| Financial industry as the core department of social resources allocation,is the key factors to promote China and the regional economic development.With economic development speed from the rapid growth to normalization,China has entered the new period of economic structure transformation and upgrading,development-driven adjustment.The non-equilibrium characteristics of the financial development in each region are increasing the gap between the regional economic development and hindering the regional coordinated development strategy.This paper studies the existence and influence mechanism of regional financial development convergence in China under the background of the supply front of the "13th Five-Year Plan".This study can give full play to resource allocation of financial industry,promote the coordinated development of the regional finance and provide theoretical reference for the government to formulate regional financial development policy.Thus the paper has important practical significance.The convergence of regional financial development in this paper is based on the theory of economic development convergence,that is,in the process of economic development tends to converge,finance as the core sector of economic will reflect a similar convergence characteristics.In addition,according to Lucas’ theory of world economic growth,the proliferation of innovation in the forefront of the world will lead to the convergence of world economic development.For the financial development of different regions,other regions need learning and imitating to receive innovation diffusion from the frontier areas.Therefore,the regional learning ability is the internal driving force and the core mechanism of regional financial development.The model of this paper learns from Aghion’s etal(2005)mathematical model about the impact of financial development on economic convergence.Taking Shanghai as the forefront of China’s financial development,this paper studies the impact mechanism of learning ability on China’s regional financial development convergence.The regression results were tested through robustness test of transforming financial development level.Lucas emphasizes the city as a gathering place for talent and advanced technology,so the development characteristics of the city is ahead of the national or provincial;at the same time the prefecture-level city has more samples,can make up for the deficiencies that provincial level area divided is too thick,and has too few samples of previous scholar research based on the provincial level.China’s prefecture-level cities have research value and practical significance.Based on the progressive extension process of learning ability and referring to the practice of other scholars,the regional learning ability is considered from three aspects: knowledge acquisition ability,knowledge diffusion ability and knowledge absorption ability.This paper studies the existence and influence mechanism of China’s regional financial development convergence,and draws the following conclusions:(1)There are significant differences in regional financial development in China,and the eastern region ranks among the top.Financial development gap gradually widened between middle western northeastern regions with east.(2)There is no α convergence in China’s financial development,but there is absolute β convergence,indicating that the regional financial development towards the same level,the level of financial development gap between the prefecture-level city cities still exist.In terms of regions,only the eastern region has α convergence,which indicates that only the financial development level of the prefecture-level cities in the eastern region is more balanced,and the financial development gap exists in the other three regions.There is an absolute β convergence in the eastern,western and central regions.The eastern region has the fastest convergence rate,followed by the west.The central region shows absolute β convergence only in the period from 2009 to 2014.Northeast region does not exist α convergence and absolute β convergence.Northeast region has the lowest financial development level in the national.(3)Learning ability is the key reason for the convergence of China’s regional financial development level to the frontier areas.For each region,the three aspects of learning ability has a different influence to different regions converge to Shanghai financial development level.Finally,the paper make policy recommendations according to the study conclusion,hoping to speed up the convergence speed of the financial development level in China. |
