Empirical Study On The Financial Agglomeration And Marine Economic Efficiency

The marine economy is an important support in building a strong maritime nation.As the world's marine development and utilization have been accelerating,major marine countries such as the United States,the United Kingdom,and Japan are constantly adjusting their marine economic development strategies.After decades of rapid growth,China's marine economy has been restricted by ocean natural resources,offshore environment and other factors,so it is imperative for the marine economy to create a new impetus which promotes the transformation and upgrade of the marine industry and gradually shifts the ocean economy growth from relying on investment to lifting the ocean Economic efficiency.Finance is the core of the modern economy.Coastal provinces are areas with higher levels of financial agglomeration.Facing the realistic requirements for the transformation and upgrade of China's marine economy,we should analyze the effect of China's financial agglomeration on the growth of marine economic efficiency and seek financial support in China's marine economic growth,which meets the theoretical logic and objective facts of financial development.Based on an intensive study of the objective reality and related research on financial and marine economy in China's coastal areas,we have fully revealed the mechanism of financial agglomeration of marine economy efficiency growth,by systematically reviewing and borrowing from the theory of financial development and growth,the theory of financial agglomeration mechanism and the financial support theory of marine economy.Based on the panel data of 11 coastal provinces from 2006 to 2015,this paper measures the marine economic efficiency by applying stochastic frontier analysis method and adopts the instrumental variables two-stage least squares method and dynamic threshold regression model to empirically examine the impact of financial agglomeration on marine economic efficiency respectively from the financial labor agglomeration and financial capital agglomeration.The main conclusions are as follows:(1)Based on the analysis of spatial-temporal evolution,during the sample period of China's 11 coastal provinces,marine economic efficiency is on the rise,the growth rate of marine economic efficiency in 12 th Five-Year has accelerated noticeably,the marine economic efficiency has been unevenly distributed,and the gap has been gradually narrowed.(2)The instrumental variable two-stage least squares method demonstrates the growth effect of financial agglomeration on marine economy efficiency.The effect of financial labor force agglomeration is slightly greater than that of financial capital agglomeration.Robustness analysis from four perspectives shows that the conclusion is robust.(3)The results of the dynamic threshold regression model further suggest that marine economic efficiency has significant inertial,financial agglomeration promotes the threshold effect in the process of lifting marine economic efficiency which reveals why the spatial distribution differences between financial agglomeration and marine technology efficiency have been assimilated in coastal provinces.(4)The marine industrial structure,education quality and informatization have significantly promoted the improvement of marine economic efficiency,the level of urbanization and openness have also played a positive role but not significant,and the proportion of government fiscal expenditure has an obviously negative effect on marine economic efficiency.