Research On The Effect And Influencing Factors Of Financial Integration In Chengdu-Chongqing Double-city Economic Circle

In 2020,the construction of Chengdu-Chongqing Double-city economic circle will rise to the fourth national development strategy of urban circle.It is an important deployment to lead the high-quality economic development of western China and even the whole country.The effect of financial integration is the process of regional flow,combination allocation,regional selection and implementation of financial resources,and finally realizes the optimal allocation of financial resources and the improvement of financial efficiency in the whole region.Financial integration is the key link and important step of regional economic integration.Financial integration plays a key role in resource allocation and optimization of other coordination forces among many coordination forces of economic circle integration development.Therefore,it is necessary to study the financial integration of economic circle.In order to clarify the development process of financial integration in Chengdu-Chongqing Double-city economic circle,this paper focuses on the analysis of regional flow and financial diffusion effect of financial resources,and its influencing factors in the financial integration,and carries out empirical tests,aiming at promoting the construction of financial integration in Chengdu-Chongqing Double-city economic circle.First of all,according to the connotation of regional financial integration,this paper fully taps the essence of the regional financial integration from the angle of spatial economics and financial resource theory based on the predecessors’ research and regional practice,and constructs the financial integration theory system from dimension of "spatial difference-spatial motion process-spatial interaction" in Chengdu-Chongqing Double-city Economic Circle.Secondly,in view of the Chengdu-Chongqing Double-city economic financial development present situation,this article carries out quantitative analysis about the flow of area financial resources,the degree of financial resources agglomeration and the levels of financial radiation in Chengdu and Chongqing,and reckons that Chengdu and Chongqing,as the pole cities,play a gathering role in the financial resources of other regions,and gradually begin to play the role of financial diffusion.Finally,selecting Data of 16 cities within the Chengdu-Chongqing Double-city Economic Circle from 2004 to 2019 as research samples,this paper uses Feldstein-Horioka model and VAR model to test the liquidity of financial resources and diffusion effect in the financial integration,and uses static panel model to analyze the influencing factors.The results show that there exists some liquidity of financial resources in this area,but the degree of liquidity is low.Chengdu and Chongqing have some financial diffusion effect on other cities in the economic circle,but the diffusion effect is weak and the sustainability is low.The regional comparative advantage and government intervention in economic circle will promote the financial agglomeration effect in the formation of regional financial integration,while the industrial structure and the improvement of transportation conditions will promote the financial diffusion effect in the formation of regional financial integration.This paper holds that Chengdu-Chongqing economic circle should deepen the regional financial cooperation and optimize the financial development environment,so as to better promote the construction and development of financial integration in the economic circle.The possible innovations of this paper are as follows :(1)while other studies are mostly based on provinces or more developed urban agglomerations such as the Beijing-Tianjin-Hebei region and the Yangtze river delta,this paper takes 16 cities in the Chengdu-Chongqing Double-city Economic Circle as specific research objects to provide differentiated sample support for the study of financial integration;(2)While most other studies are carried out from a single perspective such as liquidity,this paper takes the spatial research logic combined with financial resource theory and spatial economics as a dynamic perspective to more comprehensively sort out the logic and connotation of financial integration;(3)While other studies mainly describe financial integration with static indicators,this paper uses financial location entropy to refer to the financial agglomeration and financial diffusion in the formation of financial integration,so as to clarify the influence mode and direction in the study of influencing factors.