Research On The Impact Of Financial Agglomeration On Regional Innovation

Technological progress and innovation are the most lasting sources of economic growth,as well as important engines for enhancing economic strength and cultivating new competitive advantages.Promoting and cultivating independent innovation capabilities has become the key to building China into an innovative country.Innovation is the result of the interaction of various factors.R&D,experimentation,commercialization,and industrialization are all inseparable from the input of financial resources.A complete and efficient financial structure system can quickly gather financial capital and provide necessary financial support for technological innovation.Since the reform and opening,China’s financial industry has developed rapidly,the total financial scale has increased rapidly,and various innovative tools have emerged one after another.The financial industry plays a central role in the process of economic development,but there are still problems such as uneven distribution of financial resources and unreasonable credit financing structure.In the context of increasingly prominent financialization,the differences in the spatial distribution of financial resources have led to the continuous extraction and erosion of industrial capital in some regions,and the accumulation of innovation capital has been absent,which has a greater impact on innovation activities.How to take advantage of the financial agglomeration effect to promote the improvement of innovation level has become an urgent and significant research topic.This paper briefly sorts out the relevant literature and basic theories of financial agglomeration and regional innovation,constructs a theoretical framework for the impact of financial agglomeration on regional innovation,and elaborates the transmission mechanism between the two from three aspects: direct impact,indirect impact and inter-regional impact.At the same time,this paper uses a variety of empirical methods to study the impact of financial agglomeration on regional innovation output,regional innovation efficiency,and regional innovation network,and draws the following conclusions:First,financial agglomeration is conducive to the increase of regional innovation output,and the market effect and industrial structure effect play an important intermediary role between the two.At the same time,financial agglomeration has a spatial spillover effect on innovation output in surrounding areas.Based on the urban panel data,the OLS model,mediation effect model and spatial Durbin model are used to empirically test the impact of financial agglomeration on regional innovation output.The study found that: financial agglomeration has a promoting effect on innovation output;Both the marketization index and the industrial structure index play an important intermediary role,and the intermediary effect of the marketization index is more significant;Financial agglomeration is conducive to the increase of local innovation output,but it will have negative spillover effects on innovation output in surrounding areas;For different geographical distributions and urban agglomerations,financial agglomeration has heterogeneity in the spillover effect of regional innovation output,and the negative spillover effect is more obvious in the eastern region and the Pearl River Delta region.Second,financial agglomeration is conducive to the improvement of regional innovation efficiency,but wthere is a threshold effect,and the market effect and industrial structure effect still play an intermediary role.At the same time,financial agglomeration also has a spatial spillover effect on the innovation efficiency of surrounding areas.Based on provincial panel data,we use the two-stage DEA model to calculate the technological R&D efficiency,achievement transformation efficiency,and comprehensive efficiency of each province.At the same time,the Tobit model,the mediation effect model,the threshold regression model,the spatial Durbin model and the geographically weighted regression model are used to empirically analyze the impact of financial agglomeration.The study found that: financial agglomeration can promote the improvement of three innovation efficiencies,but it has a threshold effect on the efficiency of achievement transformation and comprehensive efficiency.There will be a trend of diminishing marginal effects as the degree of agglomeration increases;The market effect and the industrial structure effect still have a mediating effect,but the mediating effect of the industrial structure effect is more significant;Financial agglomeration has a positive spillover effect on regional innovation efficiency,which will promote the improvement of innovation efficiency in local and surrounding areas;The influence coefficient of financial agglomeration in coastal areas is generally high,and the influence coefficient of Guangdong Province ranks first in the country.Third,financial agglomeration can have an impact on regional innovation network nodes and the overall network structure,which is conducive to the promotion of the central position of node cities in the innovation network and strengthens the centralization trend of the overall innovation network.Construction of regional innovation association network based on urban panel data and gravity model.Firstly,the social network analysis method is used to analyze the overall structure and node characteristics of the regional innovation network.Then the regression model is used to analyze the impact of financial agglomeration on innovation network nodes.Finally,the standard deviation,kurtosis and skewness of financial agglomeration are calculated to study the impact of financial agglomeration on the overall innovation network.The study found that: the overall innovation network density continues to increase,collaborative innovation capabilities are gradually strengthened,and innovation activities tend to be concentrated in central cities;Node cities with higher status in the innovation network tend to have higher administrative levels and are mainly distributed in the eastern coastal areas;Financial agglomeration has a positive relationship with the centrality of innovation network nodes,which is conducive to improving the status of node cities in the innovation network;Financial agglomeration will strengthen the asymmetry and centralization of the overall innovation network structure,and will also cause a reduction in the overall innovation network density.