Research On The Impact Of Financial Agglomeration On New Urbanization

The new urbanization is the only way to realize modernization in our country in the new period.Different from the traditional significance,the new urbanization emphasizes people-oriented and is committed to solving the problems of household registration,ecology,livability and coordinated development.This requires a huge capital investment to comprehensively enhance the city's overall carrying capacity.However,with the adjustment of economic restructuring and gradual cooling down of the real estate market under the control of the policies in the new normal,the pressure on fiscal revenue of local governments is not optimistic and it is difficult to meet the huge capital needs for the new-type urbanization and there is an urgent need for the financial industry to provide strong support.As an advanced form of financial industry development,upgrading and evolution,financial agglomeration can not only absorb a large number of high-quality financial institutions,organizations and talents,contribute to employment,taxation and GDP,but also provide diversified financing channels,tools and services to solve the problems of enterprises,individuals and government financing needs.Therefore,this article studies the impact of financial agglomeration on the new urbanization is of great significance.Based on the theory and mechanism of financial agglomeration and new-type towns,this paper builds a comprehensive index system based on the core connotation of the two.Based on the panel data from 2006 to 2015 in 31 provinces in our country,Weight and comprehensive index calculation and a series of processing,the overall level of the two measured and analyzed.And further,using panel threshold model and space measurement model to study the impact of financial agglomeration on the new urbanization.Turn out:First,in more than a decade,the level of financial agglomeration and new-type urbanization in our country has accelerated.The regional imbalances and the gradient distribution are markedly characterized.Second,the impact of financial agglomeration on the new urbanization has the threshold effect.Among them,the influence coefficient of the eastern region changed from negative topositive and continuously increased,indicating that the mechanism of financial agglomeration on new-type urbanization is continuously optimized;on the contrary,the test coefficient in the central region is negative,indicating that the mechanism of financial agglomeration for new-type urbanization needs further improvement Adjust and improve.In addition,the financial agglomeration in the western region has a significant positive impact on the new urbanization,and the integration is good.Third,the impact of financial agglomeration on the new urbanization has the spillover effect.The Moran's I index of the new urbanization shows significant spatial auto-correlation both in the geographic proximity matrix and in the geographical distance matrix,indicating that the distribution of new urbanization is not completely random but spatial agglomeration.Both the influence coefficient and the space effect coefficient of financial agglomeration on new urbanization under the two kinds of matrices are positive,and all of them pass the significant test,which shows that the continuous increase of financial agglomeration level is of positive significance to the new urbanization process in this area and its surrounding areas.The policy implications are as follows: first,to build regional financial centers to promote the development of urbanization;second,to deepen the financial industrial agglomeration to promote the development of urbanization;third,to expand the financial agglomeration spillover effect to promote the development of urbanization.