| Financial liquidity risk has always been an unavoidable problem in the process of financial development.The occurrence of many economic crises at home and abroad has predicted the necessity of strengthening liquidity risk management.When a crisis occurs,regulators often adopt financial innovation to improve liquidity.Financial innovation promotes capital flows.Excessive finance may lead to frequent financial chaos,which in turn exacerbates the financial crisis.Therefore,based on the perspective of China's provincial capital flows,studying the impact of financial innovation efficiency on regional liquidity risk is of great significance for strengthening liquidity risk management and promoting the coordinated development of China's regional economy.Based on the existing literature research,the paper analyzes the correlation between financial innovation and regional liquidity,and analyzes the impact of financial innovation efficiency on regional liquidity risk based on spatial Dubin model.Firstly,the financial innovation efficiency of China's 29 provinces and cities in 2007-2017 is estimated.The calculation results show that the conversion efficiency of China's financial resource input is increasing,but the growth is slow.Among them,the financial innovation efficiency value in the eastern region is greater than that in the central and western regions,and the financial innovation efficiency in the eastern region has a downward trend,while the central and western regions show a significant upward trend.Secondly,the variance-covariance method is used to measure regional liquidity risk.The liquidity risk is intensified,and the regional liquidity risk is increasing with time and growing at a faster rate.The liquidity risk in the eastern,central and western regions showed an upward trend,and the liquidity risk growth rate in the central and western regions was higher than that in the eastern region.Thirdly,the spatial Dubin model was constructed to study the spatial correlation of the impact of financial innovation efficiency on regional liquidity risk.The results show that the efficiency of financial innovation significantly aggravates the occurrence of regional liquidity risks,and promotes regional liquidity risk spillovers.The liquidity risks of neighboring provinces and cities have positive spatial spillover effects on the provinces and cities.The financial innovation in the eastern and central regions has the same performance as the liquidity risk in 29 provinces and cities.The financial innovation efficiency in the western region has a weakening effect on liquidity risk and has an important positive effect on regional capital flows.In addition,the control variable analysis shows that the government's fiscal expenditure,central fixed asset investment and bank capital have a negative elasticity coefficient to regional liquidity risk,which reduces the possibility of liquidity risk.Government fiscal expenditures and central fixed asset investment in neighboring provinces and cities will reduce the liquidity risk of the provinces and cities to a certain extent,and bank capital has a spatial spillover effect on liquidity risks.Foreign direct investment and technological advancement have increased regional liquidity risk and have a spatial spillover effect.Finally,it puts forward countermeasures and suggestions such as integrating financial factor resources,guiding the coordinated development of financial innovation,eliminating the grey area of innovation supervision,strengthening the liquidity risk assessment,and strengthening the government supervision function,so as to effectively deal with the synergy between financial innovation and regional liquidity risk.Relationships to promote the healthy development of the financial industry. |
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