Research On The Impact Of Financial Agglomeration On Regional Economic Growth

From the 80 s of last century,with the rapid development of global economic integration and financial industry,the international financial resources in the inter-regional mobility to accelerate the financial industry has shown the trend of reorganization of financial mergers and acquisitions,which also caused financial activities and financial institutions in the A central city of highly concentrated phenomenon.The development experience of financial agglomeration in western developed countries shows that there is a very close interaction between financial development and economic development.The gap of regional economic development in China depends to a great extent on the difference of regional financial development.Although China has formed a relatively Perfect financial system,but also formed a certain scale of financial concentration area,but in the overall layout of financial resources and financial center construction,there are many problems to be solved.Especially after China's accession to the WTO,what characteristics does China's financial agglomeration show,what effect does the financial agglomeration have on China's regional financial development and regional economic growth,what is the geographical distribution of regional financial agglomeration,how to promote The study of these problems has great practical significance to the development of China's regional economy and regional finance,and it has great theoretical value for the theoretical study of supplementing the financial service industry cluster.This paper puts forward the significance and realistic motivation of this paper,and then analyzes the current situation of domestic and international financial agglomeration,and gives the research ideas,main content and technical route of this paper.On this basis,this paper analyzes the motivations and characteristics of financial agglomeration and combines the characteristics of financial industry itself.And the mechanism of financial agglomeration on regional economic growth is systematically studied,which constitutes the theoretical research framework of the paper.On the basis of theoretical analysis,this paper analyzes the relationship between financial agglomeration and regional economic growth.In order to analyze the regional characteristics of China's financial agglomeration,we first calculate the regional entropy of China's financial agglomeration,Then,the dynamic panel data are analyzed using the panel data from 2005 to 2015,and the dynamic panel results show that the effect of financial agglomeration on regional economic growth is at the level of 1% Through the significance test,each increase of 1% of financial agglomeration degree will promote economic growth by 0.05%.The increase of natural population growth rate is not conducive to economic growth.The accumulation of savings,foreign investment and human capital is conducive to economic growth.Taking into account the spatial geography characteristics of China's financial agglomeration,this paper analyzes the spatial effects of financial agglomeration and regional economic growth by means of the front panel spatial data measurement method.By calculating the Moran's I index of Chinese agglomeration to determine the spatial correlation of China's financial agglomeration,On the basis of this,the SPLM and SPEM are established,and the financial clustering index is tested at the level of 5%.In the presence of spatial spillover effect,the financial agglomeration index increases by 1% which is 0.06% to the regional economy.Compared with the homogeneous panel data,the conclusions are relatively robust,and the robustness test of the model is also validated.It is concluded that in today's financial agglomeration there is relatively smooth information transmission channel in the heterogeneous space,probably because most transactions and business in the financial industry are mainly done through the network to reduce the space transaction cost.Combining the radiation radius of the main financial gathering area,On the other hand,the reason may be that the whole financial concentration of China does not form a real center.The regional financial concentration is limited and the service hinterland is small.