Research On Influencing Factors Of Financial Agglomeration Based On Provincial Spatial Panel Data

With the development of economy,China's economy has entered a “new normal”.Under this background,it is increasingly important to promote the healthy,effective,and quality development of the economy.As the core of modern economic development,the financial industry has become increasingly important in China's national economy.The development of the financial industry has become inseparable from the economic development.Financial agglomeration mainly refers to the accumulation of financial institutions in the geographical space.In order to maximize profits,various agencies cooperate with each other and jointly use local production facilities and production factors to facilitate the circulation and optimization of financial resources.China has already formed large-scale urban agglomerations in the “Pearl River Delta” and “Yangtze River Delta” areas.the construction of urbanization is conducive to population aggregation and capital accumulation,which is conducive to the optimal use of financial resources and conducive to the development of financial agglomeration.Therefore,in the future,in order to promote the development of China's economy with better quality,it is possible to promote the development of the financial industry through the new type of urbanization construction,thereby forming a financial agglomeration area,and using the economies of scale and spillover effects of financial agglomeration to promote the development of the regional economy.First of all,this article summarizes the concepts of industrial agglomeration,financial agglomeration and urbanization,and explains the three concepts from different perspectives.Second,the status quo and problems of China's financial agglomeration development are summarized.At present,China's financial industry is developing at a faster pace than economic development.However,subject to the international economic environment,China's economic development is slowing,which also drags down the development of the financial industry.China has initially formed a financial agglomeration zone.Shanghai and Shenzhen have become China's financial centers.However,China's financial agglomeration level lags behind that of Western developed countries,at the same time,due to the unbalanced regional economic development,regional differences in China's financial agglomeration are also very large.The time for urbanization is still short,leading to incomplete urban infrastructure construction and the lack of financial infrastructure and ancillary services.The basic financial trading market and trading tools are not yet mature.In this paper,the spatial econometric model is used to make empirical research on the influencing factors of financial agglomeration,the financial industry location quotient was chosen as a measure of financial agglomeration,and the urbanization level was taken as the core explanatory variable,and it added the level of economic development,the level of industrial structure,the level of education,the level of fiscal expenditure,and the level of opening to the outside world as explanatory variables.As a result,it has been found that China's new urbanization construction has significantly promoted the development of financial agglomeration by promoting the accumulation of capital,investment in infrastructure,and the supply of labor.The regional economic base and industrial structure also have a significant impact on financial agglomeration.The financial support and policy support of local governments are conducive to the development of regional financial agglomeration.Highly educated regions can provide high-quality labor and provide human capital for financial agglomeration.However,the level of opening to the outside world is not significant for financial agglomeration.In order to promote the agglomeration of the financial industry,it is necessary to broaden the financing channels for urbanization and use the new urbanization construction to promote the development of financial agglomeration.Local governments should increase their financial expenditure on the financial industry,grant preferential tax reductions,attract financial institutions,improve education levels,and provide sufficient high-quality talent for regional economic development.Strengthen the infrastructure construction,establish and improve a sound financial market system and financial system,promote the flow of financial resources,and form a financial agglomeration.