Research On The Spatial Effect Of High-quality Financial Development On Regional Innovation Capabilitie

The "14th Five-Year Plan" proposes to adhere to the innovation-driven development strategy,optimize the national innovation system,and enhance the innovation capability of enterprises.As the core of the modern economy and the bloodline of the real economy,finance has the functions of financing and information transmission,which helps to alleviate financing constraints in the process of innovation,reduce information asymmetry,and improve financial efficiency.The high-quality development of finance helps enterprises to innovate and is crucial to enhancing regional innovation capabilities.Improving the service quality and efficiency of the financial industry and vigorously enhancing regional innovation capabilities have become the strategic priorities for building a modern socialist country.Based on the panel data of 30 provinces,cities and autonomous regions(except Tibet,Hong Kong,Macao and Taiwan)in China from 2010 to2019,this paper constructs the evaluation index system of financial high-quality development and regional innovation ability by using entropy method,analyzes the current situation of China’s financial development and innovation ability,empirically analyzes the overall impact of financial high-quality development on regional innovation ability by using spatial econometric model,and The four dimensions of efficiency and risk further explore the spatial effect of Finance on regional innovation ability,and then put forward policy suggestions to promote high-quality financial development and enhance regional innovation ability.The study found that:(1)there is a significant spatial positive correlation between high-quality financial development and regional innovation ability.The improvement of the quality of financial development in the region can effectively improve its innovation ability,but it is not conducive to the improvement of innovation ability in surrounding areas.(2)Financial scale can significantly promote the improvement of innovation ability in the region.Due to the obvious characteristics of economies of scale in the financial industry,financial resources gather in the central region,which is not conducive to the improvement of innovation ability in the surrounding areas.(3)The financial structure has a negative impact on the innovation ability of the region and its surrounding areas,China’s financial structure is dominated by indirect financing,and the allocation and pricing of funds are subject to various government interventions,which will cause efficiency losses,which needs to be further optimized and upgraded.(4)The improvement of financial efficiency is conducive to the innovation and development of the region,but due to its siphon effect,it has an adverse impact on the improvement of innovation ability of surrounding areas.(5)Financial risks are spreading and gathering,which has a significant negative impact on the innovation ability of this region and surrounding areas.Based on this,the following suggestions are proposed: First,adhere to the promotion of regional coordinated development strategy,rationally allocate financial resources,and focus on narrowing the differences in the financial development levels of East,Central and West China,and avoid vicious competition of financial resources;second,optimize the financial structure and accelerate the implementation of banking reforms.Improve the capital market system structure,lower the threshold for the listing of technology-based companies,vigorously support the development of the venture capital market and the corporate bond market,and focus on solving the problem of financing difficulties for technology-based companies.Market-oriented reform,expanding the floating range of loan interest rates,enriching the entry and exit channels of equity investment,and further improving the efficiency of asset allocation;fourth,improving the financial supervision system,speeding up the construction of the banking industry control system,strengthening macro-prudential management,and enhancing the ability of financial institutions to mitigate risks ability.