Research On The Influence Of Financial Structure On Regional Innovation Capability

Innovation is a key factor in promoting economic growth,a source of national development,and the soul of national progress.General Secretary Xi Jinping reemphasized at the 19 th National Congress that "innovation is the first driving force for development." To promote high-quality economic development,we must strengthen the strategic support of technological innovation.A highly efficient,stable,wellfunctioning and well-structured financial system can guarantee the source of scientific and technological innovation funding.In order to promote the effective matching of financial structure and regional innovation and development,improve resource allocation efficiency,improve regional innovation capability,and promote high-quality economic development,it is urgent to strengthen the supply-side structural reform of the financial system.Based on the analysis of related literatures at home and abroad,this paper analyzes the impact of financial structure on regional innovation capability.Firstly,on the basis of combing the "dichotomy" financial structure theory,functional finance theory and optimal financial structure theory,the paper proposes the mechanism of financial structure affecting regional innovation ability.Secondly,using descriptive statistical methods to analyze the development history and current status of China's financial structure and regional innovation capability.Then,select the panel data of 30 provinces in China from 2007 to 2016,and study the impact of financing market structure and bank structure on regional innovation capability from the national level,and further divide the eastern,central and western regions and sub-regions to explore financial structure for regional innovation.Regional differences in capacity impact.On this basis,we will further study the different influences of financial structure on the ability of independent innovation and the ability to introduce imitation and innovation in various regions.Finally,based on the empirical research results of this paper,countermeasures are proposed.The results of this paper show that:(1)From the perspective of financing market,compared with indirect financing market,the development of direct financing market will significantly enhance regional innovation capability.From the perspective of the banking system,compared with state-owned banks,the development of small and medium-sized banks will significantly promote the improvement of regional innovation capabilities.The adjustment of the banking market structure has a greater effect on the regional innovation capability than the adjustment of the financing market structure to the regional innovation capability.(2)In terms of regions,the impact of financing market structure and banking structure on regional innovation capability in the eastern and western regions still has a positive impact,and the effect of banking structure on regional innovation capability is greater than that of financing market structure to regional innovation capability.Enhancement.(3)Different types of innovation models require different types of financial structures to match.The banking system is more suitable for providing financial support for the introduction of imitation innovation,and the direct financing market is more suitable for providing financial support for independent innovation.