Research On The Influence Of Financial Agglomeration On The Upgrading Of Industrial Structure

At present,China’s economic and social development is in the process of evolution from factor-driven,capital-driven to innovation-driven.Under the background of the "new normal" of economy,the need to eliminate excess capacity,transform economic development methods,and promote the upgrading of industrial structures to ensure sustainable socioeconomic development is increasingly urgent Nowadays,financial agglomeration has become the main development form of modern financial industry,which plays an important role in promoting the upgrading of industrial structure and economic development.Based on this,how to build a financial system suitable for the level of regional development,give full play to the spatial spillover effect of financial agglomeration,so as to effectively promote the upgrading of industrial structure,and further enhance the driving force of sustainable economic development are the problems that the provinces(cities)in China are trying to solve at this stageThis thesis takes the influence of financial agglomeration on industrial structure as the main research object.First of all,by analyzing the connotation of financial agglomeration and industrial structure upgrade,effect and influence factors,and finds that financial agglomeration promotes industrial structure upgrading through capital formation,resource allocation,technological innovation,industrial integration,risk compensation and management mechanism.At the same time,the upgrading of industrial structure will improve the function of financial agglomeration through the cumulative circulation mechanism.Secondly,this thesis takes 30 provinces(cities)in China from 2010 to 2017 as the research object,and analyzes the current situation of financial agglomeration and industrial structure upgrading development in each provinces(cities).Then,by constructing the index evaluation system of financial agglomeration and industrial structure upgrading,the entropy method is used to measure the level of financial agglomeration and industrial structure upgrading in each provinces(cities),and the regional differences of financial agglomeration and industrial structure upgrading in China are analyzed.Next,through the construction of fixed effect model,the relationship between financial agglomeration and industrial structure upgrading is verified.The empirical results show that:(1)During the period of investigation,the financial agglomeration and industrial structure upgrade in most of the provinces(cities)in China have increased.However,the development in different economic regions or provinces(cities)is unbalanced.Among which the three economic circles of the Bohai Rim,the Yangtze River Delta and the Pearl River Delta have always played a leading role.(2)Financial agglomeration has a significant promotion effect on the upgrading of the industrial structure,and it has shown an upward trend of fluctuation during the period of investigation.And the higher the level of economic development,the stronger the effect of financial agglomeration on the upgrading of industrial structure.Economic development also has a positive contribution to the upgrading of industrial structure.With the increase of factors considered,the impact of the degree of opening to the outside world on the upgrading of industrial structure is weakened.However,due to the government has interfered too much with normal capital flows,government actions have hindered the upgrading of the industrial structure.Finally,according to the conclusion of theoretical analysis and empirical analysis,this thesis puts forward some suggestions on the development of financial agglomeration and how to promote the upgrading of industrial structure.