Financial industry cluster refers to the financial institutions of a country's financial regulators, financial intermediaries, multinational financial enterprises, domestic financial enterprises focus to a region in the region, and with other international (International) has close contacts between institutions, multinational companies and domestic large enterprises, thus forming the mutual competition and mutual cooperation, highly concentrated in the space of the [1]. enterprise group financial industry cluster helps form and maintain the competitive advantage of the whole clusters, is conducive to the formation of regional competitive advantage [2]; in short, regional financial market specialization will become the core carrier of regional economy development. Tianjin is committed to become the economic center of the north, the development of Finance and the formation of financial clusters as the main force to promote industrial agglomeration and promote economic development [3], we must focus on promoting. This paper takes Tianjin and Binhai New Area in recent years, the financial industry location entropy as the basis, combined with the new financial development status and reasons that hinder the new financial industry agglomeration, in terms of regional cooperation, mechanism construction, ecological environment and the cultivation of talents and put forward some suggestions.
1 Tianjin financial industry cluster development status
1.1 Tianjin financial industry location entropy analysis
Location entropy is often used to measure the distribution of an industry in different regions, the degree of specialization of the industry in a region and the status and role of the industry in the region, also known as specialization rate. Location entropy is intuitive, easy to understand and easy to vertical, horizontal comparison and other characteristics, it was first proposed by Haguet (PHaggett). The location entropy of financial industry of Tianjin by the Tianjin financial industry output value accounted for Tianjin GDP ratio and the national financial industry output value accounted for the ratio of GDP ratio calculated from the index is greater than 1, from a nationwide perspective, the financial industry agglomeration in Tianjin, whereas No.
Tianjin has a long history of financial culture, once the financial center of northern china. Since the establishment of the Binhai New Area, Tianjin has been innovative financial products, improve the financial system, to fill gaps in the market as the focal point, sustainable development and agglomeration of innovative financial instruments and various financial institutions, has now formed a financial institutions of various types of banks, insurance, securities, funds, futures, trust, lease management, service outsourcing, diversification, the multi-level open financial system, formed a cluster effect. The location entropy of Tianjin's financial industry development in 2001-2014 is shown in table 1.
Table 1 shows the location entropy of Tianjin in 2001 and 2002 were slightly less than 1 of the financial industry, the financial industry in Tianjin and there is no obvious agglomeration effect; from the beginning of 2003, between the location entropy of Tianjin's financial industry on the whole is 1~1.2, of which 2004 and 2005 is reached 1.31, the strong agglomeration effect.
1.2 Analysis of financial industry cluster in Binhai New Area
Based on the calculation of the Tianjin Binhai New Area of the financial industry location entropy, that is, Binhai New Area of the financial industry accounted for the proportion of GDP and the ratio of to GDP ratio of Tianjin. The new location entropy mainly reflects whether the financial industry in Tianjin is gathering to the Binhai New Area, and the location entropy of financial industry development in Binhai New Area is shown in table 2.
From table 2, while the index has been rising in the past 7 years, but far less than 1, indicating that the Tianjin financial industry agglomeration to Binhai new trend, but there is no obvious agglomeration effect, especially in the traditional financial (Banking) there is a large gap compared with the urban area of Tianjin. The main reason has 2 aspects: Binhai Economic development mainly rely on the rapid growth of advanced industrial agglomeration, modern logistics, its growth rate is far higher than other regions of Tianjin; on the other hand, in the downtown area of Financial Street, gathering a large number of financial institutions and even division headquarters, which is less than the Binhai New Area the development of new tools, focus on innovation, financing leasing, equity trading and offshore financial innovative tools such as the base of development, but the development of financial innovation in the financial industry in Binhai New Area is not very good at. In early June 2006, "the State Council on promoting the development of Tianjin Binhai District related issues opinions" made it clear that Binhai New Area as a national comprehensive reform pilot area, and to encourage the Tianjin Binhai New Area for financial reform and innovation in the financial business, financial business, financial markets and financial liberalization and other aspects of the major principles of reform can be arranged in the Tianjin Binhai New Area pilot.
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As the primary task of Binhai New Area comprehensive reform pilot area, in many major financial reform pilot, has become China's important financial innovation base.
Development of financial leasing industry in Binhai New Area of 1.2.1
Binhai New Area financial leasing business accounts for about 1/4 of the total business, the development of obvious advantages, walking in the forefront of the country. 5 years ago, the Binhai New Area of less than 10 financial leasing companies, and with the SG, China CSR and other different types of leasing projects carried out in Tianjin, Binhai leasing objects continue to broaden the scope of the first quarter of 2012, the new district headquarters of financial leasing companies has exceeded 15, is expected by the end of headquarters in new lease the enterprise will reach 100. At present, the registered capital of many leasing companies have increased significantly, such as ZOOMLION (Chinese) Financial Leasing Co. Ltd. from $80 million to $280 million, ICBC leasing increased from 5 billion yuan to 8 billion yuan. New area to absorb large machinery manufacturing, marine aviation logistics enterprises in the country, through the land, taxation, capital, talent, settled enterprises special facilities such as the stimulus package, help leasing enterprises settled in the area, machinery manufacturing, railway locomotive, ship leasing, helicopter production of a large number of large projects, good leasing project in the new production, Binhai New Area has become the largest financial leasing China gathering and demonstration area.
1.2.2 Binhai new area innovation direct financing status
(1) Tianjin stock exchange. Binhai New Area in 2011 for the financing of small and medium enterprises has been completed, the equity financing is the most typical form of financing innovation in Binhai New area. I was in Tianjin listed companies are mostly small and medium sized enterprises, industry covers many strategic emerging industries, such as the Tianjin green environmental protection equipment manufacturing Co Ltd, BOT Hebei Darryl biological Polytron Technologies Inc and other new materials, new energy enterprises, the region covering 28 provinces, mainly in Hebei, Shandong, Jiangsu and other regions. As of May 2015, the cumulative number of direct financing of equity reached 660 times, the cumulative amount of direct equity financing up to $8 billion 160 million.
(2) Binhai International Equity exchange. Binhai International Equity Exchange, referred to as the bin exchange, by the management center in Tianjin City financial investment group, Suzhou maxunion acquisitions cooperative high-tech venture capital group and other agencies jointly initiated and established. In the use of membership, including investment institutions, brokers, membership membership intermediary service members; provide private financing, mergers and acquisitions, IPO, the private equity fund raising equity financing and private bonds and other debt financing services; independent membership for listing more than and 300 enterprises, to participate in the fair and the local branch of enterprises more than 2 thousand and to provide financing, training, financing and other customized value-added services, is China's first dedicated to international equity and other capital transactions of the circulation of information and services to third party platform.
(3) equity investment fund. Equity investment fund is the direct financing system of investment, its development is the new financial innovation is an important part of Binhai pilot. In 2007, the Tianjin equity investment fund association, China's first national equity investment fund association was established, and subsequently issued a series of documents, greatly promoted the development of equity investment funds. The Association announced the number of private equity funds registered in Tianjin will reach 2500, of which registered in the Binhai New Area of the more than 2 thousand. In the context of continuous improvement of supporting policies, the Binhai New Area private equity industry embarked on a healthy development track, has become a national private equity funds gathered.
(4) the expansion of the new three edition. August 2012, China Securities Regulatory Commission announced the approval of the new three board expansion, adding 3 pilot, one of which is the Tianjin Binhai New area. Third board market positioning in the innovative growth of small and medium enterprises, mainly for these enterprises to provide equity transfer and directional financing services. The financial reform and innovation increase direct financing weights in the financing channels, is an important content in the first try. Third board market will be conducive to the development of small and medium technology enterprises and private investment to support the growth of weak economic links, the Binhai New Area will play a great role in the improvement of the financial system.
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In addition, Tianjin city has also initiated the formation of the Tianjin Emissions Exchange and Tianjin precious metals exchange, Bohai commodity exchange ferroalloy exchange, 3 elements of the exchange, thus forming the capital market and market factors and the emissions market system, but also a breakthrough in offshore financial transactions, financial innovation pilot program continues to expand.
2 obstacles to the development of financial industry cluster in Tianjin Binhai New Area
According to the current situation of the financial industry development in Tianjin and Binhai New Area, the financial industry cluster of the new district has a good foundation for financial development. In addition, there are several advantages for the development of the financial industry. "The successful approval of Tianjin Binhai New Area comprehensive reform pilot financial innovation special plan", aimed at promoting financial enterprises, financial business, financial markets and financial liberalization and other aspects of the pilot, it is a great opportunity for Binhai New Area financial industry cluster. Second, a strong economic development trend. Tianjin in the past 10 years is calculated at comparable prices. The average annual growth rate of not less than 15%, significantly higher than the national average annual growth rate of Binhai, the average annual growth rate was higher than that of Tianjin City, up to 25%. by the development of the real economy caused by the financial products and financial services demand growth will promote financial financial institutions and the expansion of the market, driven financial agglomeration is the core strength of [4]. third, the development of environmental quality. Superior geographical location, developed transportation and communication network, abundant human capital, strong innovation ability and fair and orderly business environment will be good for the development of the financial industry agglomeration and create a hard and soft environment quality. Fourth, multi resource convergence. The development of the international logistics center of Binhai New Area brings together the flow of people, logistics and capital flow, and the international logistics center is often complementary to the international financial center.
Although the Binhai New Area Financial Development and agglomeration has a lot of advantages, but the Binhai New Area financial industry location entropy is less than 1 can be seen, the effect of financial agglomeration is not ideal, there are some obstacles to financial aggregation.
2.1 lack of innovation in the medium and long term development plan
On the one hand, the Binhai New Area started relatively late, although the pilot policy, but the lack of financial innovation and advance the concept of practice, to speed up the pace of financial innovation, financial innovation depth should be strengthened and the specific implementation plan should better reflect the characteristics of Binhai New area. On the other hand, the construction of financial service system in Binhai New Area can not be well combined with the actual situation in the region, and can not effectively grasp the long-term planning of the international financial agglomeration law and the international financial market. In addition, too many departments involved in the implementation of innovative tools, leading to repeated and the phenomenon of lack of coordination of innovation, innovation and cohesion influence the effective allocation of financial resources.
2.2 dependent and subject to the financial environment of the Bohai rim region
In addition to the traditional banking, securities, insurance institutions, as well as the fund, trust, leasing, futures brokerage companies in Tianjin. In banking, only the Bank of Tianjin, Bank of Bohai, Tianjin rural commercial bank, the German Housing Savings Bank and Bank of Tianjin Jincheng 5 headquarters in Tianjin. Other joint-stock banks in Tianjin, the highest administrative level for the branch, Binhai New Area is mostly branch. Compared with neighboring Beijing, Tianjin and the Binhai New Area has the financial resources shortage, a small number of low level, financial institutions lack of senior personnel etc.. Beijing is the headquarters of the headquarters of large financial institutions, the added value of the financial sector in Bohai more than 1/10 increase in value from Beijing. Binhai New Area and even the development of Tianjin's financial sector and an important prerequisite for the use of Beijing's financial resources is good [5], and deal with the relationship between the development of Beijing's financial industry, which is both the advantages and the pressure.
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2.3 financial products homogenization serious
Product homogeneity refers to the product is only in the brand and the price is different, use, function and value is basically the same. Homogenization is not conducive to the consumer recognition, easy to cause the brutal price war, the way of financial industrial cluster play [6]. Tianjin Binhai New Area financial product homogeneity phenomenon is more serious, especially the banking industry product homogeneity serious, lack of financial market and financial brand national appeal; and rely on the traditional manufacturing industry to attract the headquarters of Binhai New Area Financial Institutions in a short period of time the new collection is not possible. The homogenization of products in the financial markets to Binhai New Area according to the customer's individual needs tailor-made different schemes, can not play the radiation ring of Bohai and the three northeast provinces can not play the role, reduce financing and transaction costs, or against the financial risk and the financial release industry cluster effect information spillover effect and knowledge learning. Only by changing the phenomenon of homogenization, independent innovation of financial instruments, the formation of financial brands, in order to make the Binhai New Area of the financial industry cluster healthy and sustainable development.
2.4 lack of effective financial regulatory coordination mechanism
Financial innovation to the financial market and the real economy has a strong role in promoting, we must respond to market demand in a timely manner, with a strong front and timeliness. China's regulatory system is regulatory compliance, financial institutions can only conduct business within the scope of the regulations, approval procedures and complex product innovation regulators do not have financial knowledge and other reasons, often causes the innovation to be delayed or is the result of innovation with defects have been approved, effectiveness of the impact of innovation. If the product launch tracking management is relatively weak, it will bring a lot of risk.
3 Binhai New Area financial industry cluster development countermeasure
3.1 deal with the competition and cooperation between Binhai New Area and the surrounding area
Well, the interactive development between new and old district of Binhai New Area and Beijing and Hebei as well as Tianjin and Bohai cooperation in the development of the northern provinces and coordinated development, try to avoid similar evil competition, sharing of information resources and human resources. Binhai New Area of Beijing financial industry to make full use of geographical advantages, the exploitation and utilization of Beijing advantage of the policy and financial resources, combined with their own pilot innovation opportunities, vigorously develop new financial industry agglomeration and collaborative, ring Bohai overall advantages, services and promote the economic development of Bohai and the north of the ring.
3.2 promote and improve the mechanism
First, to promote financial innovation mechanism. We will accelerate the reform and innovation of the financial system, financial instruments, financial institutions and financial markets at the same time by taking advantage of the existing policy advantages and financial resources.
Secondly, various departments should adopt the high-level forum, organization meeting, data sharing and other forms to establish the communication and coordination mechanism between departments, and to realize the sharing of financial information and financial resources. In addition, to deal with major issues such as financial operations, risk management and industrial layout should establish a consultation mechanism, based on the joint investigation of the various departments to put forward practical policy recommendations.
3.3 strengthen financial infrastructure, optimize the financial ecological environment
Strengthen the financial infrastructure, including transportation, computer networks, telecommunications and other industries and general services and professional services. To strengthen the government investment, to promote the innovation and development of modernization through tax breaks and the formulation of industrial policies to encourage and provide advanced security services for financial agglomeration; two to encourage non state-owned enterprises to join the appropriate public services, improve service quality, reduce the price of services, strengthen the financial infrastructure; three to assess the company, consulting firm accounting firms and law firms and other intermediary services company to develop large-scale, professional service industry agglomeration.
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To optimize the financial ecological environment and create a good social credit environment for the new area, we must improve the legal system. First of all, according to the legal problems produced in the Binhai New Area of financial reform and innovation, by the relevant state ministries and Tianjin joint research and drafting of policies and regulations; secondly, according to the financial development needs, formulate local regulations in accordance with the financial innovation in the region, and provide experience for the perfection of national financial legislation; in addition, for the administrative examination and approval authority due to the Tianjin municipal government decentralization, improve the Tianjin Binhai New Area in the space of financial reform and innovation on the degree of freedom.
3.4 attract foreign financial institutions settled, innovative talent introduction and training mechanism
With the deepening of globalization, the international industrial transfer extend from manufacturing to service industry trends, Binhai New Area should seize the opportunity to actively respond and attract domestic and foreign financial institutions in Shanghai, from the Pudong New Area experience, promote the Foreign Bank Corporation, established gradually with international standards, reasonable structure, optimizing the function of financial market system. The gathering of professionals is an important condition for financial innovation and agglomeration [7].
One is to improve the senior management of the introduction of talent management mechanism, establishing an important contribution to the staff support and reward system, realize the internationalization strategy of talents; two to the orientation Weipei, with the help of university resources at home, strengthen the training of existing employees, to become senior financial professionals who cooked financial business and theory; three the establishment of a national training base, led and guided by the government, closely united universities, financial institutions and scientific research institutions, to provide strong intellectual support for the new financial reform and innovation pilot.
4 concluding remarks
Tianjin 2003-2014 financial industry location entropy is greater than 1, the Binhai New Area Financial Industrial Location Entropy in the past 10 years are less than 1, but the growth trend is obvious, indicating the existence of strong agglomeration effect in the Tianjin area, the financial resources to focus on the Binhai New Area is. Binhai New Area financial leasing, equity trading, private equity funds and the rapid development of the third board market will effectively promote the Binhai New Area financial industry cluster. But at the same time, Binhai New Area Financial clusters are also facing some obstacles, such as financial products homogenization, the lack of long-term planning and regulatory coordination mechanisms. To solve these problems, this paper proposes to deal with the Binhai New Area and its surrounding competition and cooperation; establish a consultation mechanism and follow coordination mechanism; strengthen the financial infrastructure, optimizing the financial ecological environment; to attract financial institutions settled, the introduction of innovative talents training mechanism and development countermeasures.
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