The Research On Regional Financial Developing Differences In China Based On Functional View

Since the economic reform and opening up,economic development has a great improvement in China.However,regional differences in geographical location,resource endowment,marketization and other factors are prominent.The regional financial disparity is increasingly obvious as uneven regional economic development.We take financial industry per capita GDP as a measure of the financial development,the output value of coastal areas is much higher than that of Midwest.The absolute difference in financial development is growing.It is necessary to study regional financial development and their spatial effects,which can promote the reform of financial supply side,improve the economic efficiency of financial services and promote economic areas to develop in harmony.Based on previous research and perspective of financial function,this paper aims at studying the spatial effect of financial function,economic development and other factors on financial development by using spatial panel data model.The study results indicate that:(1)There is a spatial competition effect on financial development.The spatial competition effect will cause excessive absorption of financial factors by adjacent areas.It will lead to the loss of local financial elements and deter local economy from moving forward.The spatial competition effect will be effectively reduced if we don't take into consideration the spatial effect of financial function,openness,human capital,government subsidies and economic development on financial development.(2)Most of the explanatory variables play a significant role in promoting local financial development.The spatial effects to surrounding areas made by these explanatory variables are obviously varied.Spatial spillover effects are not obvious in financial depth.Spatial spillover effects are significantly positive in financial access.As for financial efficiency,spatial competition effects exist.It is shown that spatial effect of financial efficiency is higher than that of financial depth,access.Financial efficiency is the key to promote regional financial development.Apart from openness and economic development,human capital and government subsidies show obviously spatial competition effect.It is also important to strengthen partnership of commerce and lower trade barriers to strive for the Double-win effect.