Research On Coordination And Spillover Effect Of Coupling Regional Financial Innovation And Economic Growth In China

The relationship between financial innovation and economic growth is no longer a simple causal relationship.Financial innovation and economic growth can be seen as a complex system.Studying the coupling and coordination relationship between the two systems from the perspective of synergy theory can better reveal the interdependence between the two systems.The economic effect based on this coupling coordination relationship is no longer a single promotion-inhibition relationship.From the perspective of provincial economic growth in China,there are two main sources of impetus for economic growth: one is the creation effect of the province's own financial resources and other factors;the second is the spillover effect of the key inputs of neighboring provinces.It is a research innovation to decomposing the total economic effects of the coupling coordination relationship into direct effects and spillover effects to study the extent and cause of regional economic growth differences.This article is divided into six chapters,centering on Chapters 3,4 and 5.Chapter 3 identifies the mechanism analysis of the regional-coupling of financial innovation and economic growth,discussing the regional-coupling motivation,regional-coupling phenomenon and regional-coupling vulnerability of financial innovation and economic growth.And Chapter 3 analyzes the regional-coupling status and existing risks of financial innovation and economic growth.Chapter 4 measures the coupling degree of financial innovation and economic growth,and further analyzes the spatial pattern and difference of national coupling coordination degree.Chapter 5 analyzes the direct economic effects,spillover economic effects and total economic effects of the coupling coordination of financial innovation and economic growth.Through the research on the coupling degree of financial innovation and economic growth of provincial units in China,it is found that:(1)Coordination degree can better reflect the development relationship between financial innovation and economic growth than coupling degree.(2)According to the coordination degree,China's provincial units other than Hong Kong,Macao and Taiwan can be divided into four categories: financial innovation economic growth harmonious zone,running-in zone,antagonistic zone and low coupling zone,and the economic structure characteristics of the four types of areas have obvious differences.(3)The spatial correlation test results show that there is a significant spatial positive correlation between the coordination degrees of financial innovation and economic growth in China as a whole,and the attribute value are clustered in spatial distribution.(4)The analysis of economic effects shows that the coordination degree of financial innovation and economic growth has a significant positive effect on economic growth,and regional economic growth is affected by its past economic growth.The economic effects of foreign direct investment are significantly positive,and R&D human capital investment has contributed to economic growth.The economic effect of urbanization rate is positive,and the economic effects of financial supervision are not significant,and even restrict economic growth.(5)The results of spatial effect decomposition show that the direct economic effects,spillover economic effects and total effects of the coordination degree of financial innovation and economic growth in the region are significantly positive.The direct and indirect economic effects of financial supervision are not significant,but the total economic effects are significantly positive.The direct economic effects and total effects of foreign direct investment,R&D human capital and urbanization rate are significantly positive,and the spillover economic effect is significantly negative.Finally,based on these research conclusions,the paper puts forward three policy recommendations: giving full play to the spatial correlation of coupling coordination degree,striving to expand the research and development human capital reserve,and continuing to promote the new urbanization process.