Research On The Impact Of Financial Agglomeration On Regional Financing

Finance is fundamental to the real economy.With the great achievements of China's economic boom comes the agglomeration of the financial industry.Whether regional financial development is coordinated and whether regional financial development can effectively provide due funds and financial support for the real economy have become the focus of financial work in the new age.To answer what the influences of China's financial agglomeration on regional enterprises' financing are,this thesis first collates and analyzes the financing cost and scale of different provinces from a macro perspective.Then this thesis constructs the regional financing capacity index,introduces the spatial econometric model according to the spatial autocorrelation of the explained variables,and starts from the spatial distribution of financial agglomeration to find the method that is conducive to improving the efficiency of regional financing and effective policy implementing.This thesis is divided into six chapters in structure.The first chapter is the introduction,which mainly describes the research content and framework of this thesis.The second chapter is literature and theoretical review,which sorts out and summarizes the research achievements and related theoretical achievements of previous scholars.The third chapter is the current situation of financial agglomeration and regional financing.The fourth chapter is empirical analysis of the constraining impact of financial agglomeration on corporate financing,that is to conduct empirical tests on the basis of the previous theoretical review on the "financial constraint relief" effect,which is the micro-transmission mechanism for financial agglomeration to affect regional financing,so as to verify the connection between the two factors of financial agglomeration and regional financing.The fifth chapter is empirical analysis of the impact of financial agglomeration on regional financing.Through the establishment of a panel data model,it analyzes the direction and extent of the impact of financial agglomeration on regional financing.It combines spatial econometrics to empirically test the spillover effect of financial agglomeration.The sixth chapter is conclusion and policy outlook.By reviewing the research results of this thesis,a conclusive description of the impact of financial agglomeration on regional financing will be given,and reasonable recommendations based on the current domestic situation will be put forward.In terms of research content and research methods,this thesis firstly summarizes the research achievements and relevant theories of previous scholars.Then this thesis takes the economic index data of domestic provinces and the core elements of local listed companies from 2009 to 2018 as samples to build static panel data model and spatial Durbin model to study the influence of regional financial agglomeration on enterprise financing constraints and regional financing scale in China.Next,this thesis uses the financing cost data of equity,bonds and bank credit from 2013 to 2018 to improve the regional financing cost indicators through the weighted average method,and studies the influence of financial agglomeration on regional financing costs through qualitative and quantitative methods.Through research,this thesis finds that the degree of financial agglomeration and regional financing capacity in my country are both high in the east and low in the west,and the trend of their changes is consistent.The empirical analysis results further confirmed that regional financial agglomeration can effectively ease the financing constraints of enterprises and enhance the financing capacity of local enterprises;regional financing costs do not have the nature of spatial autocorrelation,but banking agglomeration can significantly reduce local financing costs,while regional financing scale have the nature of spatial autocorrelation,and the concentration of the banking and securities industries can both effectively increase the financing scale of the region and surrounding areas.Finally,in response to the phenomenon of the unbalanced regional economic development,the difficulty of matching financial resources with regional financing needs and the large differences in financing costs and financing efficiency between regions,this thesis puts forward the following policy recommendations: First,giving full play to the spillover of existing financial centers and rationally allocate financial resources.Second,selectively promoting the construction of financial industry agglomeration and financial agglomeration center cities to achieve the joint development of multi-level financial centers.Third,increasing the proportion of direct financing and lowering the standard of direct financing.