| Since the reform and opening up more than 40 years ago,China has gradually formed a relatively complete financial system.However,due to the vast territory,China still has the problem of regional financial development imbalance.The eastern coastal areas are more attractive to financial resources.The coastal areas led by the three maj or economic circles have become the main gathering place of China’s financial industry,and have received extensive attention from domestic academic circles.On the contrary,in the central region where China’s economic base is weak,the financial industry has problems of late start,slow development,and low concentration.and the economic community has paid little attention to it.How to play the supporting role of the financial industiy in the economic development of the central region has become an urgent problem to be solved.In order to theoretically explore the relationship between financial agglomeration and economic growth in the central region with weak economic foundation,this paper takes Henan Province as the research object to explore the relationship between financial agglomeration and economic growth.In terms of data collection,this paper sorts out the relevant theoretical literatures at home and abroad,and finds that when domestic and foreign scholars study the relationship between financial agglomeration and economic growth,the research objects are mostly concentrated in developed regions,and the economic foundation is weak.The area is less studied.Therefore,this paper chooses Henan Province as the research object.and uses the entropy method,VAR model and panel model to study the relationship between financial agglomeration and economic growth in Henan Province.In terms of empirical research,this paper selects the relevant economic and financial data of Henan Province from 1999 to 201 7,and uses the VAR model to empirically test the relationship between financial agglomeration and economic growth in Henan Province.At the same time,in order to further verify the interaction,this paper selects Henan.The relevant data of 18 prefecture-level cities in the province from 2009 to 2017 use panel regression model to quantitatively analyze the relationship between financial agglomeration and economic growth.This paper has obtained the following conclusions through empirical research:(1)The banking.insurance and securities industries in Henan Province and the economic growth of Henan Province have mutually reinforcing effects,among which the banking industry as the pillar financial industry of Henan Province,for Henan Province Economic growth has contributed the most,and the insurance industry and the securities industry are at the initial stage of industrial development,contributing less to the economic growth of Henan Province.(2)Banks,insurance and securities in the southern and northern regions of Henan Province have different effects on the economic growth of Henan Province and have regional differences.Finally,this paper proposes that the government should pay attention to financial innovation,cultivate professional talents,and strengthen financial supervision policy recommendations to deepen the financial agglomeration of Henan Province to promote the economic and orderly development of Henan Province. |
