and financial development,the flow of funds in the international financial resources have accelerated across regions,and the financial institutions have also shown a trend of reorganization and mergers.In addition,the accumulation of financial resources to a certain region is becoming more and more obvious.China's financial industry is also highly concentrated in the fast-growing areas of economic development,meanwhile these areas of innovation activities are more active than other regions.Therefore,there may be some spatial correlation between financial agglomeration,regional innovation and economic development.On the basis of classifying and summarizing the related literatures at home and abroad,the degree of regional financial agglomeration and the degree of innovation are measured,using the inter-provincial panel data of 30 provinces and cities in 1993 and 2014.In order to fully investigate the spatial agglomeration factors and spatial spillover effects,this paper will use different methods to construct spatial weight matrices,establish spatial lag model,spatial error model and spatial Durbin model.Empirical analysis of spatial spillover is also carried out to test whether there is spatial influence mechanism between regional innovation and economic growth,and draw the conclusion that the relationship between the them is affected.Section arrangement are as followed: The first chapter is the introduction,which includes the research background and the research significance,the research purpose and the research content,the research mentality and the technical route and the main innovation of this article.The second chapter is the literature review at home and abroad and the question of this paper.Chapter 3 is the theoretical basis of economic agglomeration and regional innovation that affect economic growth.The fourth chapter is the measure of financial agglomeration and spatial correlation analysis.The fifth chapter is the empirical analysis of economic agglomeration and regional innovation affecting economic growth.The last one is about the conclusions and policy recommendations.The main conclusions are as follows: First,during the period of investigation,there are positive spatial auto-correlation in the process of economic growth in provinces and cities,and the correlation is basically the same.Financial clustering process and regional innovation activities also show a certain degree of spatial correlation.with the passage of time,the correlation gradually increased.Second,financial industry agglomeration and regional innovation activities can promote economic growth,and there is a clear spatial dependence and spatial heterogeneity.Third,in the despite of the obvious spatial effect as for economic growth,the provinces and cities of the current economic growth will also be affected by the early time which means there is a certain degree of economic inertia.Fourth,there is a long-term stable relationship between financial agglomeration and economic growth,regional innovation and economic growth,but the long-term relationship between financial agglomeration and regional innovation is not stable.Financial agglomeration and regional innovation can result in economic growth according to Granger Test,and economic growth will in turn affect the financial agglomeration but regional innovation.At the same time,financial agglomeration can promote regional innovation but it fails in turn.Fifth,the growth mechanism advocated by classical growth theory and new growth theory still determines the fundamentals of economic growth in various provinces and cities.Regional economic growth is inseparable from the accumulation and investment of factors,labor investment and investment in fixed assets is still an important driving force to promote economic growth in provinces and cities.