Agglomeration Of Production Factors,Financial Development And Regional Total Factor Productivity

In recent years,China’s economy is in a period of transition from high-speed development to high-quality development.Under the ongoing environment of the new crown epidemic,how to further promote high-quality economic development is an urgent problem to be solved.Total factor productivity reflects the "quality" of regional economic development,and in order to maintain the sustained stability and improvement of the domestic economy under the unsatisfactory international macroeconomic environment,it is necessary to improve the regional total factor productivity,which is a key factor for achieving sustained economic growth.As one of the new development concepts,"green" puts forward higher requirements for economic development.Only green and sustainable development is high-quality development.Since the concept of green development was proposed,more and more attention has been paid to the construction of ecological civilization in the process of development.The Fifth Plenary Session of the 19 th CPC Central Committee stressed the need to promote green development and promote harmonious coexistence between man and nature.As an undesired output,pollutant discharge is an important factor affecting the ecological environment,and the total factor productivity measured by adding the undesired output can more truly reflect the "quality" of regional economic development,so the total factor productivity considering the unexpected output can better reflect the regional green development,meet the requirements of green economic development,and reflect the total factor productivity of undesired output is an important guarantee for achieving high-quality economic development.Production factors are inseparable from regional economic development,the input of production factors is the main source of economic growth,and the concentration of factors further promotes the convergence of production factors in one place,stimulates the energy of production factors,and provides support for economic growth.Finance is one of the core factors of the economy,and financial development is inseparable from economic growth by promoting the effective allocation of resources and providing financial support for enterprises,but there is little literature to study the intermediary effect of financial development.In view of this,this paper collects the data of the Yangtze River Delta from 2011 to 2020,and deeply studies the impact of production factor agglomeration and financial development on regional total factor productivity.The data includes 41 cities.By sorting out relevant theories and existing research,the impact of agglomeration of production factors and financial development on total factor productivity is theoretically sorted out and analyzed,and the evaluation index system of production factors(including data elements)and financial development evaluation index system(including capital market)are constructed on the basis of existing theories and literature research to comprehensively measure the two.The data envelopment model and the Global Malmquist-Luenberger(GML)index proposed by Oh(2010)are used to measure regional total factor productivity,and undesired outputs are taken into account in the measurement process,reflecting regional total factor productivity that meets the requirements of green development.In the process of empirical analysis,with the help of fixed effect model and intermediary effect model,the impact of agglomeration of production factors and financial development on regional total factor productivity and the intermediary effect of financial development are tested.In order to further study the spatial effects in the process of economic development,this paper analyze the spatial spillover effect in the process of economic development in the Yangtze River Delta region,and tests the robustness of the empirical results.The results of this paper show that:(1)In the past ten years,total factor productivity in the Yangtze River Delta region has generally increased in the process of fluctuation.(2)The improvement of the degree of agglomeration of production factors and the level of financial development in the Yangtze River Delta region can significantly improve regional total factor productivity.At the same time,the improvement of the concentration of regional production factors not only has a direct role in promoting regional total factors,but also can further indirectly promote the improvement of regional total factor productivity by promoting the improvement of regional financial development level,that is,there is an intermediary effect of financial development.(3)Regional total factor productivity in the Yangtze River Delta region has a significant positive spillover effect,and the improvement of the overall production factor agglomeration degree and financial development level of the region can promote the improvement of the overall total factor productivity level productivity in the Yangtze River Delta region through this spillover effect.Combined with theoretical analysis and empirical test conclusions,this paper proposes to further improve the overall environment of regional production factor agglomeration.further improve the financial market system;Optimize resource allocation and encourage green development;Continue to promote the process of integrated development of the Yangtze River Delta region and a series of countermeasures and suggestions.