The Impact Of Financial Agglomeration On Regional Technological Progress

The report of the nineteenth National Congress pointed out that China’s economy has shifted from a stage of rapid growth to a stage of high-quality development,and it is necessary to speed up the construction of an innovative country.One of the main symbols of innovative countries is the improvement of labor productivity and social productivity,which mainly depends on scientific and technological progress and comprehensive innovation.Its essence is to rely on innovative activities to promote economic development and competitiveness,which depend on technological progress to achieve,so it puts forward higher quality development requirements for technological progress.Then,the 2021 annual report on the work of the government put forward the requirement of making more funds flow to financial agglomeration such as scientific and technological innovation and innovative supply chain financial service mode,because financial agglomeration can organize resources such as means of production and high-quality scientific and technological talents in a more efficient way,and promote the technological progress of the region.Therefore,the research on the impact of financial agglomeration on regional technological progress has become a very important research topic,and has very important practical significance.In order to study this topic,this paper combs the research literature of scholars at home and abroad on such issues,and finds that the academic community has carried out some research on this issue.Their research has clear problems and logic,and has drawn some effective research conclusions.At present,the academic community generally agrees that financial agglomeration can promote regional technological progress,but some scholars hold the opposite view.It can be seen that there are conflicting views on the research conclusions of scholars at home and abroad on this issue,indicating that some scholars do not have a thorough analysis of the mechanism of financial agglomeration affecting technological progress,and do not have a clear analysis of the regional differences of financial agglomeration affecting technological progress.Therefore,on the basis of sorting out the concepts and characteristics of financial agglomeration and technological progress,this paper collects and collates relevant data with the help of the State Intellectual Property Office,China Statistical Yearbook and wind database,and constructs an individual time double fixed effect model for empirical analysis.In order to further explore the characteristics of the nonlinear impact of financial agglomeration on technological progress,this paper also constructs a square term model with financial agglomeration as the core explanatory variable for empirical test.Further,according to economic reality and theoretical analysis,this paper takes R&D investment as a threshold variable to build a double threshold effect model for analysis,further studies the role of R&D investment in the process of financial agglomeration affecting technological progress,and draws a practical theoretical conclusion:financial agglomeration has a positive role in promoting technological progress,but there are regional differences,And the role of financial agglomeration in promoting technological progress is non-linear,showing the characteristics of inverted U-shaped as a whole,and the role of R&D investment in the impact of financial agglomeration on technological progress has a double threshold effect.After obtaining more realistic research results,this paper further puts forward the following policy suggestions to further promote regional technological progress,accelerate the construction of financial centers,and shift the focus from coastal areas to inland areas,while paying attention to the maintenance of benign market order in financial agglomeration areas.