Study On The Influence Of Financial Agglomeration On The Upgrading Of Industrial Structure In Henan Province

With the development of economic and financial globalization,financial agglomeration,as an inevitable trend of the development of modern financial industry,plays an important role in the upgrading process of industrial structure.To upgrade and adjust the industrial structure,we need to establish a sound financial system to support it.Financial agglomeration can make resources allocated efficiently,and promote the transformation and upgrading of industrial structure and the steady development of national economy by means of agglomeration effect and diffusion effect.Since the reform and opening up,Henan Province relies on its policy advantages and location advantages,making its economic development level increasingly improved,and the industrial structure is constantly upgraded and adjusted in the process of economic development.In addition,in the process of implementing the national macro-control policy,the financial resources in Henan Province are gathering constantly,the operational vitality of various financial institutions is increasing,the assets scale of financial institutions is growing steadily,and the trend of financial agglomeration is becoming more and more obvious.The agglomeration of financial industry is bound to drive transformation and upgrading of industrial structure,and its role in supporting and promoting economic development will gradually increase.This paper takes financial agglomeration and industrial structure upgrading as the breakthrough point,and combines theoretical research and empirical analysis to explore the relationship between financial agglomeration and industrial structure upgrading in Henan Province.Firstly,the relevant literatures of domestic and foreign scholars on financial agglomeration and industrial structure upgrading are sorted out,and the mechanism of financial agglomeration on industrial structure upgrading is discussed.Secondly,the development of financial agglomeration and industrial structure in Henan Province is qualitatively described and quantitatively analyzed,and the index system for evaluating the degree of financial agglomeration is constructed.At the same time,the factor analysis method is used to quantitatively measure the degree of financial agglomeration in Henan Province.Finally,the correlation effect between financial agglomeration and industrial structure upgrading in Henan Province is empirically analyzed during 1998-2016.The vector error correction model is established and the Granger causality test is carried out.The results show that the phenomenon of financial agglomeration in Henan Province is prominent,and financial agglomeration promotes the upgrading of industrial structure in Henan Province to a certain extent.In the short term,the agglomeration of financial intermediary institutions and the development of capital market can promote the upgrading of industrial structure.However,in the long run,the development of capital market will restrain the upgrading of industrial structure to some extent,which is caused by the slow development of multi-level capital market in henan province.At the same time,the development of capital market can indirectly drive the upgrading and adjustment of industrial structure by acting on financial intermediaries in the long run.Finally,based on the theoretical analysis and empirical conclusions of this paper,countermeasures and Suggestions are put forward to deepen financial agglomeration in henan province and and further promote the upgrading of industrial structure.:1.strengthen the construction of a financial center and enhance the radiation effect of financial agglomeration;2.optimize the financial ecological environment and improve the financial system;3.promote financial innovation and deepen financial reform;4.improve the efficiency of financial intermediaries and expand industrial financing channels.