Financial agglomeration effects on regional economic growth in the Yangtze River Delta economic circle for example
|School||Shanghai Academy of Social Sciences|
|Keywords||Financial agglomeration Economic growth Principal Component Analysis Metrics|
In the global financial market, financial industry agglomeration in a certain region has become a significant feature of the development of financial industry, also in China has initially formed a financial agglomeration phenomenon in Shanghai, Beijing, Shenzhen and other regional. Financial agglomeration in Yangtze River Delta, especially in the center of Shanghai as the representative, play a decisive role in the modern financial status in the economy, the financial industry agglomeration of economic growth in recent years has become a hot research area. As China’s most dynamic economic region, Yangtze River Delta region, also has the massive financial agglomeration exists, become the research object of financial agglomeration is excellent on economic growth. From the theoretical sense, research on financial agglomeration, economic growth in many documents, but the use of index system to evaluate the financial cluster degree, and the use of the score of financial agglomeration and economic growth, and the data into the city level less literature, hoping to do some work in this area of the city of Yangtze River Delta economic circle; financial agglomeration degree of financial agglomeration, city development tendency, and further research on the relationship between financial agglomeration and economic growth, but also for the economic policy and local policy, regional policy and the country’s financial support, also provide reference for the selection and development of financial institutions.This paper begins with the review of former research, from the definition and connotation of financial agglomeration, financial agglomeration formation motivation, financial agglomeration index and four aspects of financial agglomeration and economic growth mechanism of previous research achievements are summarized, and on this basis to construct contains the financial agglomeration economic growth model and financial cluster analysis and correlation mechanism of economic growth. Then according to the motive of the formation of financial agglomeration from the level of economic development, the financial industry development, infrastructure and other angle, and combining data availability principle, design a metric City Yangtze River Delta economic circle of financial agglomeration degree measurement system, and then use the principal component analysis method to build the Yangtze River Delta economic circle22city financial agglomeration measurement of the most effective, and the22city in Yangtze River Delta financial agglomeration sort comparison analysis, results showed that city in the Yangtze River Delta economic circle of financial agglomeration degree ranking change is very small, Shanghai, Suzhou, Hangzhou City long ranked in the top three in recent years, Hefei financial agglomeration degree increase quickly, and most of the other city financial agglomeration degree decreased in stark contrast.In the application of principal component analysis method to build the Yangtze River Delta Based on the financial agglomeration index on empirical analysis, builds the financial agglomeration model and regression of economic growth, with per capita spending log, per capita investment in fixed assets log, city property (municipality directly under the central government, provincial capital city for2,1,0general city) as control variables, regression using2007-2010panel data, obtains the financial agglomeration can promote city economic growth contribution, but far more than the fixed assets investment per capita, fiscal expenditure, the financial agglomeration to analyze economic growth mechanism.