Study On The Effect Of Financial Agglomeration Of Qing Dao Wealth Management Center

With the development of economic integration and financial globalization,financial resources accelerates,leading to the gathering of financial resources and institutions in a few financial center cities.Financial agglomeration will cause the formation of financial centers.With the rapid economic growth of China,the financial sector is changing,which introduced a financial industry planning successively,such as the Beijing international financial district,Pudong and the Bund economic zone in Shang hai,Tianjin Binhai Yujiabao financial district,Chongqing Jiangbeizui financial area,Nan jing Jianye financial district and financial reform pilot areas in Guangdong pearl river delta,Fujian Quanzhou,Zhejiang Wenzhou,Shandong Qingdao,border areas in Yunnan and so on.The construction of these reforming financial centers has drawn more and more attention.Actually,the financial agglomeration is beneficial to the coordinated development of regional finance,and cause financial effect in different ways.In particular,the construction of Qingdao wealth management center in 2014 provided the infrastructure for financial agglomeration,which in turn contributed to the sustainable development of Qingdao wealth management center.Exploring the financial agglomeration level of Qingdao wealth management center and the effect mechanism of economic growth,foreign trade,technology innovation and of industrial structure with the financial agglomeration level,,which has extremely important practical significance to the regional development.To this end,this paper mainly revolves around the financial agglomeration level in Qingdao for wealth management center before and after the change,and the effect mechanism of economic growth,foreign trade,technical innovation and industrial structure with the financial agglomeration level,on the basis of this puts forward effective countermeasures to promote financial agglomeration,for the development of the financial power of Qingdao city.The writing ideas of this paper are as follows:The first chapter analyzed the literature of domestic and foreign,understood the research status of domestic and foreign,and puts forward the research question of financial agglomeration effect.The second chapter studied the relevant theory with wealth management,financial agglomeration and its effects,grasped the basic theory of meaning and forming process with the wealth management,financial agglomeration,and its ways.Straighten out the relationship between the wealth management center,the financial agglomeration and its effects.Put up the effect mechanism of the research question between financial agglomeration and economic growth,foreign trade,technical innovation and industrial structure elements.The third chapter take qualitative research on formation process and current situation of the development of wealth management center of Qingdao,comparison of financial agglomeration situation before and after Qingdao wealth management center set up,and factors effect mechanism of Qingdao wealth management center and the economic growth.To clarify the relationship between financial agglomeration and regional economic growth,regional industrial structure,foreign trade and technological innovation of Qingdao wealth management center.Lay a foundation for empirical research.The fourth chapter is the key chapter of this article.First of all,builded a comprehensive index system to comprehensive evaluat the degree of financial agglomeration.Used factor analysis to measure the financial agglomeration level in wealth management center of Qingdao.The results showed that Qingdao financial agglomeration is growing at an average annual rate of 14.73%.After Qingdao wealth management center was established in 2014,its growth rate of 0.86%,which promote the development of financial agglomeration.Secondly,based on the VAR model impulse response function and variance decomposition to take the empirical research to the effect mechanism of economic growth,foreign trade,technology innovation,industrial structure elements with financial agglomeration of Qingdao wealth management center.In order to ensure the scientific and reasonable of the model,this paper proved that have a long-term equilibrium relationship between the financial agglomeration and economic growth,foreign trade,technology innovation,industrial structure by the data unit root test,Johansen cointegration test,Granger causality test.And verified that the financial agglomeration was Granger reason to economic growth,foreign trade,technology innovation,industrial structure elements.And the model was also tested by AR root test,normal distribution test of residual error and LM test of residual sequence.Finally,VAR equation shows that economic growth is affected by the first and second periods of financial agglomeration lag,which the elastic coefficients are 0.917 and-0.492 respectively.Foreign trade is also affected by the first and second lag periods of financial agglomeration,which the elastic coefficients are 1.776 and 1.847 respectively.Technological innovation is different from economic growth and foreign trade.Although it is also affected by the first and second lag periods of financial agglomeration,but the elastic coefficients are-2.299% and 2.394% respectively.In addition to the first and second lag periods of financial agglomeration,the industrial structure also receives the influence of the first and second lag periods of financial agglomeration,which the elastic coefficients are 0.205%,-0.177%,-0.375% and 0.325% respectively.The results of impulse response function show that financial agglomeration has a positive impact on economic growth,foreign trade and industrial structure.Among them,the positive impact of financial agglomeration on economic growth,industrial structure and other factors leveled off after t=13.The positive impact on foreign trade tends to be stable after t=12.However,there is a negative impact effect on technological innovation within t=4.In the long run,there is a positive impact effect on financial agglomeration,but the impact effect is close to zero.The results of variance decomposition show that financial agglomeration contributes to foreign trade,economic growth,technological innovation and industrial structure successively,and the contributions after stabilization are respectively 91.69%,82.22%,64.51% and 56.40%.The fifth chapter,based on the empirical research results of the fourth chapter,provides constructive suggestions from the aspects of constructing a diversified economy,innovating wealth management,strengthening the talent system and creating a financial environment.