Research On The Impact And Measurement Of Financial Agglomeration On High-quality Economic Development

Since the reform and opening up in 1978,China’s economy has been growing rapidly.During the period of rapid economic growth in China,a series of problems have also arisen.For example,the extensive growth mode with high energy consumption makes the output of production factors lower,has a greater negative impact on the ecological environment,and the economic development between regions is unbalanced,etc..The report of the 19 th National Congress of the Communist Party of China pointed out that the country’s economic development must embark on the road of high-quality development,and it has become a research hotspot to achieve high-efficiency output by studying the methods and methods of high-quality economic development.In the process of socialist development,financial agglomeration is in a very important position,and the agglomeration of financial space will also become an inevitable trend in the later stage of development.The impact is yet to be investigated.Therefore,this thesis will start from the status quo of financial agglomeration and high-quality economic development in the Yangtze River Delta region to explore the impact of financial agglomeration in the Yangtze River Delta region on high-quality economic development.This thesis firstly sorts out and analyzes relevant theories to define the concepts of financial agglomeration and high-quality economic development in the Yangtze River Delta urban agglomeration.To study the impact mechanism of financial agglomeration in the Yangtze River Delta region on high-quality economic development.Under the principle of scientificity,this thesis compares and analyzes the evaluation methods,and finally adopts the entropy weight method to scientifically and reasonably evaluate the comprehensive indicators of financial agglomeration and high-quality economic development.The evaluation of financial agglomeration mainly starts from four aspects: It mainly involves financial environment,financial scale,financial density,financial depth,etc,and the measurement of the high-quality economic development level is comprehensively evaluated from the "five development concepts".This thesis measures the current situation of financial agglomeration and high-quality economic development of urban agglomerations in the Yangtze River Delta,measures the comprehensive indicators of financial agglomeration and high-quality economic development.Using the panel data of 26 prefecture-level cities in the Yangtze River Delta urban agglomeration from 2009 to 2019,the impact of financial agglomeration on high-quality economic development is studied through ordinary regression,spatial econometric model SEM and SDM.policy recommendations.Through the research,it is found that:(1)Through the Moran index and Moran scatter plot,it is found that there is a certain correlation between the spatial autocorrelation analysis of financial agglomeration and high-quality economic development in the Yangtze River Delta region.The correlation of financial agglomeration has a slow downward trend,and the downward trend of the correlation of high-quality economic development is more obvious.(2)The financial agglomeration,government intervention and consumption level of urban agglomerations in the Yangtze River Delta region can promote high-quality economic development.From the perspective of spatial spillover effects,financial agglomeration has a significant positive effect on the high-quality economic development of urban agglomerations in the Yangtze River Delta region,while the spatial spillover effect is negative.The direct effect of financial agglomeration can promote the high-quality economic development of the region,and the improvement of government intervention,consumption level and overall labor productivity can also play a positive role in the high-quality economic development of the region;from the perspective of indirect effects,government intervention,consumption level and the coefficient of industrial structure are positive,indicating that the improvement of consumption level and the increase of the proportion of government fiscal expenditure can promote the high-quality economic development of surrounding areas.The financial agglomeration coefficient is negative,indicating that financial agglomeration has an inhibitory effect on the high-quality development of surrounding areas.(3)The five development indicators of urban agglomeration in the Yangtze River Delta region all have spatial correlations.For this region,the financial agglomeration has a positive relationship with green quality development,coordinated quality development,shared quality development,innovative quality development and open quality development,while it has an inhibitory effect on other regions.From the inspection,it can be found that the financial agglomeration in the Yangtze River Delta region has not yet had a favorable spillover effect on various paths of high-quality economic development,indicating that the current stage is still in the stage of polarization effect,which belongs to the relatively early stage of agglomeration development Based on the above results,this thesis gives the following policy suggestions:(1)Improve the financial market system,thereby promoting financial agglomeration and achieving a win-win situation.At present,the financial agglomeration in the Yangtze River Delta region is still in the initial stage of development.The problems of imbalance and insufficiency among regions have not been resolved,and the overall level needs to be improved.From the perspective of marketization,the government should reasonably analyze the distribution of regional resources,strengthen the liquidity of resources,strengthen the rationality of resource distribution and promote the realization of financial agglomeration.Coordinated and high-quality development of the city’s economy.(2)The development of urban agglomerations can excavate information that is beneficial to urban development.At the same time,urban agglomerations also represent more advanced productive forces,which are conducive to the economic transformation and upgrading of the development region,spread technological changes,further expanding innovation capabilities,and enhancing regional development.economic vitality between the two countries,thereby promoting high-quality economic development.(3)By intensifying policy intervention in the Yangtze River Delta region,rationally allocating resources,and adjusting interventions from different perspectives,narrow the gap between coastal cities and inland cities,and achieve high-quality economic development in the entire region.