The Research On The Impact Of Territorial Capital On Urban Economic Resilience

Since China’s accession to the WTO,the rapid development of globalization has further increased the complexity and uncertainty of China’s economy,which is more vulnerable to negative external shocks.At the same time,the regional development imbalance under the impact of the crisis is increasingly serious,which has caused a certain negative impact on the overall healthy development of the national economy.Economic resilience is recognized as a key factor in differentiating economic performance from external shocks and an indispensable driver of high-quality and sustainable economic development.In view of the economic resilience of Chinese cities under the crisis,this paper intends to explain it from a new perspective of territorial capital.Since the late 1990 s proposed up to now,academic study of it has formed relatively perfect analysis framework,you can simply summed up as the territorial capital can be used by the area,and influence on the regional competitiveness and development potential of all resources localization elements,are used in the production and reproduction process and the collection of all kinds of physical capital,intangible capital.It combines material and immaterial factors,as well as objective and subjective factors,and is considered to be the true intrinsic driving force of economic resilience.So how do the components of territorial capital affect resilience? Taking the 2008 international financial crisis as an example,this paper focuses on the following questions:(1)How do different types of territorial capital affect economic resilience?(2)What are the differences in the role of territorial capital in economic resilience in different regions?The main research contents of this paper are as follows:Firstly,on the basis of combing the existing literature,this paper analyzes the research progress of territorial capital and economic resilience in China and forms a literature review.Secondly,related theories,including path dependence theory,complex adaptation system theory and economic growth theory,are elaborated,and the impact of territorial capital on economic resilience is analyzed theoretically from two aspects: relevance effect and production effect.Then,this paper measures China’s territorial capital and economic resilience by constructing specific indicators,and report relevant measurement results.Finally,based on the data of prefecture-level cities in China from 2007 to 2013,robust OLS regression and spatial econometric regression are used to empirically test the impact of territorial capital on economic resilience,and the differences of the impact of territorial capital on economic resilience in different economic regions and different city sizes are discussed.The research results show that territorial capital has an important impact on economic resilience.Specifically:(1)The estimation results of the multiple regression model show that agglomeration economic factors have a negative impact on economic resistance,and private fixed capital factors have a negative impact on economic recovery,the elements of public goods and resources,relational capital and human capital all have a positive impact on economic recovery.(2)The spatial econometric results show that economic resilience has a positive spatial correlation.After considering the spatial dependence of economic resilience,relational capital factors also have a negative impact on economic resilience.(3)The results of heterogeneity analysis show that there are differences in territorial capital influencing the performance of economic resilience in eastern,central and western regions.At the same time,the impact of territorial capital on the economic resilience of large cities and small and medium-sized cities is also different.