Financial Agglomeration, Innovation Capability And Green GDP: Theory And Evidence From The Provincial Level In China

After three decades of high-speed economic growth,China's current economic growth rate tends to slow down,in order to obtain the best path to sustainable growth,the Chinese economy faces two major challenges: how to enhance innovation capacity? How to reduce the degree of economic development to the lowest level of environmental damage?This paper first innovates the traditional theory of endogenous economic growth,and puts the financial agglomeration,innovation ability and green GDP into the traditional model,so as to provide the theoretical model for this paper.In the aspect of index construction,this paper constructs the financial agglomeration index and the innovation ability index by using the principal component analysis method on the basis of analyzing the relevant indexes.In the aspect of empirical,this paper mainly uses the panel model and the spatial panel model to study the relationship between the financial agglomeration,innovation ability and green GDP of the provinces in 31 provinces in China in 2007 and 2013.Through different measurement methods can make us from a multi-angle view of this problem,you can also get a more solid perspective from the different results.The empirical results show that:First,there is a significant correlation between innovation and green GDP,but different models have different conclusions.The panel model shows that innovation capacity(R & D)can promote green GDP growth at a significant level of 5%,but after considering the spatial factors,it is not conducive to the promotion of green GDP growth.The emergence of such results may be interregional innovation Product communication caused by invalid.Second,there is a significant negative correlation between financial agglomeration and green GDP.This is contrary to the hypothesis 2 of this paper,but it is a better illustration of the serious problem that China's economic development encounters is that rapid economic development is at the expense of the environment.Thirdly,the three models show that there is a significant positive correlation between innovation and financial agglomeration(FLQ*R&D),which shows that financial agglomeration can improve the level of local innovation.Level can improve the local economic growth,improve scientific and technological capabilities,reduce pollution,so that the mode of economic growth from extensive to intensive change,thereby increasing the level of green GDP.The innovation of this paper lies in the effect of financial agglomeration on economic growth to the role of financial agglomeration on green GDP.In this process,innovation capacity is used as an intermediate variable,that is,financial agglomeration affects green GDP,thus affecting the local green GDP The level of development.In this paper,the panel data model and the spatial model are used to analyze the content of this paper from different perspectives,so as to obtain more comprehensive analysis results.