The finance sector now shows an accelerating trend of virtualization. It is rather pressing for us to enhance coordinated development of the finance market and the real economy. This paper analyzes the mixed conduction mechanism for the finance field and the real economy, and it has been a hot topic in the finance sector to capture the spatial effect and enhance the estimation precision. This paper introduces the regional spatial gravitational effects, which, together with the indicators of the financial market and the real economy, defines the broad economic metric distance and Gravitational effects Spatial Weights Matrix, constructs broad multi-dimensional economic space, and builds multi-variate Spatial-FIAPARCH-DCC models and Spatial SUR contagion models, to explore the impact of the financial crisis on different regions and different real economy sectors. Our research shows that the broad multi-dimensional space has remarkable advantages in the spatial effect between the financial market and the real economy, and there is asymmetric relation between the extent to which the real economy suffers and the degree to which the financial market suffers. The effects of the financial crisis on the real economy show remarkable sectoral industrial agglomeration and hierarchy.
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