Study On The Impact Of Financial Agglomeration On The Economic Development Of The Yangtze River Delta Urban Agglomeration

Finance is an important core competitiveness of a country and region,the impact of financial agglomeration on regional economic development has been paid more and more attention by academia.As an advanced regional representative in China’s economic development,the Yangtze River Delta region has developed rapidly since the reform and opening up,and its total economic output has reached a new level.However,the development of 26 cities under the jurisdiction of Shanghai,Jiangsu,Zhejiang and Anhui is not coordinated,unbalanced and inadequate.At present,when the regional planning of the Yangtze River Delta rises to the national level,this paper takes the regional financial agglomeration and economic development as the main line,chooses the Yangtze River Delta regional urban agglomeration as the research object,collects the economic data of the region from 2007 to 2016,uses the spatial econometric analysis method,constructs the econometric model,and chooses the per capita GDP of cities above the regional level as the research object.Based on the explanatory variables,the light intensity per unit area of prefecture-level,which is objective,real and comparable compared with GDP,is selected as an alternative variable for economic growth indicators.To study and analyze the relationship between regional financial agglomeration and economic development.Based on the availability,validity and continuity of data,this paper quantitatively analyses the current situation of regional economic and financial development in the Yangtze River Delta from three industries: GDP,added value of financial industry and banking,insurance and securities,and calculates the concentration and location entropy of financial industry.The location entropy index of Shanghai’s financial agglomeration has been maintained above 1.5 for ten years,and is obviously ahead of the other 25 cities in the region.This is consistent with the status quo of Shanghai’s national financial center.Hangzhou and Suzhou,which are in the second echelon of the financial industry,have a certain degree of financial industry agglomeration,and the Yangtze River Delta region has a relatively obvious phenomenon of financial agglomeration.This paper chooses the geographical distance matrix to construct four spatial econometric models: OLS,SLM,SEM and SDM.The spatial Durbin model(SDM)is used for the global analysis,and the OLS and SLM are used for the heterogeneity analysis.The financial agglomeration and regional economic development of urban agglomeration in the Yangtze River Delta region are analyzed by using OLS and SLM.Empirical tests show that financial agglomeration not only has a positive role in promoting regional urban economic development,but also has a positive role in promoting the economic development of adjacent cities.At the same time,this paper divided the research interval into two five-year periods: 2007~2011 and 2012~2016,and carried out heterogeneous regression analysis.The regression results showed that since 2012,the last five years,financial agglomeration has played a more significant role in promoting the economic development of the Yangtze river delta region.Based on the research results of this paper,some measures are put forward,such as optimizing the spatial allocation efficiency of financial resources,improving the supporting facilities of financial agglomeration,and strengthening the spatial spillover effect of financial agglomeration.It is suggested that cities in the Yangtze River Delta region should further promote the development of financial industry of urban agglomerations in the region through the implementation of the above measures,and promote regional economic coordination,balance and full development.