| Since the establishment of the socialist market economy system with Chinese characteristics,China has achieved a historic leap in its economy and society.However,in the past,economic development was extensive.In addition,the role of the market in resource allocation has not been fully utilized,and the flow is not sufficient,so there is a phenomenon of resource misallocation.Among the economic and social development goals during the "14th Five-Year Plan" period,the Fifth Plenary Session of the 19th Central Committee of the Communist Party of China clearly stated that the decisive role of the market in resource allocation should be brought into full play to improve economic quality and efficiency.Financial agglomeration is a manifestation of the continuous development of the financial industry,and it plays an important role in the development of the real economy.A certain degree of agglomeration can affect resource allocation in economic development.Therefore,it is of practical and academic significance to explore the impact of financial agglomeration on the misallocation of factor resources.This paper firstly discusses the theoretical mechanism related to financial agglomeration and factor resource misallocation on the basis of reviewing relevant literature.Various mechanisms such as industrial upgrading,cost-effectiveness,and negative externalities are discussed in detail.Secondly,the paper calculates the comprehensive score of regional financial industry agglomeration through the global principal component analysis,and finds that the comprehensive score of financial agglomeration in the eastern,central and western regions of the country shows a continuous growth trend,and the agglomeration characteristics in the eastern part are larger than that in the central part and the western part.Specifically,the level of financial agglomeration in Guangdong,Beijing,Shanghai,Jiangsu,and Zhejiang ranks among the top in the country.Influenced by financial centers and their own development,Shandong,Sichuan,Hebei,Henan,Hubei,Liaoning,Fujian and other places have also shown a certain degree of financial agglomeration.Then,the degree of regional resource misallocation is measured by the resource misallocation index of capital and labor,and it is found that the eastern region is mainly manifested by insufficient allocation of factors and the trend of aggravating,and the central and western regions are mainly manifested by excessive allocation of factors;and the degree of labor misallocation in all regions shows a decreasing trend.9 places including Beijing,Shanghai,and Guangdong have insufficient capital allocation,indicating that in the process of economic development,the capital stock in these regions can be fully absorbed by the market,and there is a tendency to attract more capital inflows.11 places including Beijing,Tianjin,and Hebei Province showed insufficient labor allocation,indicating that the flow of labor factors between regions is not sufficient,and to a certain extent,the supply exceeds demand,which leads to insufficient labor allocation.Thirdly,this paper uses a fixed-effect model for regression,and finds that financial agglomeration at the national level will increase the degree of misallocation of capital factors,but it will help to improve the misallocation of labor.Moreover,the effect of financial agglomeration on the misallocation of factor resources has regional heterogeneity.Financial agglomeration aggravates the capital misallocation and improves the labor misallocation among the eastern regions;it improves the factor misallocation in the central region;in the western region it has not significant effect on improving the misallocation of capital factors,but it can improve the degree of misallocation of labor factors.In addition,the paper uses the threshold effect regression model to explore the nonlinear impact research,and finds that financial agglomeration can reduce capital misallocation to a certain extent,and can exacerbate capital misallocation beyond a certain level.However,financial agglomeration has no significant threshold effect on the labor factor.These are consistent with the regression results by region.Finally,the article puts forward suggestions such as coordinating the development of the financial industry in the eastern,central and western regions,promoting information sharing,and building international financial centers,in order to provide reference for improving the misallocation of regional factor resources. |
