Research On Vulnerability Evaluation And Regulation Of Technology And Financial Coupling System

As the 17 th National Congress of China noted,building an innovative country is a strategic goal,the 18 th National Congress of the CPC clearly pointed out that to deepen the innovation-driven development strategy,the 19 th National Congress of the CPC stressed the need to adhere to science and technology to lead the strategy,promote the deep integration of technology and finance,while maintaining the bottom line of systemic financial risks.It can be seen that how to realize the healthy and sustainable development of the coupling of technology and financial is a real problem that needs to be solved now.Vulnerability as an intrinsic property of coupling system has been recognized by scholars in different fields of research,however,in the existing research,the research on the vulnerability of the technology and financial coupling system is very scarce,which will not be conducive to theoretically guiding the development of China's Techfin practice.This dissertation systematically studies the influencing factors,formation mechanism,changing rules,evaluation methods and judgment criteria of the vulnerability of technology and financial coupling system.Firstly,this paper proposes a conceptual model of the vulnerability of technology and financial coupling system,and deeply analyzes the connotation,characteristics and influencing factors of the vulnerability of the coupling system.The study believes that the vulnerability of the coupling system is a comprehensive manifestation of internal dimension vulnerability,external dimension vulnerability and efficiency dimension vulnerability.Among them,the internal dimension is the direct factor causing the vulnerability of the couping system;the external dimension is the driving factor that causes the vulnerability of the coupling system;the benefit dimension refers to the coupling results,which is the manifestation of the vulnerability of the coupling system.Secondly,this paper proposes the evaluation process and conceptual framework of the vulnerability of technology and financial coupling system,and combines the “inductive method” and “deductive method” to construct a comprehensive evaluation of the vulnerability of China's technology and financial coupling system.The indicator system and the comprehensive measure model,the sub-dimension measure model and the sub-factor measure model include 33 specific indicators,12 sub-factor indexes,and 3 sub-dimension vulnerability indexes.Thirdly,this paper quantitatively analyzes the overall characteristics and stage trends of China's technology and financial coupling system vulnerability from 2007 to 2017,and summarizes the technology and financial coupling system from the provincial level.Dynamic evolution of vulnerability and spatial differentiation.The research shows that:(1)The vulnerability of China's technology and financial coupling system is generally decreasing.The period of 2007-2013 is the period of volatility reduction,and the period of 2014-2017 is slow reduction.Currently,it is in the vulnerability stage dominated by internal dimension vulnerability;(2)In terms of spatial distribution,the vulnerability of China's technology and financial coupling system has a significant “gradientization” feature.Although the regional gap is shrinking,the vulnerability of the coupling system in the central and western regions is significantly higher than that in the eastern region.In a moderately vulnerable state.At the same time,the provincial level has a significant spatial agglomeration effect,showing the characteristics of “clustering”.The coupling system is less fragile and the concentrated distribution is mainly in the eastern region.After 2012,the vulnerable low-value clusters around Chongqing and Sichuan has also gradually formed,and the spatially concentrated areas with high vulnerability are mainly in the three northeastern provinces and the western region.Finally,combined with the vulnerability evaluation results of China's technology and financial coupling system,the three-dimensional judgment model is used to classify the vulnerability of provincial technology and financial coupling systems,with 7 low-level vulnerable areas,14 moderately vulnerable areas,and 9 highly vulnerable areas.Based on this,the overall response measures and classification control measures for the vulnerability of China's technology and financial coupling system are proposed.