Research On The Impact Of Financial Agglomeration On Regional Economic Development

As the process of opening up to the outside world continues to accelerate,the role of the financial industry in economic activities is increasingly important,and financial resources are moving faster and faster in the region.The effect of financial agglomeration on regional economic development has gradually become a hot topic.The Yangtze River Economic Belt traverses the eastern,central and western regions of China.The total area of the region accounts for 21%of the country,and the total population and economic output exceeds 40%of the country.In 2016,the state officially issued the u Outline for the Development of the Yangtze River Economic Belt",and established the development pattern of the "one axis,two wings,three poles and multiple points" of the Yangtze River Economic Belt.It is elearly stated that the Yangtze River golden waterway should be used as the basis to develop the radiation effect of the central city and create the three growth poles of the Yangtze River Economic Belt.Therefore,this paper takes the key cities of the Yangtze River Economic Belt(Shanghai,Nanjing,Hangzhou,Wuhan,Changsha,Nanchang,Chongqing,Chengdu)as the research object to explore the impact of financial agglomeration on regional economic development.Based on the theory of industrial agglomeration,the theory of financial agglomeration and the theory of economic growth,this paper expounds the main mechanism of financial agglomeration for regional economic development.The banking,securities and insurance industry related indicators were selected to construct a regional financial agglomeration evaluation system.By using the entropy method to calculate the financial agglomeration scores of the eight cities in the Yangtze River Economic Belt,it is found that the agglomeration scores generally show an upward trend,and the scores between cities are quite different.Shanghai,Hangzhou and Nanjing scored higher while Chongqing scored lower.Then,the financial agglomeration score is selected as the explanatory variable,the human input,the capital investment and the foreign trade are selected as the control variables,and the regional GDP is selected as the explanatory variable,and the panel data of the eight cities from 2007 to 2017 are empirically studied.The results show that the financial agglomeration phenomenon in Shanghai,Hangzhou,Changsha,Nanchang,Chengdu and Chongqing has a significant effect on local economic development.The financial agglomeration phenomenon in Nanjing and Wuhan doesn,t have a obvious effect on local economic development.According to the results,this paper puts forward some measures in terms of development goals,facilities construction and personnel training respectively.Local governments should implement differentiated policies according to the actual development situation...