Abstract:
In order to investigate the impact of financial aggregation on the high-quality development of China’s pig industry and its spatial spillover effect, in this study, based on the panel data of 30 provinces(autonomous regions and municipalities, excluding Xizang, Hong Kong, Macao and Taiwan regions) in China from 2013 to 2021, the entropy and TOPSIS methods were used to evaluate the level of high-quality development of the pig industry in each province(autonomous regions and municipalities) in China. Then ordinary panel regression model and spatial econometric model were used to analyze the influence of financial aggregation on the high-quality development of hog industry and the spatial spillover effect. The results showed that when used ordinary panel regression model and spatial econometric model analysis, the financial aggregation all significantly and positively promoted the high-quality development of the hog industry at the 1% level, and the coefficient of the weight matrix(W) × financial aggregation was 0.055; there was a significant positive spatial spillover effect on the high-quality development of the hog industry at the 5% level. The decomposition of the spatial spillover effect found that the financial aggregation of a province(autonomous regions, municipalities) and neighboring provinces(autonomous regions, municipalities) significantly promoted the high-quality development of the pig industry in the province(autonomous regions, municipalities) at the 1% level. The results were found to be robust and reliable by robustness test and endogeneity test. In view of this, this study put forward countermeasure suggestions to enhance the degree of financial aggregation in provinces(autonomous regions, municipalities), to actively break down financial barriers between provinces(autonomous regions, municipalities), and to fully stimulate the positive role of finance in the innovative development of the hog industry and green transformation.