| With the continuous development of global economy,finance has become an important core of modern social and economic development.Under this background,the phenomenon of financial industry agglomeration will become the inevitable result of the deepening development of market economy.Beijing-Tianjin-Hebei urban agglomeration lies at the Bohai economic circle in China.Of course,they have always been the most economically dynamic and largest region in the northern cities.However,due to their lack of effective resource sharing mechanism,market segmentation in the region is very serious,and administrative barriers are not broken down.This has led to financial imbalance in Beijing,Tianjin and Hebei.A large number of financial assets are concentrated in Beijing and Tianjin.However,Hebei province,which is in urgent need of industrial upgrading and adjustment,cannot get corresponding financial support.The flow of financial resources between the three regions is more impeded.In April 2017,China established Xiongan new area in Baoding,Hebei province.The state has defined a new pattern of common development for the Beijing-Tianjin-Hebei urban agglomeration in the future-Beijing,Tongzhou and Xiongan new area,which together form the pattern of "one main body and two limbs" Meanwhile,the new power of Beijing-Tianjin-Hebei urban agglomeration development(Xiongan new area and Binhai new area)will be driven in both directions to orderly dredge Beijing’s non-capital functions.They also play an important role in further promoting industrial upgrading in Hebei province and have a long-term impact.Therefore,it is necessary to discuss the relationship between financial agglomeration development of Beijing-Tianjin-Hebei urban agglomeration and regional economic growth so as to put forward reasonable suggestions for the coordinated development of Beijing-Tianjin-Hebei urban agglomeration finance.First of all,we will analyze the theory of financial agglomeration and regional economic growth,as well as the relationship between them.We will make an in-depth understanding of the concept and reason of financial agglomeration through domestic and foreign monographs and literature investigation.At the same time,we will also have a deep understanding of the effects of regional economic growth and empirical research methods.Secondly,based on the existing theoretical results,this paper uses LS and AK models to further discuss the effects of financial agglomeration and regional economic growth,and summarizes the theoretical analysis framework of this paper.Secondly,the overall situation of financial industry and economic development in Beijing,Tianjin and Hebei is compared.As for the empirical aspect,we firstly calculated the financial industry indicators of Beijing,Tianjin and Hebei,and then measured and compared the degree of financial industrial agglomeration in the three regions and analyzed the objective causes of the gap.Thirdly,the factors of financial agglomeration are investigated in many aspects.By establishing the measurement system of financial agglomeration index of 11 cities and 13 cities in 2006 of Beijing,Tianjin and Hebei were measured by factor analysis in orderto clarify the financial agglomeration degree in Beijing,Tianjin and Hebei.This further verifies the development gap between Beijing,Tianjin and Hebei.The factor analysis method is used to get the comprehensive score of financial agglomeration degree in Beijing and Tianjin.The financial radiation range of Beijing and Tianjin is calculated by Wilson model formula.Finally,we study the impact of the financial core area of Beijing-Tianjin-Hebei region(that is,the degree of financial agglomeration in Beijing)on the local economic growth.The following methods are used,ADF test,co-integration test,granger causality and impulse response function methods.Then,the same method was used to study the impact of Beijing’s financial agglomeration on the economic growth of Tianjin and Hebei and relevant policy recommendations were put forward at last. |
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