The Spatial Spillover Effect Of Financial Agglomeration On Regional Economic Growth In China

Under the background of economic integration and financial globalization,the financial industry,as the key element of modern economy,plays an important role in promoting economic growth.Financial agglomeration has become the basic characteristics of the modern spatial structure financial industry.In recent years,due to the emergence of internet finance,the financial industry is facing new opportunities and challenges.There is a long-term unbalanced development of financial industry and economic growth among regions,so it is of great significance to explore the impact of financial agglomeration on regional economic growth from the perspective of spatial spillover.Firstly,this thesis combs the relevant theories of financial agglomeration and regional economic growth and calculates the financial agglomeration data and sub-industry data of 30 provincial units in China’s mainland,analyzes their current situation and characteristics,which fully proves the necessity of research on sub-industries and sub-regions.Secondly,based on the panel data of 30 provincial units from 2004 to 2019,the spatial Durbin model and the spatial effect decomposition model of adjacency and gravity weight matrix are used to test the spatial spillover effect of financial agglomeration on regional economic growth.From the perspective of space,this thesis quantitatively studies the influence of internet financial agglomeration on traditional finance.Then sub-sample data based on cluster analysis results are used to verify the assumptions put forward by the estimation results of the full sample model.Finally,this thesis explores the boundary of economic spillover effect of financial agglomeration from the perspective of geographical distance threshold.And the robustness test is carried out by replacing the weight matrix and the dynamic space panel model.The econometric analysis results of this thesis show that:Firstly,from the whole sample data,financial agglomeration has significant economic spillover effect.Secondly,from the perspective of different industries,the economic spillover effects of banking agglomeration,insurance agglomeration and securities agglomeration are different.Thirdly,in terms of different time periods,due to the emergence and development of internet finance,the local spillover effect of traditional financial agglomeration is weakened,but the indirect spillover effect is enhanced.Fourthly,from the sub-sample data,the economic spillover effect of financial agglomeration is related to the scale of financial agglomeration,showing obvious regional heterogeneity,and there is no siphon effect.When the degree of financial agglomeration is low,the polarization effect dominates at this time,which is not conducive to the economic growth of neighboring regions,but it promotes the growth of the local economy.When it is high,the trickle-down effect dominates and promotes the economic growth of neighboring regions,but it limits local economic growth.Further econometric analysis results show that:with the increase of geographical threshold,the economic spillover effect of financial agglomeration has the characteristics of long-distance attenuation.The inhibition of spillover effect is significantly enhanced at 200-400 km.At 400-600 km,the inhibition of spillover effect is weakened.Beyond 600 km,the spillover effect of financial agglomeration on regional economic growth is no longer obvious.Therefore,the economic spillover effect of China’s financial agglomeration has obvious spillover geographical boundaries.