Research On The Influence Of Financial Agglomeration On The Development Of High Tech Industry In China

Along with China's economy entering a new normal state,a large number of economic development pattern that relies on the consumption of resources and low cost production has been difficult to sustain.High tech industry is a new industry with higher technological content,additional value and labor productivity than traditional industries.The development of high tech industry can't only promote the upgrading of traditional industries and the growth of economy,but also change traditional development pattern to some extent.However,the development of high tech industry requires a lot of financial support to maintain rapid,healthy and sustainable development.In recent years,the development of China's financial industry has shown different degrees of geographical aggregation.At the same time,most of financial institutions began to tend to trade and organize production activities through the coordination of enterprises from few banks to various types of financial institutions.The diversity of the aggregation of financial institutions shows that financial agglomeration has become the basic form of modern finance.Therefore,it is of important practical significance to study whether financial agglomeration can effectively promote the development of high tech industry and how much it promotes the development of high tech industry.Basing on the research results of domestic and foreign scholars on financial agglomeration and high tech industry development,this paper divides China into three regions on the data from 1995 to 2014,including Middle,East and West regions and respectively studies the influence of financial agglomeration on the development of high tech industry from the degree of agglomeration of banking industry,securities industry and insurance industry.The empirical results are as follows:(1)The degree of financial agglomeration in various regions of our country is getting higher and higher,while the levels of financial agglomeration in all regions of Middle,East and West regions are different.China's eastern region has the highest level of financial agglomeration,and the levels of banking industry,securities industry and insurance industry are higher than that of middle region and western region.(2)The development level of high tech industry in all regions is different,among which the development speed of the eastern region is fastest and it is mainly based on large and medium-sized high tech enterprises.(3)The influence factors of high tech industry are different in different regions,and the influence of financial agglomeration on the development of high tech industry in all regions is also different.The agglomeration of finance only has obvious promotion effect on the high tech industry of the eastern region,and the promotion is mainly brought by the agglomeration level of banking industry,while the financial agglomeration of securities industry and insurance industry does not promote the development of high tech industry.