Spatial Spillover Effects of Financial Development on Regional Ocean Economy Growth of China Based on SDM

Abstract

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.