An Empirical Study On The Spatial Spillover Effect Of Financial Agglomeration On Economic Growth—Taking Shandong Province As An Example

Economic development in Shandong Province has various features,such as its total economic output is large but not competitive,the regional economic development here is fast but not balanced,and the regional economic differentiation is much more serious,which is one of the main factors that restrict the quality of economic growth and hinder the coordinated development of regional economy.The "thirteen five" plan on the regional economy of Shandong Province put forward the "two districts,one circle,one belt " strategic layout,which mainly pointed out the road for the province's regional economic coordinated development.There is a close relationship between financial development and economic growth,the former has laid a solid material foundation for the latter,the latter is the core of modern economy and gives the former blood support.For the Shandong Province,based on the regional strategic layout,using the spillover effect of financial developed regions or financial centers to promote economic development in surrounding areas is benefit for narrowing the regional economic gaps,and promote the coordinated development of regional economy.According to the relevant theory of financial agglomeration,the financial advantaged city which wants to play the role of radiation needs to go through a process,for example if the city is at a lower stage(such as financial fulcrum,financial growth stage),it always plays the main role of financial agglomeration,and if the city is at a higher stage(such as the financial center stage),it always plays the role of radiation spillover effect.It is necessary to explore the effect of financial agglomeration on the spillover effect of economic growth and promote the economic growth of regional cities,therefore,it is necessary to explore the financial development level of the financial superiority cities in various regions of Shandong Province.And the results need to be combined with specific empirical research to verify.This paper first summarizes the relevant research literatures about the impact of financial agglomeration on economic growth both at home and abroad,and also summarizes the relevant theoretical achievements of financial agglomeration.Secondly,this paper uses the data of 17 cities in Shandong Province from 2003 to 2014 to analyze the different condition of financial agglomeration in Shandong Province.On the one hand,analyzing the financial agglomeration of 17 cities in Shandong Province,and obtaining the ranking level about financial agglomeration of 17 cities.On the other hand,according to "two districts,one circle,one belt " strategic layout,the province will be divided into three regions,named “the peninsula blue economic zone”,“the provincial capital city circle”,and “the western economic belt”,to discuss its financial agglomeration differentiation,laying the foundation for the analysis of the spillover effects of economic growth in the following regions.Thirdly,on the basis of constructing reasonable geographical spatial weight matrix,this paper examines the spillover effect of financial agglomeration on the economic growth in Shandong Province and the three regions,and analyzes the reason of spillover effect condition according to the characteristics of phenomenon in different regions.Finally,according to the conclusion of the analysis,we provide some suggestions about how to play the spillover effect of the financial agglomeration on the three regions to promote the coordinated development of the regional economy.