The Study On Financial Agglomeration And Economic Growth In Guangdong-Hong Kong-Macau Big Bay Area

In recent years,the topic of Guangdong-Hong Kong-Macau big bay area has become increasingly high.Especially after the financial crisis in 2008,the ultra-highspeed growth of China's economy was forced to slow down,and the export-oriented economic growth model dominated by foreign trade exports encountered bottlenecks.Among the 11 cities in Guangdong-Hong Kong-Macau big bay area,Hong Kong,Shenzhen and Guangzhou are among the top international financial center cities.To build Guangdong-Hong Kong-Macau big bay area,we should make good use of the advantages of Guangdong and Hong Kong financial industries,and the manufacturing base of the Pearl River Delta.And the development of high-tech industries in Shenzhen and other places,to create a "financial + technology + industry" Bay Area development model,thereby promoting the development of regional economy.This paper firstly reviews and summarizes the concepts,connotations and motivations of financial agglomeration through literature review,and theoretically analyzes the effects of financial agglomeration on economic growth.Then,the location entropy method and principal component analysis method are used to measure and comprehensively evaluate the financial agglomeration degree of 11 cities in Guangdong-Hong Kong-Macau big bay area from 2006 to 2016.The selected location entropy results show that there is obvious financial agglomeration in Guangdong-Hong Kong-Macau big bay area,and the highest concentration is in Hong Kong,followed by Shenzhen and Guangzhou.Reuse the sample panel data of 11 cities in Guangdong-Hong Kong-Macau big bay area from 2006 to 2016,and establish a simultaneous equation model and use the three-stage least squares method for regression analysis.The empirical estimation results show that there is a significant two-way interaction between financial agglomeration and economic growth.The degree of openness and the level of technological innovation play a positive role in promoting the level of urban financial agglomeration.The results obtained by group estimation can verify the above.Finally,this paper proposes relevant policy recommendations for financial agglomeration and economic growth in Guangdong-Hong Kong-Macau big bay area from three levels.