Research On The Influence Of Financial Innovation Efficiency On High Quality Economic Development In Western China

The high-quality development of economy in the new era is reflected in the high efficiency of production factors,and one of the advantages of financial innovation lies in the integration and optimization of financial resources by financial innovation subjects,so as to realize the efficient use of production factors.Therefore,to support high-quality economic development,we need to develop high-quality financial innovation.So,based on the efficiency perspective of financial innovation,this paper uses DEA Malmquist index and factor analysis method to quantify the efficiency of financial innovation in the western region,the livelihood index and coordination index representing the high-quality economic development,and constructs the pvar(1)model of the efficiency of financial innovation and the livelihood index of high-quality economic development in the western region,respectively The pvar(2)model,which coordinates with the index of high-quality economic development,empirically tests the impact of financial innovation efficiency on high-quality economic development in the western region.The results show that financial innovation in the western region will promote high-quality economic development by improving people’s livelihood index.Specifically,financial innovation efficiency has a positive impact on people’s livelihood index in the short term,and gradually tends to be stable after the second period,showing no significant promotion effect in the long term.Financial innovation in the western region will restrain the high-quality development of economy by weakening the coordination index.Specifically,the efficiency of financial innovation in the western region will accelerate the uncoordinated development of high-quality economy in the short term,and in the long term,the efficiency of financial innovation has a reverse correction effect on the coordination index.In view of the above problems,in order to promote the efficiency of financial innovation in the western region to better promote the high-quality development of the economy,to meet the growing needs of the people for a better life,to solve the problem of imbalance and inadequacy,this paper holds that we should strengthen the coordination of financial scale and technical efficiency,promote the output of economic benefits,actively promote the financial innovation based on improving people’s livelihood,and adhere to the guidance of coordinated development In order to speed up the efficient combination of financial and economic development quality in the western region,we should carry out corresponding policy arrangements in three macro levels of financial innovation.