Research On The Impact Of Financial Development On Regional Economic Resilienc

Since the subprime mortgage crisis in 2008,there have been continuous shocks at home and abroad,and in the face of the double pressure,China’s economy is still able to operate stably,mainly due to its strong economic resilience.Therefore,the study of economic resilience has been given profound significance.As finance is the ballast of the economy,it is inevitable to mention the economic resilience without the support of finance.While finance provides a steady stream of power for the economy,the evolution of an innovative society is also becoming stronger,so whether there are differences in the change of technological innovation in the process of financial support for the economy has become one of the key issues considered by the society today.Therefore,it is particularly important to explore how to adjust through the financial system when the economy encounters a shock,and how to better use the power of technological innovation to recover.Based on this,it is attempted to verify the relationship between finance and economic resilience,and the role played by technological innovation in this process.Based on the annual panel data of 30 Chinese provinces from 2008 to 2021,the paper explores the impact of financial development on economic resilience and whether technological innovation can be used as a threshold variable to change the trend of the impact of financial development on economic resilience.Firstly,the connotation,theoretical study and mechanism analysis of the research topic are carried out;secondly,based on the principle of comprehensiveness and representativeness,and on the premise of referring to previous research results,the entropy TOPSIS method is uesd to construct an economic resilience index system in combination with the resilience to risk,adaptability and innovation and transformation ability of the economy to measure the development level of economic resilience,and uses the system GMM model to explore the impact of financial development on economic resilience at the linear level,the role played by financial structure and financial scale in enhancing the ability of economic resilience are compared horizontally,then use the threshold model at the nonlinear level to explore the threshold effect of technological innovation on financial enhancement of regional economic resilience,whether technological innovation becomes the key to financial enhancement of regional economic resilience.The main conclusions are as follows:(1)According to the system GMM model,the financial structure and financial scale exhibit significant effects on economic resilience,where financial structure mainly enhances economic resilience by improving the economy’s ability to resist risks,and financial scale mainly enhances economic resilience by improving the economy’s ability to adapt;(2)The regression results of the threshold model show that financial structure and financial scale have a threshold effect on economic resilience,and technological innovation has become the key to financial promotion of economic resilience,and the robustness test shows that there is also a time period variability of external shocks in the role of financial promotion of economic resilience.Through the above conclusions,the policy recommendations of this paper are the following three points:(1)strengthen the linkage between finance and economy,and realize a new development pattern of point to area.The spillover effect of finance is fully utilized to drive the surrounding economic resilience;(2)improve the financial market system according to local conditions and guide the development of the financial system in conjunction with the economic development in the region,so that financial resources are rationally allocated and unreasonable factor flows and market failures are avoided;(3)give full play to the functional effects of finance according to the time period.In different periods of dealing with shocks,different policies are formulated to effectively play the role of financial support to the economy.This study helps to clarify the effect of financial influence on economic resilience and the role of technological innovation threshold effect,which can not only provide a new perspective of financial development and technological innovation to improve economic resilience,but also prepare economies to better cope with shocks in a timely and effective manner,and has new and expanded significance to explore the factors affecting the improvement of economic resilience in China.