Research On Influencing Factors Of Regional Financial Development Based On Spatial Econometrics

The level of financial development is the effective measure of financial development in a country or region,both developed and developing countries have attached great importance to the improvement of financial development level,in the transition period of the Chinese is should pay attention to the financial development,to ensure the economic vitality and market efficiency.The issue of financial development has always been the focus of people's research.It affects the development of our economy,the distribution of income and so on.In recent years,the development of China's financial industry has also made remarkable progress.The proportion of financial assets to GDP is bigger and bigger.With the deepening of reform,the level of financial development in China will also continue to improve.The emergence of many financial institutions represented by city commercial banks and the continuous development of Internet finance have changed the speed and efficiency of financial development in the past,and have penetrated into every direction of economic and social development.It has long been a consensus for us to improve the level of financial development so that it can better serve the economic development.To study the level of financial development lies in,first of all,not only can we deeply analyze the reality of China's financial development level,but also provide policy recommendations for coordinating the coordinated development between provinces.Secondly,most empirical evidence shows that financial development is not only the existence of time effect,there is also space effect,from the point of view to explore the spatial effect of the level of financial development can not only coordinate the differences between different provinces or regions of the level of financial development,to better promote the construction of a comprehensive well-off society.Finally,the study of the difference in the level of financial development can also better carry out the Inclusive Finance,so that the finance really serves all the members of the society.This paper studies the spatial effect and influencing factors of China's financial development level from two angles of normative analysis and empirical analysis.By the method of principal component analysis to measure 2009-2016 years of financial development level,and studied the effect of financial development level,at the same time,through the empirical analysis from the factors of government factors,economic development and innovation factors test the main factors affecting the level of financial development in china.Firstly,we study the background to do a simple review,although the overall level of China's financial development on the rise,development of regional financial industry rapidly,but the financial development is not balanced,financial innovation is insufficient,the financial services to improve the quality of financial development,the risk still exists.Secondly,this paper focuses on the research results of the relevant scholars at home and abroad on the financial development.To establish foreign financial development concept or index system is relatively perfect,but our data availability makes these research methods have some limitations,so this paper through analysis of the current situation of regional financial development in China,using the theory of financial development and financial geography theory,construct a contains financial scale,financial structure and financial efficiency of the three dimensions of comprehensive evaluation index system.At the same time,the former researches on the spatial effects of financial development are relatively few.More attention is paid to the research of financial development on a certain industry,economic behavior and so on.Based on this,it is particularly important to consider the spatial and geographical factors when there are differences in the level of financial development in the provinces of our country.At the same time,the differences of regional financial development will be caused by factors such as government behavior,economic development and policy system.Finding out the reasons leading to the uneven financial level of all provinces,and considering the correlation between different regions,we can fully grasp the reality of China's financial development,and the conclusions obtained are more scientific and practical.This article holds that in the 2009-2016 period,Beijing,Shanghai and Guangdong are the provinces and municipalities with the highest level of financial development in China.Beijing is the first in the level of financial development.There is a spatial effect in the level of financial development in China,which has fluctuated in the period of 2009-2016.The level of financial development shows a state of financial aggregation in space,and the main areas are concentrated in the three regions of Beijing,Shanghai and Guangdong.In addition,the variable space effect of China's financial development can significantly promote the level of financial development period;factors of fiscal expenditure on behalf of the government and representatives of the innovation ability of patents and the lag of the level of financial development in a period for promoting the current financial development effect.Finally,among the factors of economic development,the per capita GDP,the proportion of urban population and the investment of the whole society are more stable for the level of the current financial development.The impact of the consumer price index on the current level of financial development is more unstable,and there are not significant characteristics in the static situation.This paper argues that the promotion of China's financial development level steadily,first of all should pay attention to the coordination between the regional financial development level;secondly should adopt different financial policy;Finally,we should pay attention to the financial structure changes for provincial level of financial development,financial structure optimization and promote financial development.