关键词: 金融集聚, 民营经济, 空间影响, 区域研究

Abstract: This paper studies the relation between financial agglomeration and regional economic growth of private sector. In China, private sector has been a significant component of national economy and the motivation which promotes the economic growth and marketization, taking important roles in promoting urban & rural economic prosperity, increasing revenues, expanding employment, improving people′s lives, optimizing economic structure and boosting economic growth, etc. Economic growth of private sector depends on the financial support. And financial agglomeration has been a trend of modern finance. Referring to a highly concentration of financial industry within a certain area and continuous gathering of financial capital within a certain space, financial agglomeration promotes not only the growth of financial amount but also the optimization of financial structure. As a special industrial cluster, financial agglomeration not only strengthens the basic functions of finance, but also promotes the efficiency of financial system, and in this way, can the capital amount be increased and the financial environment be improved to provide more financial support for expanding production, researching technology and upgrading management, and in this way be the economic growth of private sector boosted. On the contrary, economic growth of private sector supports the financial agglomeration with increasing capital, and motivates the financial agglomeration with increasing financing demands. It is valuable to study the relation between financial agglomeration and economic growth of private sector both theoretically and realistically.
This study first analyzes the influences of financial agglomeration on economic growth of private sector both within and surrounding the regions with agglomeration effect and spillover effect. Financial agglomeration refers to the industrial cluster with financial regulators, intermediaries and enterprises gathering in a certain area and closely associated with other industries and departments. It provides capital for the real economic sector including private enterprises by intensifying the basic functions of financial sector, i.e. clearing and payment, financing and ownership diversification, capital transfer, risk management, information and incentives providing. It promotes not only the growth of financial amount, but also the optimization of financial structure. It is a special industrial cluster, as well as a reflection of financial development. Financial agglomeration has both "agglomeration effect" and "spillover effect": the former promotes the economic growth of private sector within the region, and the latter restrains at first and then promotes the economic growth of private sector in the surrounding regions with both "polarization effect" and "trickling-down effect".
Based on the provincial panel data, this study calculates the financial agglomeration degree with principle component analysis. Both financial resources and private economy in China are distributed unbalancedly with a trend of gathering in the eastern areas. In the sample period (2004-2014), financial agglomeration in China varies in different areas, i.e. the eastern areas enjoy a higher financial agglomeration than the middle and western areas. Private economy in China also varies in different areas. Private economy in the eastern area is stronger than it in the middle or western areas.
〖JP3〗Then it studies the influences of financial agglomeration on regional economic growth of private sector with static and dynamic Spatial Durbin Models respectively. Generally, financial agglomeration in China cannot promote the regional economic growth of private sector effectively, and it develops unbalancedly in different areas. The regression results of static and dynamic Spatial Durbin Models show in the eastern areas, financial agglomeration has been mature with "trickling-down effect" appearing, and promotes the economic growth of private sector both within and surrounding the region. In the middle or western areas, financial agglomeration is still in the initial stage mainly with "polarization effect". It cannot promote the scale within the region, and has a negative effect on the economic growth of private sector in the surrounding regions. Besides, the private enterprises in the eastern and middle areas have paid attention to R&D, but the ones in the western areas still prefer to the scale expansion.
In order to bring the private sector the benefits of financial agglomeration, i.e. to boost the economic growth of private sector with finance by solving the financing problems of private enterprises, it needs to strengthen the construction and reform of financial market in each area and their cooperation; to improve the financing capacity of private enterprises as well as their financial environment; and construct a cooperation mechanism of financial agglomeration and economic growth of private sector.
It needs to improve the system of financial market, introduce the financial institutes and talents, promote the financial innovation, and optimize the financial environment to promote the effective gathering of regional financial resources. For the middle and western areas where the financial agglomeration is comparatively poorer, it needs to strengthen the investment invitation with preferential policies both on national and local levels.
It needs to promote the financial marketization to allocate the financial resources effectively through market competition.
It needs to make some policies and establish related institutes to expand the investment channels and improve the financial environment of private enterprises; it is also required to make some policies to stimulate the development of local private enterprises, and in this way, can the financing capacity of private enterprises be improved.
Private enterprises should pay attention to management progress and technological innovation, and transfer totechnology-based development from investment-based development.
It needs to make an agreement for interregional government cooperation, to allocate the financial resources effectively, and get rid of the financing problems of private enterprises due to the resource contention. It is also required to establish a communication and cooperation mechanism for related industries to promote the communication of managerial experience and technologies for enterprises, and make some policies to remove the interregional barriers of technology spillover.
It needs to construct a positive interaction between financial agglomeration and economic growth of private sector. In each region, it should break the administrative restraints for financial resources, to provide the necessary capital support for private enterprises; when the regional private economy develops, the market attracts more financial resources, and improve the financial environment again, and in this way, a positive circle is formed.

Key words: financial agglomeration, private economy, spatial effect, regional study