Research On The Spatial Effect Of China's Financial Industry Agglomeration On Regional Economic Growth

Nowadays,the phenomenon of financial agglomeration is very common.Many financial centers with important economic status have been formed at home and abroad.The agglomeration of financial industry has had an important impact on economic development.Based on panel data of 30 provinces and cities except Tibet from 2007 to 2014,this paper establishes a comprehensive index system and evaluates the agglomeration degree of financial industry by factor analysis.It is found that the agglomeration degree of China's financial industry exists,and the agglomeration degree decreases from east to west.Considering the spatial relationship and effect between different regions,the corresponding model is constructed to accurately estimate the impact of financial agglomeration on economic growth.The main points of this study include the following: firstly,to explore the indicators of financial industry agglomeration in China;secondly,to analyze the spatial autocorrelation between financial agglomeration and economic development of provinces and cities in China;thirdly,to test whether financial agglomeration promotes economic growth by establishing spatial panel model SDM model and SEM model;fourthly,to test different financial agglomeration indicators.Whether there is a spatial effect on economic development.The results show that the spatial autocorrelation of financial agglomeration is very significant.The impact of financial industry agglomeration on economic growth is positive and significant.At the same time,the level of opening up and the scale of fixed assets investment significantly affect economic growth.In addition,although the level of human capital affects economic growth to a certain extent,the effect is not significant.Finally,the agglomeration indicators of different industries(banking,securities and insurance)have a certain spatial effect on regional economic growth.Based on the existing research conclusions,this paper argues that we should advocate the establishment of regional financial centers,attach importance to the construction of financial centers,strengthen financial cooperation and exchanges in different regions,and make effective use of the role of financial centers,improve the allocation and utilization efficiency of financial resources among regions,and promote the development of regional economy.In addition,financial agglomeration needs the assistance of corresponding supporting policies to improve the level of opening up,attract foreign investment,strengthen investment in fixed assets,and train excellent financial talents.Orderly refers to the supervision of financial market,the improvement of various financial laws and regulations,the grasp of financial supervision,the improvement of information disclosure,and the establishment of a more perfect financial market.