Spatial Spillover of Financial Agglomeration for the Regional Upgrading of Industrial Structure——Spatial Econometric Analysis Using the Provincial Date from 2003 to 2007

Financial agglomeration makes the financial industry and related industries inside the gathering area more closely and has an influence on the surrounding industrial structure through special transmission mechanism.This paper uses the provincial panel data from the year of 2003-2007 by Spatial lag model and Spatial error model to prove that financial agglomeration has spatial spillover effect on the regional industrial structure upgrading.In the empirical analysis,we discover that the contribution of banking sector's agglomeration to the upgrading of the industrial structure is significantly larger than the one of securities and insurance sectors and increases year by year.At the same time,we find out that the development of the insurance sector hinders industrial structure upgrading with beneficial effect.