Research On Banking Agglomeration Spillover Effect In Guangdong-Hong Kong-Macao Greater Bay Area

The construction of Guangdong-Hong Kong-Macao Greater Bay Area can give full play to the comprehensive advantages of Hong Kong and Macao,deepen the economic cooperation between Guangdong,Hong Kong and Macao,and further enhance the leading role of guangdong,Hong Kong and Macao in national economic development and opening-up.As the most developed financial industry in China,the banking industry plays an important role in the process of national economic construction and coordinated development of regional economy.There are a large number of banking financial institutions in Guangdong-Hong Kong-Macao Greater Bay Area.This paper studies the banking agglomeration in Guangdong-Hong Kong and Macao Greater Bay Area,on the one hand,it can quantitatively analyze the promotion and spatial effect of banking agglomeration on local economic growth;on the other hand,it can provide reference for the rational spatial distribution of banking financial institutions in this area.By constructing the location entropy index of banking agglomeration,firstly,it is found that the degree of banking agglomeration in Guangdong-Hong Kong-Macao Greater Bay Area is higher than that of other urban agglomerations in China.Secondly,by further analyzing the banking agglomeration degree of the eleven cities in Guangdong-Hong Kong-Macao Greater Bay Area,it is found that the banking agglomeration of the eleven cities presents four different results.The location entropy index of banking agglomeration in Hong Kong and Macao is much higher than the national average.The location entropy index of banking agglomeration in Guangzhou,Shenzhen and Zhuhai is lower than that in Hong Kong and Macao,but higher than the national average.The location entropy index of banking agglomeration in Foshan,Zhongshan and Dongguan is lower than that in Guangzhou,Shenzhen and Zhuhai,but higher than the national average.The location entropy index of banking agglomeration in Huizhou,Jiangmen and Zhaoqing is lower than the national average.Thirdly,three different spatial weighting matrices are constructed to calculate the Moran index of the location entropy index of banking agglomeration.The result is that under the condition of the spatial weighting matrix of economic distance,the banking agglomeration inGuangdong-Hong Kong-Macao Greater Bay Area has a significant spatial autocorrelation.Finally,taking economic geographical factor into account,with per capita GDP as the dependent variable and the location entropy index of banking agglomeration as the core explanatory variable,using the spatial Durbin model,empirical research has found that the banking industry in Guangdong-Hong Kong-Macao Greater Bay Area has significantly promoted the local economic development,but the spillover effect of banking agglomeration on the economic development of surrounding cities is negative.According to the empirical results,suggestions are put forward from the government level and the enterprise level.The government should strengthen regional financial cooperation;vigorously develop the real economy to provide conditions for banking agglomeration;increase support for foreign banks and city commercial banks;improve the banking financial market supervision system;strengthen the convergence of financial laws and regulations of Guangdong,Hong Kong and Macao.From the perspective of the financing institutions,the comprehensive quality of the bankers should be improved;banking financial institutions should pay attention to communication and cooperation;the banking financial institutions should increase research and development efforts on fintech and train fintech talents;meanwhile the banking financial institutions should adjust the strategic layout according to the different stages of banking agglomeration.