| The coordinated development of Beijing-Tianjin-Hebei is a major decision-making arrangement based on the successful experience of China’s reform and opening up.Finance is an important factor in economic development,and financial capital flows play a vital role in economic development.The economic development of the Beijing-Tianjin-Hebei region is uneven,and the economic strength of Beijing and Tianjin is relatively strong.The economic development in Hebei is relatively backward,and the development speed and development level are far from Beijing and Tianjin.The coordinated development of Beijing-Tianjin-Hebei needs to strengthen the regional financial capital liquidity,optimize the allocation of financial capital,and improve the comprehensive strength of the region.There are many factors affecting the flow of financial capital,of which industrial transfer is an important factor.Industrial transfer refers to the phenomenon that some industries have different production factors in different regions due to changes in production factor supply or product market demand,and the industry has shifted.In order to promote the coordinated development of the Beijing-Tianjin-Hebei industry,the Beijing-Tianjin-Hebei government proposed the "Beijing-Tianjin-Hebei Industry Transfer Guide" in 2016 to provide guidance for industrial transfer between Beijing,Tianjin and Hebei.Based on the development status of the Beijing-Tianjin-Hebei region,this paper uses the Feldstein-Horioka model(FH model)to analyze the impact of industrial transfer on financial capital liquidity in a time-phase,and divides the time period into 2005-2009 and 2010-2017.According to the FH model,the following conclusions are drawn:With the development of the economy,the capital mobility of Beijing-Tianjin-Hebei has been continuously enhanced.Compared with the Yangtze River Delta region,the financial capitality of the Beijing-Tianjin-Hebei region is weak,but the gap between the two regions is shrinking.It can be seen from the extended FH model that joins the second and third industry ratio variables that industrial transfer has an impact on the financial capital mobility of Beijing-Tianjin-Hebei and the Yangtze River Delta.The industrial transfer in the Beijing-Tianjin-Hebei region from 2005 to 2009 did not significantly increase the liquidity of financial capital,and the industrial transfer in the Beijing-Tianjin-Hebei region from 2010 to 2017 significantly increased the liquidity of financial capital.The impact of industrial transfer on financial capital flows is complex and related to factors such as the relevant policies and economic background proposed by the government.In response to the development status of Beijing-Tianjin-Hebei,the following suggestions are proposed:Beij ing-Tianj in-Hebei should strengthen financial cooperation and seek development in cooperation.Give full play to the role of the market and the government intervenes appropriately.The government guides the orderly transfer of industries to promote the flow of financial capital and stabilize the financial capital of the region. |
