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

As the current global economic development is increasingly restricted by resources and the environment,and the rising costs of production factors are increasingly prominent,the past high investment,high consumption,and emphasis on quantitative expansion are no longer sustainable.Economic and social development is also in the process of evolution and key stages driven by factors,capital and innovation.Therefore,under the "new normal" of the economy,there is an urgent need to accelerate the transformation of the economic growth mode.We will promote the optimization and upgrading of the industrial structure and ensure the sustainable development of the economy and society.On this basis,how to actively build a modern financial service system that is compatible with the level of regional economic development,give full play to the spillover effects and radiating effects of financial agglomeration,and effectively improve the efficiency of financial resource allocation and promote the development of the financial industry.The financial services industry has the role of adjusting and upgrading the industrial structure of the region,and continuously improving the potential and driving force of sustainable economic and social development.How to formulate relevant policies to effectively play the role of the financial industry is a priority for each region at this stage.The problem.Based on these backgrounds,this article first consulted domestic and foreign related literature on financial agglomeration and industrial structure upgrade,from which to understand the relevant basic economic laws and the possible relationship between the two;then the basics of financial agglomeration and industrial structure upgrade The concepts and characteristics are explained separately,and the related theories of financial agglomeration are further explored from the three aspects of financial structure and financial deepening financial constraints,and the basic theories of industrial structure upgrading are sorted out from industrial location theory,scale economy theory,and a series of industrial structure upgrading theorems.At the same time,it summarizes the mechanism,path and way that financialagglomeration affects the upgrading of industrial structure.The impact of financial agglomeration on the promotion of industrial structure is mainly the formation and catalysis of capital through financial agglomeration,the allocation of resources,risk management,and industrial integration.Aspects to promote the upgrading of regional industrial structure;this paper uses the ten-year observation period from 2009 to 2018 as the basis to investigate the three major sub-industries of the financial industry(banking,securities,and insurance)in 31 provinces in mainland China using location entropy.Industry),The status quo and regional differences,and the upgrading of the industrial structure are divided into two indicators: the rationalization of the industrial structure and the high degree of the industrial structure.The Theil index is used to measure the degree of rationalization of the industrial structure in each region,and the output value of the secondary and tertiary industries as a proportion of GDP.Degree,and analyzes the process,status quo,and regional industries of the industrial structure upgrade in the country and 31 regions in China for ten years;in order to verify the conjecture of this article,the empirical analysis part of this article uses a fixed panel effect model and generalized least squares method to introduce foreign direct investment The five control variables of investment,economic development level,financial intervention,technology investment,and urbanization level measure the role of financial agglomeration in upgrading the industrial structure.In the end,the main conclusions of this study are as follows.The concentration of the banking,securities,and insurance industries in China and 31 regions has gradually increased in the past ten years.The concentration of the financial industry in 2009 was mainly concentrated in developed coastal areas and inland areas in China.The concentration of financial industry in China is relatively low.With the rapid development of China’s economy,by 2018,the concentration of financial industry in most inland areas in China has significantly improved,and it is basically on a par with coastal areas.More balanced,but there is still room for improvement in overall scale.Empirical results show that both the banking industry,the securities industry,and the insurance industry have shown a significantcontribution to the advancement and rationalization of the industrial structure,but the degree of concentration of the insurance industry in the three financial sub-sectors has a lower impact on the industrial structure upgrade than the banking industry Securities Industry.Under the regression results of the individual fixed-effect model,the financial agglomeration in the coastal areas affects the upgrading of the industrial structure more than inland areas in China,and the financial industry has a stronger role in resource allocation in developed coastal areas.Among them,Shanghai is China ’s financial center.The degree of financial agglomeration has the highest impact on the rationalization and advancement of the industrial structure in the country,followed by Beijing,which further illustrates that the development of the financial industry has a positive impact on the optimization and adjustment of China’s industrial structure.Based on the theoretical,current status,and empirical conclusions,in the context of the strategy of rapidly promoting the comprehensive development of the “Belt and Road”,China should guide financial development on the basis of optimizing the financial industry,focus on improving financial comprehensive capabilities,financial innovation,and effectively promote financial agglomeration The aim is to promote the role of economic growth and industrial structure upgrade,promote coordinated development,maintain mutual benefit of various industries,form and establish regional economic and social stability policy combinations,and achieve a healthy and healthy form of sustainable economic development.