Study of the Spatial Effects of Financial Agglomeration on the Productivity of Private Economy——Based on the Empirical Test with Panel Spatial Durbin Model

Abstract

Abstract:

Private economyplays an important role in the national economy. To improve the private economic growth, it is necessary to increase the financial support for the private enterprises and enhance the technology and management efficiency. Financial agglomeration can promote the private economic growth through increasing the credit capital and improving the financial environment. Aiming to study the influence of financial agglomeration on the regional private economic growth through the technology spillover effect, this paper makes the theoretical analysis at first and then tests the financial agglomeration's spatial effects on the regional private economic TFP with SDM and the panel date of 30 provinces in China from 2004 to 2014. The results show that the levels of regional financial agglomeration and private economic development grow from the west to the east. Financial agglomeration promotes the private economic TFP mainly through promoting the technology instead of the management, but the technological growth is based on the management progress. In the beginning of financial agglomeration, polarization effect is dominant with the regions competing for the financial resources; with the financial agglomeration growing mature, tricking-down effect works and regional economic integration emerges. In the end, some suggestions are given regarding how the private enterprises can develop themselves, how the government can promote the balanced growth of regional financial agglomeration and private economy and realize the regional economic integration.

Key words: financial agglomeration, private economy, productivity, spatial effect

Zhang Xuan, Ran Guanghe, Chen Ke. Study of the Spatial Effects of Financial Agglomeration on the Productivity of Private Economy——Based on the Empirical Test with Panel Spatial Durbin Model[J]. , 2019, 31(10): 72-84.

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