Research on the impact of financial agglomeration on the coordinated development of urban ecological green: based on the empirical comparison of four metropolitan areas in the Yangtze River Delta of China

As key carriers of new urbanization, metropolitan areas should pay more attention to the green and coordinated development of economy, society, and environment. Finance is an important tool to support China's high-quality development. Exploring the key dynamics and mechanisms of financial agglomeration for a green and coordinated development is important to obtain strategic support for the green development of the Yangtze River Delta metropolitan area. Using panel data of 25 prefecture-level cities in the four major metropolitan areas of the Yangtze River Delta region from 2003 to 2019, a Dubin model of three types of spatial weight matrices is constructed to explore the impact of financial agglomeration on coordinated ecological green development. Results show that, first, the positive local and neighborhood effects of financial agglomeration on the coordinated ecological green development are mainly reflected in the Hefei, Hangzhou, and Shanghai metropolitan areas and that the intensity of such effect decreases sequentially. Information transfer and technology correlation are important mechanisms to improve the local effect of financial agglomeration, and the neighborhood effect varies from one metropolitan area to another. Second, in addition to the adverse impact of the concentration of financial personnel on the ecological green integration, the agglomeration of securities, banking, and insurance industries can release "green driving potential energy, " and the intensity of contribution gradually weakens. Third, the financial agglomeration of Shanghai exerts the strongest radiation effect, those of Nanjing and Hangzhou respectively demonstrate a "U "-shaped and inverted "U "-shaped impact, and that of Hefei does not play a role.