Research On The Influence Of Financial Agglomeration On Regional Science And Technology Innovation Efficiency

Based on the distribution trend of financial factors and the spatial pattern,China has promoted the construction of financial reform and innovation pilot zones in various regions and accelerated the construction of financial agglomeration zones,indicating that financial agglomeration has become the basic organizational form of modern financial industry.Especially during the transition period of innovative countries,the financial industry,as the leading industry and engine of regional economic development,plays an important role in the development of regional science and technology innovation.This paper first analyzes the relevant theories of financial agglomeration and regional science and technology innovation efficiency,and sorts out the mechanism of action of the two.Secondly,it expounds the impact of financial agglomeration on regional science and technology innovation efficiency,and combines the provinciallevel panel data of 13 years from 2005 to 2017 to construct a financial agglomeration index evaluation system and use principal component analysis method to measure financial agglomeration,using DEA model measure.Regional technology innovation efficiency value.By designing a spatial Dubin model incorporating spatial correlations,the effects of financial agglomeration on regional science and technology innovation efficiency are measured and evaluated from an empirical perspective.Finally,combined with the development of banking,securities,insurance industry and innovation-driven development strategy,from the four aspects of financial capital allocation,financial marketization process,financial supervision,financial system optimization,propose relevant countermeasures.Through the spatial correlation test,it is found that the degree of financial agglomeration in China and the efficiency of regional science and technology innovation are affected by spatial correlation,and there are regional differences.Theempirical test results show that financial agglomeration can promote the efficiency of regional scientific and technological innovation,but the effect will not last for a long time.The further decomposition of financial agglomeration shows that banking agglomeration plays a significant role in promoting the efficiency of regional scientific and technological innovation,while the supporting role of securities industry agglomeration is not significant,while insurance industry agglomeration restricts the efficiency of regional scientific and technological innovation.In view of this,in order to make full use of the spatial spillover effect of financial agglomeration and improve the efficiency of regional science and technology innovation,it is proposed to allocate financial capital to efficiently support technological innovation,financial marketization to exert innovative incentive effect,financial supervision to promote technological innovation risk system construction,and multi-level financial system.Four recommendations for optimizing the environment for technological innovation.