Study On Spatial Spillover Effect Of Financial Institution Agglomeration And Economic Growth In Western China

The financial industry in Western China has developed rapidly,and the agglomeration of financial institutions has emerged as the times require under the background of regional development.There is a close interaction between the agglomeration of financial institutions and economic growth.China is a vast country with different geographical conditions,natural resources,cultural customs and policy environment.The problem of the unbalanced development trend of regional financial institutions agglomeration is still significant.Although Chengdu,Chongqing and Xi'an in the western region have shown the trend of agglomeration of cash financial institutions,the radius of spatial radiation is relat:ively small.It is urgent for the western region to seek new momentum of sustainable economic growth under the existing advantages of financial institutions agglomeration,to develop regional economy by using spatial radiation and to narrow regional disparities.At present,our country is in an important period of economic transformation.How does the spatial spillover effect of financial institution agglomeration change the western economy from a speed-based growth to a high-quality growth platoon?How can we achieve the goal of balanced and coordinated growth of the national ecornomy by stimulating the weak links of our economy?This has great practical significance for the smooth transformation of the western economy,and at the same time complements the agglomeration of financial institutions.Research on theory and economic growth theory has great theoretical value.This paper combines nonnative analysis with empiirical analysis.Firstly,it carries out normative analysis.Aiming at the current economic and financial situation and existing problems iin the western region,the purpose and significance of the study are pointed out.It systcematically combs the research status of domestic and foreign financial institutions'agglomeration motivation,spatial spillover effect,financial institutions'agglomeration and economic growth,and clarifies the research methods,research contents,research innovation points and technical routes.According to the previous discussion,this paper defines the connotation of financial institution aaglomeration and summarizes the effect of financial institution agglomeration,the theory of economic growth and the impact mechanism of financial irnstitution agglomeration oin economic growth.This paper uses statistical data to analyze the current situation of financial development,distribution of financial institutions and economic growth in Western China,and excavates the spatial correlation between financial institution agglomeration and economic growth,which lays a foundation for further empirical analysis of the spatial relationship between them.Secondly,the panel data of the western provinces from 2010 to 2017 are selected to empirically analyze the spatial correlation of financial institutions' agglomeration and the spatial spillover effect and spillover mechanism of financial institutions' agglomeration on economic growth.The results show that the agglomeration of financial institutions in the western provinces has spatial correlation,and the low-value agglomeration of financial institutions is formed in the western part of the western region.In the eastern part of Chongqing,Shaanxi and Guizhou,there is a high-value agglomeration area for financial institutions.The agglomeration effect of financial institutions in Chongqing,Shaanxi and Guizhou is prominent,and it has a high-value radiation spillover effect on the surrounding provinces.The agglomeration of financial institutions in the western region has a positive spatial spillover effect on economic growth,and can promote economic growth by promoting the expansion of financial scale and the improvement of financial efficiency;the expansion of financial scale has a positive spatial spillover effect on economic growth,and the improvement of financial efficiency does not directly produce a spatial spillover effect on economic growth.The agglomeration of financial institutions in a province has a positive spatial spillover effect on the economic growth of the province,and has no spatial spillover effect on the economic growth of the provinces outside the province,but it can produce a spatial spillover effect on the economic growth of the provinces outside the province by promoting the expansion of financial scale;although financial efficiency does not directly produce a spatial spillover effect on economic growth Function,but the financial efficiency brought by the agglomeration of financial institutions can promote economic growth.In addition,the spatial spillover effect of financial institution agglomeration promoting economic growth through the expansion of financial scale is greater than that through the improvement of financial efficiency.At this stage,financial institution agglomeration makes the increase of financial industry output value more conducive to promoting economic growth.Finally,according to the results of normative analysis and empirical analysis,some suggestions are put forward.such as promoting the agglomeration development of financial institutions in the western region,implementing differentiated financial support strategies,and giving full play to the spatial spillover effect of financial institution agglomeration on economic growth.