| As a knowledge and technology intensive industry,high-tech industry upgrades industry through continuous technological innovation,which makes the national economy keep sustainable development.In the report of the Nineteenth National Congress,General Secretary Xi Jinping also emphasized that the development of hightech industry is conducive to the transformation and upgrading of China's industrial structure.At present,with the support of science and technology finance,China's hightech industry has achieved rapid development.The overall development trend is good,but the technological innovation activities of high-tech enterprises have the characteristics of high investment,long R&D cycle and high risk.The financing difficulties and financing channels hinder the development of technological innovation in high-tech industries.The process of technological innovation of high-tech industry can not be separated from the support of financial system.Therefore,it is of great practical significance to explore the impact of financial agglomeration on technological innovation of high-tech industry in China.Firstly,based on the theory of financial agglomeration,the efficiency of technological innovation and the theory of financial agglomeration affecting technological innovation,this paper analyses the impact of financial agglomeration on technological innovation of high-tech industry.Then,from the perspective of financial function,the direct and indirect spillover effects of financial agglomeration on technological innovation of high-tech industry and financial agglomeration on technological innovation of high-tech industry are deeply analyzed.Secondly,the efficiency of financial agglomeration and innovation of high-tech industry in China is measured by location entropy and DEA model respectively,and the descriptive analysis is carried out.Through theoretical mechanism analysis and empirical research,the following conclusions can be drawn:(1)There is a positive spatial correlation between financial agglomeration and technological innovation of high-tech industries in different regions of China,and technological innovation of high-tech industries has spillover effect,which promotes technological innovation in adjacent areas.(2)The impact of financial agglomeration on the growth of innovation efficiency of high-tech industries in China has significant industry heterogeneity.Banks and venture capital agglomeration play a significant role in promoting the innovation efficiency of high-tech industries,but banking agglomeration has the greatest impact,with an impact coefficient of 0.239,which is related to the current financial market structure in China.The agglomeration of securities industry has no significant effect on technological innovation,while the agglomeration of insurance industry has a significant inhibitory effect on the growth of innovation efficiency of high-tech industry.(3)In the process of provincial financial agglomeration supporting innovation efficiency of high-tech industries,financial agglomeration has two different effects on adjacent areas: positive and negative spillovers.As for the positive spatial spillover effect,China's banking industry and venture capital have significant positive spatial spillover effect on high-tech industry innovation,and the spatial spillover effect of venture capital agglomeration is greater than that of banking and securities industry.The spillover effect of securities industry is not obvious,which may be related to the imperfection of China's capital market system.Relevantly,the support function of capital market has not been fully developed.The development of banking and venture capital agglomeration exerts the radiation diffusion effect through the extension of financial service network,and stimulates the innovation efficiency of high-tech industries in neighboring areas.Regarding the reverse spillover effect,the agglomeration of insurance industry has a significant reverse spatial spillover effect on the technological innovation in the vicinity.(4)There are many factors affecting the innovation efficiency of high-tech industries.Human resources investment,government science and technology investment and foreign trade are still important factors to promote the innovation efficiency of high-tech industries.The impact of human capital investment on innovation efficiency of high-tech industry is still large.Talents can bring the improvement of vision and concept,better resources,more advanced technology and the driving force of transformation.Government expenditure and foreign trade will also have a significant positive impact on regional economic growth.Government investment in science and technology is still very important.Therefore,we should pay full attention to these factors to promote the level of technological innovation in China's high-tech industries.Finally,based on the conclusions of the study,some policy recommendations are put forward to promote the sustainable and healthy development of China's financial agglomeration,in order to help the innovation efficiency of China's high-tech industries steadily improve. |
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