The Mechanism and Effect of the Financial Industry Radiation on the Upgrading of Industrial Structure in the Guangdong-Hong Kong-Macao Greater Bay Area

ZHONG Jian; WANG Feng-bo

Volume 37 Issue 5

Sep. 2022

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Article Navigation > Journal of Guangdong University of Finance & Economics > 2022 > 37(5): 81-99

ZHONG Jian, WANG Feng-bo. The Mechanism and Effect of the Financial Industry Radiation on the Upgrading of Industrial Structure in the Guangdong-Hong Kong-Macao Greater Bay Area[J]. Journal of Guangdong University of Finance & Economics, 2022, 37(5): 81-99.

Citation:

ZHONG Jian, WANG Feng-bo. The Mechanism and Effect of the Financial Industry Radiation on the Upgrading of Industrial Structure in the Guangdong-Hong Kong-Macao Greater Bay Area[J]. Journal of Guangdong University of Finance & Economics, 2022, 37(5): 81-99.

Citation:

ZHONG Jian, WANG Feng-bo. The Mechanism and Effect of the Financial Industry Radiation on the Upgrading of Industrial Structure in the Guangdong-Hong Kong-Macao Greater Bay Area[J]. Journal of Guangdong University of Finance & Economics, 2022, 37(5): 81-99.

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The Mechanism and Effect of the Financial Industry Radiation on the Upgrading of Industrial Structure in the Guangdong-Hong Kong-Macao Greater Bay Area

College of Economics, Shenzhen University, Shenzhen 518060, China

Received Date: 2022-04-18
Available Online: 2022-10-12
Publish Date: 2022-09-28

Abstract

Abstract

Based on the panel data of urban agglomeration in the Guangdong-Hong Kong-Macao Greater Bay Area, this paper adopts the principal component analysis method to comprehensively analyze the financial industry radiation capability of the urban agglomeration in the Greater Bay Area. Using the weighted Voronoi diagram of the breaking point theory, this study draws the radiation range of the financial industry in the Greater Bay Area urban agglomeration and divides the city types. From the perspective of technological progress, employment structure and human capital structure, this paper conducts an empirical test after expounding the mechanism of enhancing the radiation of the financial industry to advance the level of industrial structure. The results show that there are great differences in the financial industry radiation capacity among the major cities in the Greater Bay area; among them, Hong Kong, Shenzhen, Guangzhou and Macao have strong financial industry radiation capability, while the rest of the cities are relatively weak but are improving year by year; strengthening the radiation capacity of the financial industry can significantly improve the advanced level of the regional industrial structure; technological progress, the upgrading of employment structure and human capital structure are the transmission mechanism of intermediary effect of the financial industry radiation on promoting the upgrading of industrial structure, while the effect of technological progress is the maximum, the effect of the upgrading of human capital structure ranking the second, and the effect of the upgrading of employment structure being the minimal. Therefore, from the national and urban levels, we should encourage the cities in the Greater Bay Area to follow the path of characteristic development and collaborative development, improve the level of technological progress, human capital structure and employment structure, and promote the industrial structure upgrading of the cities in the Greater Bay Area.

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