Spatial Spillover Effects of Financial Development on Regional Ocean Economy Growth of China Based on SDM
International Journal of Economics, Finance and Management Sciences
Volume 6, Issue 3, June 2018, Pages: 110-117
Received: Jun. 19, 2018;
Published: Jun. 20, 2018
Views 246 Downloads 25
Jianyue Ji, School of Economics, Ocean University of China, Qingdao, China
Huiwen Guo, School of Economics, Ocean University of China, Qingdao, China
Weilong Wang, School of Economics, Ocean University of China, Qingdao, China
Based on partial differential analysis of Spatial Durbin Model (SDM), this paper selects provincial panel data of 11 coastal provinces in China from 2006 to 2014 to empirically study the spatial spillover effects of financial development on regional marine economy. The results show that there are significant spatial correlations in China's marine economy, and it is manifested as spatial exclusion, that is, there is a certain “congestion effect”. At this stage, Financial Interrelations Ratio (FIR) and Venture Capital (VC) have positive direct effects and negative spatial spillover effects on the development of marine economy. Government investment, on the contrary, has a negative direct effect and a positive spatial spillover effect on it. The impact of insurance on the marine economy is not significant.
Spatial Spillover Effects of Financial Development on Regional Ocean Economy Growth of China Based on SDM, International Journal of Economics, Finance and Management Sciences.
Vol. 6, No. 3,
2018, pp. 110-117.
H. M. Yan, “Know the ocean, develop the ocean and expand the oceanic economy,” J. China Population, Resources and Environment. vol. 2. 1992, pp. 17-20.
F. Cui and S. S. Zhang, “Ocean exploitation and environment risk: the analysis of the Gulf of Mexico oil spill,” “Know the ocean, develop the ocean and expand the oceanic economy,” A. Annual Meeting of Chinese Sociology and the Second Forum on Marine Sociology, 2011.
J. Zhang, “Financial support to marine economy: problems and their choices,” J. Fujian Tribune. vol. 5. 2016, pp. 46-49.
F. Zhang, “Preliminary study on the design of financing mechanism of regional marine industry,” D. Ocean University of China. 2009.
W. Wang and T. Zhan, “The development of marine finance,” J. China Finance. vol. 19. 2016, pp. 57-58.
H. B. An, F. Yang, and B. C. Yang, “Interaction mechanism between financial development and marine economy in economic circle around Bohai Sea,” J. Technology Economics. vol. 33. 2014, pp. 109-114.
H. Wang and X. H. Yao, “Technological support and financial support in the development of marine economy: an empirical study based on panel data in coastal areas,” J. Shanghai Finance. vol. 9. 2016, pp. 20-26+37.
M. Xing, J. G. Zhang, and W. M. Feng, “Research on coupling development of finance and marine industrial structure optimization in China,” J. Resource Development & Market. vol. 6. 2016, pp. 728-734.
K. Sun, C Zhang, and J. F. Liu, “Has financial agglomeration promoted marine economic efficiency? An empirical study based on IV-2SLS and Threshold Model,” J. Resource Development & Market. vol. 33. 2017, pp. 584-590.
W. Tobler, “A computer movie simulating urban growth in the detroit region,” J. Economic Geography. vol. 46. 1970, pp. 234-40.
P. Moran, “Notes on Continuous Stochastic Phenomena,” J. Biometrika. vol. 37. 1950, pp. 17-23.
M. Wilhelmsson, “Spatial models in real estate economics,” J. Housing, Theory and Society. vol. 19. 2002, pp. 92-101.
J. P. Lesage, and R. K. Pace, “Introduction to Spatial Econometrics,” J. Spatial Demography. vol. 1. 2009, pp. 143-5.
X. Zhao and Y. Peng, “The influence mechanism of regional financial development on marine economic growth: with spatial econometric model,” J. Chinese Fisheries Economics. vol. 19. 2016, pp. 57-58.
Y. D. Yu and W. X. Lu, “Study on the effects of venture capital on the technological innovation efficiency in China,” J. Shanghai Journal of Economics. vol. 8. 2017, pp. 47-60.
X. Chen, D. M. Chen, and S. Q. Xie, “Venture capital, capital account opening and total factor productivity,” J. Science Research Management. vol. 4. 2017, pp. 65-75.
D. M. Liu, F. He, C. Y. Zhang, G. Wu, and W. J. Feng, “Maritime finance and China’s maritime economy strategy,” J. International Economic Review. vol. 5. 2015, pp. 43-56+5.
Z. Y. Wang and F. C. Liu, “Analysis of consistency of marine science and technology innovation ability and marine economy development,” J. Science of Science and Management of S. & T. vol. 32. 2011, pp. 42-47.
H. D. Du, W. Guan, S. Wang, X. B. Liang, “The efficiency of Chinese marine science and technology progress contribution rate: based on Solow and Three-stage DEA Model,” J. Ocean Development and Management. vol. 34. 2017, pp. 70-80.