The Research of the Dual Effects of Financial Development on the Optimization of Marine Industrial Structure

Abstract

Sun, C. and Yi, Y., 2020. The research of the dual effects of financial development on the optimization of marine industrial structure. In: Yang, D.F. and Wang, H. (eds.), Recent Advances in Marine Geology and Environmental Oceanography. Journal of Coastal Research, Special Issue No. 108, pp. 140–143. Coconut Creek (Florida), ISSN 0749-0208.A review of extant literature shows that financial development is related to the optimization of marine industrial structure. With the data of coastal provinces in China from 2006 to 2016, and using cointegration and Granger causality test, the regression result shows that there is a mutually promoting relationship between financial development and the optimization of marine industrial structure. In addition, in order to study the spatial characteristics of financial development, through selecting indicators of financial agglomeration, this article uses a fixed effects model and a spatial econometric model to study the impact of financial agglomeration on the optimization of marine industrial structure, where the effects of economic variables such as fiscal expenditure are well controlled. The results found that financial agglomeration has a significant spatial spillover effect. In conclusion, it is important to strengthen the financial development in coastal areas and eventually enhance the optimization of marine industrial structure.