| With the deepening of reform and opening up,our economy has experienced a high-speed growth,while bringing the rapid development of social capital.The more perfect system plays an important role in promoting technological innovation,and the social capital differences represented by social organizations have a more obvious impact on the efficiency of technological innovation.In 2021,the 14 th five-year plan emphasizes the role of mass organizations and social organizations in social governance,while improving social norms such as citizens’ conventions and village rules.Strengthening the support of civil affairs has gradually become one of the important breakthrough points to improve the efficiency of technological innovation and promote high-quality economic development(Wan and Wang,2016;Liu and Lu,2022).As an informal system,social capital can promote the communication and cooperation among the subjects in the region,so as to promote the efficiency of regional technological innovation.In recent years,with the development of science and technology,especially the rapid development of digital finance,social capital plays an important role in regional innovation efficiency.As a new financial model,digital finance is integrated with digital technology,such as big data and artificial intelligence,and has become an important driving force for the growth of regional innovation efficiency.Many literatures have proved that social capital and digital finance can affect the efficiency of regional technological innovation respectively,but few scholars have discussed the relationship among them.In view of this,this paper based on the social capital theory,financial development theory,regional innovation theory and other related theories,on the basis of the definition of the concept,this paper theoretically analyzes the mechanism of the impact of social capital and digital finance on the efficiency of regional technological innovation.First,the Data envelopment analysis method was used to measure the efficiency of regional technological innovation in 30 provinces(cities and autonomous regions)from 2012 to 2019.At the same time,it constructs the regional social capital index from the angle of social network,social norm and social information,and uses the principal component analysis to measure the social capital index.Finally,the panel Tobit model and the intermediary effect model are used to empirically analyze the impact of social capital and digital finance on the efficiency of regional technological innovation,combined with relevant theories,this paper explores whether digital finance plays an intermediary role in the impact of social capital on regional innovation efficiency,and it is of great significance to promote the coordinated development of digital finance and social capital and promote the efficiency of regional innovation.The main conclusions are as follows:(1)Social capital has a significant positive impact on the efficiency of regional technological innovation.From the perspective of social capital subdivision,social organization,social norms and social information all play a significant role in promoting regional technological innovation.(2)Social capital has a significant positive impact on the development of digital finance,and the development of digital finance can promote the efficiency of regional innovation.Social capital promotes the development of digital finance by improving transaction efficiency,digital finance participation and reducing transaction costs.While digital finance provides diversified financing channels,it can accurately control the risks and benefits of innovation projects,so as to improve the efficiency of regional innovation.(3)The development of digital finance plays a part of intermediary role in the mechanism of social capital affecting regional innovation efficiency.The improvement of social capital not only promotes the efficiency of regional technological innovation directly,but also promotes the efficiency of regional technological innovation indirectly by promoting the development of regional digital finance.(4)From the point of view of the Digital Finance sub-index,the coverage breadth index and the use depth index play a part of intermediary role between social capital and regional innovation efficiency,while the degree of digitalization does not.Communication and cooperation are more common in regions with higher social capital,effectively increasing the coverage of financial products and services,and promoting the use of financial services such as payments,credit and investment,so as to improve the efficiency of regional innovation.The innovation of this paper is as follows:(1)Most of the previous literatures only examine the impact of social capital or digital finance on the efficiency of regional technological innovation;In this paper,the impact of social capital and digital finance on regional innovation efficiency is analyzed by embedding digital finance into the impact mechanism of social capital on regional innovation efficiency.(2)There is little literature to examine the intermediation effect of digital finance,and the coordinated development of regional digital finance and social capital is crucial to the improvement of the efficiency of regional technological innovation.Therefore,this paper constructs the measure model of regional technological innovation efficiency and social capital,and makes an empirical study using the intermediary effect model.(3)In order to further study the intermediation path of digital finance,this paper subdivides the total index of digital finance development into three aspects:coverage breadth,use depth and digitalization degree,this paper discusses the difference of intermediary function of different digital finance development sub-index. |
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