Effects Of China's Industrial Agglomeration On Financial Resources Misallocation

As an important resource,financial resources have an indispensable position in the modern market economy,are the core of national wealth,and also play a crucial role in China's economic structural reform.If there is a mismatch in financial resources,it will not only produce a financial bubble,but will also curb the pull of consumption on economic growth and reduce the speed of economic growth in China.In reality,due to government intervention,non-market allocation,borrowing constraints,financial system deficiencies,and imperfect financial regulatory laws,there are very serious mismatches in financial resources,which seriously restricts the further development of China's economy.Therefore,studying the mechanism of misallocation of financial resources and further optimizing and optimizing the allocation of financial resources in China is the urgent task of completing economic reforms.There are many methods for correcting the mismatch of resources that have been tested so far,and the discussions on industrial clusters are relatively extensive.Therefore,this paper establishes a framework of resource mismatch theory based on Hsieh and Klenow,incorporates industrial agglomeration factors into the theoretical framework,and further divides the resource mismatch into resource allocation insufficiency and over-allocation of resources to measure the financial resources of different property rights companies.The degree of mismatch.On this basis,using the obtained data for quantitative analysis,the establishment of a Bayesian Hidden Markov model for heterogeneous panel regression quantitatively examines the impact of industrial agglomeration on financial resources mismatch index,and introduces the concepts of capital threshold and labor force structure.Investigate the synergy between industrial agglomeration and misallocation of financial resources.The results show that the labor force structure can play a role in improving the allocation of resources when the financial resources are over-allocated,but it will intensify the mismatch when the financial resources are insufficiently configured.The capital threshold is opposite to the labor force structure in the mechanism of misallocation offinancial resources.It plays an improvement role when the financial resources are in short supply,but it aggravates mismatches when the financial resources are over-allocated.The over-aggregation of financial resources in the initial period of industrial agglomeration will intensify the role,but with the deepening of industrial agglomeration,it can play an improvement role.This phenomenon continued until the allocation of financial resources changed from excessive to insufficient.At this time,industrial agglomeration will not be able to improve the effectiveness of the allocation of financial resources.At the same time,the results of the interaction of industrial agglomeration with the labor force structure and capital thresholds also indicate that the capital threshold has passed.The synergy of industrial agglomeration has a positive effect on the under-allocation of financial resources.The labor force structure has a positive effect on the over-allocation of financial resources through the synergies with industrial agglomeration.Both reinforce and complement the effect of industrial agglomeration on the mismatch of financial resources.