Research On The Impact Of Financial Structure On Technological Innovation Based On Provincial Panel Data

Financial structure and technological innovation has always been a hot issue of academic research,since Goldsmith(1969)first proposed the "financial structure" of the concept and conduct a detailed theoretical discussion and empirical test of transnational since the relation between financial structure and economic growth in the academic circle has made a lot of theoretical analysis and empirical test,and draw the consistent conclusion: a perfect financial structure has significant effect on economic growth.However,there is little research on the relationship between financial structure and technological innovation and the impact of financial structure on technological innovation.In the background of "supply side reforms",deleveraging is an important task for stable economic growth,is of great practical significance to reduce the business risk,the path from the impact of financial structure on innovation output of construction of the relevant model contains financial structure and technological innovation,and studied from the regional level,in accordance with the characteristics of innovation output,take relevant econometric models for empirical analysis,to explore the relationship between the two.The research between financial structure and innovation output of theoretical research and empirical aspects have certain contribution,and the results of empirical research to explain the "deleveraging" practical significance for promoting the innovation of technology,stable economic growth.Firstly,according to China's current economic development situation and existing problems,puts forward the research significance and realistic reason,summarizes and analyzes the domestic and foreign financial structure adjustment to give research and technology innovation of the thesis research ideas,main content and technical route.On the basis of theoretical analysis,the relationship between the financial structure and regional technological innovation are analyzed by econometric model,2001-2014 provincial panel data of financial agglomeration on empirical analysis of the impact of regional economic growth shows that the structure of regional technological innovation coefficient through the significant test at the significance level of 0.01 and the financial structure adjustment,the proportion of direct financing than indirect financing for every 1% increase will bring 0.02% promotion to economic growth,but the total amount of financing in the financial market on the impact of technological innovation and the role is not obvious,the level of regional economic development,government fiscal expenditure and the increase of foreign direct investment to increase the technology innovation output.Considering the characteristics of the spatial technology innovation of our country,this paper uses spatial panel data measurement forefront of the space effect of financial structure and regional technological innovation growth were analyzed by calculating the Chinese technology innovation Moran s I index to determine the output of technology innovation in the domain,there is spatial correlation,on the basis of this paper through the establishment of space panel(SPLM)and spatial lag model panel error model(SPEM)analysis results show that the financial structure of every 1% increase will bring 0.006% regional technological innovation to promote,compared with ordinary panel data conclusion relatively robust,but also by the robustness test of the model.This shows that in today's technological innovation output has a strong influence in the heterogeneity of the space,which may be because the province to strengthen exchanges and cooperation between science and technology innovation.