Research On The Efficiency Of Technological Innovation From The Perspective Of Financial Agglomeration

With the financial resources market allocation mechanism continues to improve,financial industry gradually began to appear more and more space agglomeration.The government is also pursuing policies and regulations that support technological innovation.So,how can financial support for technological innovation,under the scarcity of resources,how to break through the existing restrictions,to maintain a high level of technological innovation efficiency,so that the economy to maintain long-term growth.Based on these problems,this paper studies the effect of financial agglomeration on the efficiency of technological innovation in the background of financial agglomeration.Looking for reasons for efficiency differences between regions,hoping to complement the study of financial agglomeration and technological innovation efficiency.To provide a theoretical basis for improving the efficiency of technological innovation and construction of regional financial development.Theoretical research found that the process of financial industry agglomeration to promote technological innovation activities is to enhance the efficiency of financial markets by economies of scale and radiation effects.Based on the effect of financial agglomeration,it is believed that financial agglomeration can promote the technological innovation through resource allocation,risk management,information disclosure and incentive and restraint function.This paper analyzes financial agglomeration level in 30 provinces from the banking,securities and insurance industries by introducing the location entropy and factor analysis.Then using DEA-BCC model to calculate the technological innovation efficiency which broken into purely technical efficiency and scale efficiency,to analysis the management level and resource allocation capabilities.Finally use the Tobit model to test the impact of financial agglomeration on the efficiency of technological innovation.Empirical study found that there is a serious imbalance in China's financial capital.The level of financial agglomeration is low which average is 0.74.There is a large regional difference in financial industry agglomeration.The areas with high financial agglomeration are mainly located in the Yangtze River Delta,the Pearl River Delta,the Bohai Rim and the western inland areas,the central region and part of the northeastern region is relatively low.There are half of the province's financial agglomeration level is lower than the national average Level.National technological innovation efficiency is not high,the average is 0.5489,that indicating the output of the same circumstances can still save nearly 45%of the input.The technological innovation in the eastern region is the highest,followed by the west and the lowest is in the central region.Compared with the scale efficiency,the pure technical efficiency fluctuates greatly and the value is low.The main reason for the low efficiency of technological innovation in China is the low efficiency of pure technology.While the scale of efficiency to enhance space is limited,which has been close to the production frontier.Therefore,it is necessary to improve the efficiency of pure technology by strengthening innovation capacity,enhancing its decision-making and management capacity,reducing technological and managerial changes,increasing the introduction and absorption of technology,introducing talent and advanced management ideas.Tobit's empirical study shows that financial agglomeration has a positive and significant effect on improving the efficiency of technological innovation.This phenomenon is more significant in the eastern and western regions.At the same time,total retail sales of consumer goods and FDI have a positive effect on the efficiency of technological innovation,while public finance expenditure has an inhibitory effect.