Frontiers in Business, Economics and Management 
ISSN: 2766-824X | Vol. 3, No. 2, 2022 

 

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Research	on	the	Spatial	Spillover	Effect	of	Financial	
Agglomeration	on	the	Quality	of	Export	Products	
-- Taking the Yangtze River Delta as an Example 

Zongming Wang, Jiahao Wu 

School of International Economics and Trade, Anhui University of Finance and Economics, Bengbu, 233000, China  

 

Abstract: Since the reform and opening up, China has exported a large number of low-end manufacturing goods with the 
advantage of resource endowment, which has promoted the rapid development of China's economy, but it has been unable to 
meet the current demand for high-quality development of China's economy. At this stage, China's export enterprises are facing 
problems such as the rapid decline of the original low-cost advantage and the extrusion of other countries. Improving the quality 
of export products is one of the ways to realize China's high-quality development. Historical research results show that the 
financial service industry can promote the quality of export products by providing financial services and information flow. In 
this context, by introducing the driving relationship of financial agglomeration on the quality improvement of China's export 
products, this paper deeply studies the impact of financial agglomeration on the quality of export products, and puts forward 
policy suggestions to promote the quality improvement of export products. Firstly, this paper combs the relevant literature from 
two aspects: the influencing factors of export product quality and the development of financial agglomeration. On this basis, it 
expounds the spatial effect of financial agglomeration, and analyzes the spatial spillover effect mechanism of financial 
agglomeration on the quality of export products. Secondly, the quality of export products and the degree of financial 
agglomeration in the Yangtze River Delta are calculated based on the data of China customs database. Thirdly, the spatial 
econometric model is constructed to empirically test the impact of financial agglomeration on the spatial spillover effect of export 
product quality. Finally, based on the empirical research results, policy suggestions are put forward. 

Keywords: Financial agglomeration, Quality of export products, Spatial spillover effects. 
 

1. Introduction 
Since the reform and opening up, taking advantage of low 

production factors and low standard environmental protection 
requirements, China has actively undertaken industrial 
transfer from developed countries, integrated into the global 
value chain, and built an "export-oriented" economy with 
foreign trade as the main mode, realizing great economic 
development. However, relying on low prices of production 
factors, China only pays attention to the accumulation of 
export "volume", This extensive economic development 
model is no longer sustainable. On the one hand, the total 
number and proportion of China's working population have 
accelerated to decline, and the "demographic dividend" has 
gradually disappeared; The long-term destructive exploitation 
of resources has caused serious environmental pollution and 
threatened the people's pursuit of a better home. On the other 
hand, although China has realized the rapid growth of import 
and export scale and become a world factory, the core 
production link in the industrial chain has always been firmly 
controlled by developed countries. China has been at the 
bottom of the "smile curve" for a long time, and the quality 
and added value of export products are not high, so it can not 
get rid of its position at the low end of the value chain for a 
long time. 

The report of the 19th National Congress clearly proposed to 
support the optimization and upgrading of traditional 
industries, accelerate the development of modern service 
industry, aim at international standards, improve the level, 
and promote China's industry to move towards the middle and 
high end of the value chain. *** It defines the core position 

of the financial industry in the process of economic 
development. The orderly and rapid growth of the financial 
industry will play a professional service for China's real 
economy. The Yangtze River Delta (hereinafter referred to as 
the Yangtze River Delta) is one of the most dynamic, open 
and inclusive regions in China's economic development. It 
plays a vital role in the construction of the national modern 
economic system. The development of financial industry will 
also play a professional role in improving the quality of 
foreign trade in the Yangtze River Delta. Based on the 
financial industry agglomeration in the Yangtze River Delta, 
this paper discusses the impact of financial agglomeration on 
the quality of export products in the Yangtze River Delta 
region and cities. 

1.1. Significance of Project Research 
1.1.1. Theoretical Significance of Project Research 
By reading relevant literature and combing and summarizing 

on the basis of existing literature, this paper finds that the 
current research on the influencing factors of export product 
quality mainly focuses on national policies and enterprise 
mechanisms, while there is less research on the influencing 
factors of financial service industry on export product quality. 
Therefore, it is of great significance to enrich and expand it at 
both theoretical and empirical levels. According to the 
research results of the existing literature, the current financial 
service industry presents a new development phenomenon of 
industrial agglomeration. Financial agglomeration plays a 
significant role in the improvement of regional innovation 
level and the upgrading of industrial structure. Based on this, 
on the one hand, this paper will use the demand information 
backstepping method to calculate the export product quality 



 

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of the Yangtze River Delta and the location entropy method 
to calculate the financial agglomeration degree of the Yangtze 
River Delta, On the other hand, it will explore the spatial 
spillover effect of financial agglomeration on the quality of 
export products in the Yangtze River Delta, and enhance the 
depth and breadth of the existing research from the research 
data, research objects and research methods. 

1.1.2. Practical Significance of Project Research 
Financial institutions, as enterprises with operational risks, 

often contain risks and uncertainties in credit relations. Due 
to the characteristics of small scale, weak operational stability 
and opaque information, private export enterprises are 
generally faced with the problem of "difficult and expensive 
financing", and are more cautious about the investment of R 
& D funds. By studying the impact mechanism of 
financial agglomeration on the quality of export products, it 
will help to better provide financial services for export 
enterprises, reduce the operation risk of private export 
enterprises, especially small and micro export enterprises, 
disperse the R & D risk of enterprises, further improve 
the innovation ability of China's export enterprises and realize 
the further growth of export product quality. At the same time, 
studying the phenomenon of financial agglomeration will also 
help the government better formulate financial policies, better 
achieve targeted RRR reduction, and provide guidance for 
domestic real enterprises 

The industry provides more efficient and convenient 
services, alleviates the dilemma of "difficult and expensive 
financing" of private enterprises, especially small and micro 
enterprises, provides better policy services and support for 
enterprise R & D and innovation, and promotes the 
improvement of the quality of enterprise export products. 

1.2. Journals Reviewed 
1.2.1. Factors Affecting the Quality of Export Products 
The factors affecting the quality of export products are first 

studied by foreign scholars. Linder (1961) first proposed that 
quality is an important influencing factor in international 
trade. Linder hypothesis believes that high price products are 
equal to high-quality products. Falvey (1981) constructed a 
vertical differentiation model. Based on the factor endowment 
theory, he incorporated product quality into the econometric 
model to explore the factors of product quality. Garvin (1984) 
divided the product quality into the following three parts: 
from the practical level, it includes the safety of product use 
and after-sales service; From the perspective of market 
promotion, it is the recognition and popularity of products; At 
the consumption level, it is the satisfaction of consumers with 
products. Subsequently, flamhe and Helpman (1987) began to 
study the differences in the vertical plane of similar products, 
that is, the quality gap. At the macro level, Funke and 
ruhwedel (2001) found a positive correlation between the 
quality of export products and GDP; Khandelwal (2010) 
based on the unit value method, explored the relationship 
between the per capita production value of exporting 
countries and the quality of export products, and proved that 
there is a positive relationship between a country's economic 
level and trade quality. At the micro level, Bernard (2006) and 
verhoogen (2008) explored the production factors of export 
enterprises. The results show that the quality of export 
products is related to the quality and skills of workers in 
export enterprises; Kugler and verhoogen (2012) used the 
selection model to take into account the input and output of 
enterprises, and empirically proved that there is an obvious 

correlation between the quality of export products and the 
scale of enterprises. 

At present, many domestic experts and scholars have put 
forward their own opinions on the factors affecting the quality 
of China's export products. With the different development 
stages of China's foreign trade, scholars' concerns also show 
great differences. In the early stage, China's foreign trade was 
in the stage of foreign development, mainly relying on price 
advantages to expand foreign markets, and did not pay too 
much attention to the factors affecting the quality of export 
products. With the development of China's foreign trade in 
2010, scholars began to explore whether China's export 
quality has been improved. For example, Li kunwang (2013) 
used the Dynamic Panel System GMM method to explore 
whether FDI has promoted the quality of China's export 
products, sun churen (2014) explored whether the 
agglomeration economic effect can promote the improvement 
of urban export quality, and Dai Xiang (2014) the impact of 
system quality and product division on the quality of export 
products. At this stage, scholars' research is relatively macro, 
mainly focusing on the measurement of export product quality. 
As the accumulation of "quantity" of China's export trade has 
reached a certain level, it is necessary to seek a breakthrough 
in "quality", the research of scholars has become more 
diversified and differentiated, and more micro level research 
based on enterprise level has emerged one after another. For 
example, Xu Ming (2016) explored the case of Chinese 
enterprise addition rate and export product quality based on 
the micro data of Chinese manufacturing enterprises; Mosha 
(2016) explored the impact of producer services 
agglomeration on the quality of export products based on the 
data of 275 prefecture level cities in China; Peng Dongdong 
(2016) used the data of Chinese micro enterprises to explore 
the impact of environmental regulation on the quality of 
export products. After 2017, as the main contradiction of 
China in the report of the 19th National Congress of the 
Communist Party of China changed into the contradiction 
between the people's growing need for a better life and 
unbalanced and insufficient development, and put forward the 
word "high-quality development", the academic circles have 
more detailed and focused on the factors affecting the quality 
of export products. Some scholars have studied from the 
perspective of national policies, such as government subsidies 
(Zhang Yangli, 2017). Some scholars have discussed issues 
from the perspective of enterprise mechanism, such as 
Internet technology application (Ye Jiao, Heshan and Zhao 
Yunpeng, 2018), manufacturing service (Wang Siyu and 
Zheng Lekai, 2019), and information disclosure quality (Chen 
Lili and Dai Yi, 2021). Foreign scholars have also begun to 
study the factors affecting the quality of China's export 
products. Mukherjee (2017) found that the tax burden of 
enterprises affects the innovation investment of enterprises, 
and the scale return of enterprises' innovation investment 
shows an increasing trend. The marginal output is in positive 
proportion to the input, and affects the innovation efficiency 
of enterprises at the same time, Then indirectly affect the 
quality improvement of export products; Liu and Xie (2018) 
based on the panel data of Chinese manufacturing enterprises, 
studied the industrial policies in terms of environment, and 
found that there are offset and compensation effects between 
different policies, which then affect the factor input structure 
of the industry, thus indirectly affecting the quality of export 
products of enterprises; Egger Peter H (2020) discussed the 
effect of property rights protection on the quality of export 



 

52 

products; Dario fauceglia (2020) discussed the impact of 
exchange rate on the quality of export products. However, the 
improvement of the quality of export products by financial 
agglomeration has attracted less attention from the academic 
circles. 
1.2.2. The Meaning of Financial Agglomeration 
Financial industry is a special industry, and financial 

agglomeration is an industrial agglomeration with special 
nature. The financial industry is the core of the economy and 
has the characteristics of high liquidity. The connotation of 
financial agglomeration is essentially different from that of 
general industrial agglomeration (Huang Jieyu and Yang 
zaibin, 2006). "Financial agglomeration" was first proposed 
by Kindle Berger (1974) based on the agglomeration theory 
of Marshall (1920) and Weber (1929). It is believed that more 
financial sectors are concentrated in one region, which will 
make the region more attractive to other financial participants. 
Park (1982) and Porteous (1999) further explained the 
phenomenon of financial agglomeration by using the theory 
of economies of scale and the theory of information 
hinterland. Pandit et al. (2002) cut in from the perspective of 
traditional industrial agglomeration, compared the financial 
industry with traditional manufacturing industry, and 
proposed that financial agglomeration forms financial 
agglomeration. Then brulhart (2009) further expanded the 
phenomenon of financial agglomeration, In order to improve 
the utilization efficiency of financial resources, the supply and 
demand sides spontaneously converge to form a financial 
center, and then form a financial agglomeration. In terms of 
domestic scholars, Teng chunqiang (2006) understood 
financial agglomeration as an industrial spatial structure or 
industrial organization form of producing and trading 
financial products. Che Xinwei et al. (2012) introduced the 
concept of geographical factors into the financial 
agglomeration model, looked at financial agglomeration from 
a spatial perspective, and further enriched the concept of 
financial agglomeration. 

1.2.3. The Motivation of the Evolution of Financial 
Agglomeration 

As a special form of industrial agglomeration, financial 
agglomeration has attracted many scholars to make 
theoretical and Empirical Analysis on its driving factors and 
internal mechanism. Based on the agglomeration theories of 
Marshall (1920), Weber (1929), Po ~ er (1990, 1998), most 
scholars attribute the main reasons of financial industry 
agglomeration to the following economic factors: external 
economy, economies of scale, agglomeration economy and 
transaction cost. Tschoegl (2000) analyzed the impact of 
enterprise location selection and self reinforcement on the 
agglomeration of financial enterprises. He believes that both 
enterprise location selection and self reinforcement will 
enhance the proximity of financial traders to a certain region, 
and the attraction of this location promotes the formation of 
agglomeration. Naresh R. Pandit (2001, 2002) and other 
scholars adopted the dynamic research method of industrial 
clusters proposed by Swann (1998) to make an empirical 
analysis on the UK financial service industry, and concluded 
that the agglomeration effect affects the growth of companies 
and the number of new entrants. A large number of financial 
companies gather to form financial centers, and subsequent 
financial enterprises in order to reduce transaction costs, 
Maximizing resource sharing will gather in the agglomeration 
area and further enhance regional financial agglomeration. 
Qin Lingui et al. (2013) under the theoretical framework of 

new economic geography, taking Dalian as an empirical case 
study, using relevant indicators of financial operation, 
empirically tested that economies of scale are the decisive 
factor in the formation and evolution of financial 
agglomeration. Some other scholars believe that the 
motivation of financial agglomeration lies in information 
asymmetry, and put forward the "path dependence theory", 
"information hinterland theory" and "information dependence 
theory", which emphasize that the causes of financial 
agglomeration are information factors, and the asymmetry of 
information and the externality of information are the key 
elements of the formation of financial agglomeration. Clark 
(2003) conducted an empirical study on the capital market in 
Germany and found that the formation of European financial 
centers stems from the demand for information of financial 
institutions. After introducing geographic information into 
financial agglomeration, Che Xinwei (2013) used spatial 
econometric model to study financial agglomeration from a 
spatial perspective, proving that financial information is the 
key factor affecting financial agglomeration. On the basis of 
previous research, Clark (2005) further proposed that with the 
rapid development of contemporary information technology, 
financial institutions also actively tend to concentrate, and the 
deepening of financial agglomeration will enter a deeper level. 

The above research mainly focuses on the impact of internal 
factors on the evolution of financial agglomeration, while 
some scholars study the impact of external factors on 
financial agglomeration. Huang Jieyu (2011) believes that 
financial agglomeration is a product derived from traditional 
real industrial agglomeration, and industrial agglomeration 
and financial agglomeration develop in mutual promotion. 
Firstly, the huge capital demand for the agglomeration and 
development of real industries has expanded and deepened 
the development of financial industry. Secondly, the 
government provides policy support and a good business 
environment for the development of regional real industries 
in order to achieve good regional economic development, 
which increases the possibility of financial agglomeration. 
Finally, high-level human resources are the core 
competitiveness of an industry. The continuous inflow of 
high-quality talents provides a lasting driving force for 
regional financial development, and high-level human capital 
investment helps the formation and development of financial 
agglomeration. 

1.2.4. Research on the Economic Effect of Financial 
Agglomeration 

Domestic scholars have carried out extensive research on the 
spatial effect of financial agglomeration. Zhang Xiuyan (2019) 
studied the guiding role of financial agglomeration on the 
high-quality development of regional economy based on the 
threshold effect and spatial effect, and Zhang Xuan et al. 
(2019) discussed the promoting effect of financial 
agglomeration on the productivity of regional private 
economy based on the spatial panel Dobbin model; Yue 
Tingting (2020) confirmed the spatial spillover effect of 
financial agglomeration by studying the data of 11 prefecture 
level cities in Shaanxi Province, and further confirmed that 
financial agglomeration helps to promote the improvement of 
regional innovation ability; Zhang Zhen (2020), Zhang 
Zhongjun (2020), Pang Qinghua (2021), Wu Yaohua and 
other scholars studied the spatial spillover effect of financial 
agglomeration from the perspective of industrial 
agglomeration theory, and found that regional financial 
agglomeration helps to improve the concentration of regional 



 

53 

human capital and the growth of the number of R & D 
activities, promote the innovation ability of surrounding areas, 
and drive the upgrading of regional industrial structure, 
Realize regional economic development; Chen Xiangyang 
(2021) conducted an empirical study on the panel data of 11 
cities in Guangdong, Hong Kong and Macao Dawan district 
from 2000 to 2018, and found that financial agglomeration is 
conducive to promoting the improvement of regional 
innovation ability. 

Foreign scholars have also made sufficient research on 
China's financial agglomeration. Dan Gao (2016) studied the 
impact of financial agglomeration on the upgrading of 
industrial structure with the economic data of Guangdong 
Province as an example, and Akhtar rasool (2017) studied the 
promotion effect of financial agglomeration on the upgrading 
of tertiary industry with the economic data of Anhui Province; 
Yan Wang (2019) studied the impact of financial 
agglomeration on the upgrading of industrial structure under 
the background of supply side structural reform based on the 
economic data of Shandong Province; Zhisen Zeng (2021) 
also used the export data of the Great Bay area of Guangdong, 
Hong Kong and Macao in China to study the intermediary 
effect of technological innovation of financial agglomeration, 
and confirmed that regional financial agglomeration is 
conducive to improving the innovation level of the region; 
Yong fan (2021) studied the spatial effect of financial 
agglomeration on the real economy based on the data of 
Shanghai, China. Jingwen Xia (2021) took the economic data 
of Guangdong Province as an example to study the impact of 
the spatial effect of financial agglomeration on the upgrading 
of industrial structure. A series of studies by foreign scholars 
and domestic scholars confirm each other, which proves that 
financial agglomeration can stimulate the innovation of 
traditional manufacturing industry and promote the upgrading 
of traditional industries. 

1.2.5. Related Literature Review 
Scholars at home and abroad have explored the theory of 

financial agglomeration from multiple perspectives in the 
existing literature. The relevant research results can be 
divided into: 

The related meaning of financial agglomeration is more 
based on the traditional industrial agglomeration, which is 
defined as various types of financial institutions, financial 
departments and financial enterprises with different natures. 
In order to give full play to the functions of financial market, 
they spontaneously form industrial clusters under the 
promotion of market competition, and then make the original 
structure closer under the guidance of government industrial 
policies, human capital investment and financial information 
flow agglomeration, Form financial industry clusters with 
different scales and levels. 

As for the motivation of financial agglomeration, domestic 
and foreign scholars believe that it can be divided into 
endogenous motivation and external reasons. Economies of 
scale and information flow are the endogenous driving forces 
to promote the formation of financial agglomeration; 
Traditional industrial agglomeration, government policy 
guidance and human capital investment are the external 
reasons to promote financial agglomeration; Domestic and 
foreign scholars have verified the correctness of the theory 
through empirical research. 

Research on the innovation effect of financial agglomeration. 
At present, scholars at home and abroad mainly focus on 

empirical analysis, using China's provincial panel data to 
analyze the relationship between financial agglomeration and 
regional innovation level and industrial structure upgrading. 
However, there are two problems: one is that the research 
scope is too large, ignoring the unbalanced level of financial 
development in different regions in the region. As far as the 
Yangtze River Delta region is concerned, under the new 
research perspective, the research object is refined to cities to 
study the current situation of financial agglomeration and the 
impact of the spatial spillover effect of financial 
agglomeration on the quality of export products. Second, the 
innovation promotion effect of existing financial 
agglomeration is mainly concentrated in the region or industry, 
and the research scale is too large, ignoring the different 
innovation status of different enterprises in the region or 
industry. As for the quality of export products, scholars pay 
less attention to the impact of financial agglomeration on the 
real economy at the enterprise level. Therefore, this paper 
uses spatial econometric model and urban panel data to 
empirically study the spatial spillover effect of financial 
industry agglomeration on the quality of export products in 
the Yangtze River Delta. 

2.The impact of financial agglomeration on the economic 
development of the Yangtze River Delta 

At present, China is in a critical period of transforming 
growth power and economic structure. Realizing the 
transformation of economy from high-speed growth to high-
quality development is the primary goal of national policy-
making. Realizing the combination of financial industry and 
real industry is an effective path for regional industrial 
transformation and upgrading and a new driving force for 
China's development in the new era. On the other hand, with 
the deepening of urbanization, the speed of financial service 
industry and various industries gathering in urban clusters is 
accelerating. The combination of financial industry and real 
industry helps to promote the high-quality development of 
urban economy. The Yangtze River Delta (hereinafter referred 
to as the Yangtze River Delta) is one of the most dynamic, 
open and inclusive regions in China's economic development. 
It plays a vital role in the construction of the national modern 
economic system. 

Since the 1970s, more and more financial institutions have 
begun to organize transactions and production activities in the 
way of inter enterprise coordination. From the initial 
concentration of a few banks to the rise of financial holding 
companies, and then to the spatial aggregation of various 
types of financial institutions today, clusters have become the 
basic form of modern financial industry organization, 
Financial agglomeration has become a new form of industrial 
agglomeration. As one of the core elements of modern 
economic development, finance is one of the important 
driving forces of national economic development. Financial 
agglomeration helps to promote the development of real 
industries and the improvement of export quality. 

2. Policy Suggestions of Financial 
Agglomeration on the Improvement 
of Export Quality in the Yangtze 
River Delta 

First, continue to promote the reform of the financial supply 
side, enhance the ability of financial services to the real 
economy and improve the level of financial agglomeration. 



 

54 

Build a highly adaptable, competitive and inclusive modern 
financial system, improve the level of financial market, 
optimize the structure of financial market, expand effective 
financial supply, give full play to the function of financial 
resource allocation, attract more funds to science and 
technology and industrial innovation, support the 
technological progress of strategic emerging industries, and 
give full play to the radiation and driving role of financial 
agglomeration, We will promote the upgrading of the real 
economy, improve total factor productivity, Promote the 
quality improvement of export products 

Second, build an international or national financial center in 
the Yangtze River Delta and give full play to the financial 
radiation effect of the central cities in the Yangtze River Delta. 
Regions with a high level of financial agglomeration should 
give full play to their regional advantages and build central 
cities such as Shanghai and Nanjing into international or 
national financial centers, promote the high-quality economic 
development of the region through the agglomeration effect, 
and affect the production behavior, production mode and 
production layout of the surrounding areas through the trickle 
effect, radiating and driving the economic development of the 
surrounding areas. 

Third, promote the flow of factors of production and 
strengthen technological exchange and sharing among 
regions. Promote the free and full flow of advanced 
manufacturing technologies, share financial products and 
high-quality financial services, accelerate the exchange and 
interaction of science, technology and innovative talents 
among regions, realize the rational division of labor among 
regions, and promote the common improvement of the quality 
of export products among regions. 

Acknowledgment 
Anhui University of Finance and Economics graduate 

research and innovation fund project“Research on the spatial 
spillover effect of financial agglomeration on the quality of 
export products -- Taking the Yangtze River Delta as an 
example” (No.ACYC2021212). 

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