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Based on the perspective of financial function, this paper firstly analyzes the promoting mechanism of financial development on industrial agglomeration, and then takes manufacturing industry for example and constructs the crossprovinces panel data model to analyze the effects of financial development on industrial agglomeration from the financial scale, financial structure and financial efficiency respectively. Theoretical analysis of this article shows that financial development mainly through the mechanism of capital formation, capital-oriented and entrepreneurs formed to promote the development of industrial agglomeration in a country or region. Empirical analysis results show that both the financial scale and financial efficiency remarkably promote the different provinces of the spatial concentration of manufacturing industry, but the financial structure doesn’t adapt to the agglomeration of manufacturing industry. In addition, the results also show that the factors, such as export trade, economic basement, the size of the labor force, urbanization and level of service, play a key role in the development of manufacturing industry in China. Keywords—financial development;industrial agglomeration; impact mechanism; panel data model

Impact Mechanism and Effect of Financial Development on Industrial Agglomeration in China