| The report of the 20 th CPC National Congress pointed out that we should "adhere to the core position of innovation in China’s overall modernization drive".At present,China’s development has entered a period where strategic opportunities and risks coexist and uncertain and unpredictable factors increase.In the face of severe and complex international situation and the huge risks and challenges that follow,especially in the face of the sudden COVID-19 epidemic,"integrity and innovation" can help us not lose direction,not make disruptive mistakes,grasp the times,and lead the times.To this end,we must adhere to the "coordinated promotion of the construction of international scientific and technological innovation centers and regional scientific and technological innovation centers",We should "strengthen the construction of basic scientific and technological capabilities,strengthen scientific and technological strategic consultation,and improve the overall efficiency of the national innovation system".Enhancing the ability of independent innovation is a necessary prerequisite for improving scientific and technological strength and achieving stable and rapid development,but the current situation of independent research and development in China is not optimistic.The report of the 20 th National Congress of the Communist Party of China pointed out that the problem of unbalanced and inadequate development in China is still outstanding,there are still many bottlenecks in promoting high-quality development,and the ability of scientific and technological innovation is not strong.Traditional finance plays an important supporting role in improving the level of scientific and technological innovation and promoting the high-quality development of the economy,but it also has certain limitations.For example,China’s traditional financial system is not perfect enough,resulting in the low coverage of traditional finance for small and medium-sized scientific and technological innovation enterprises,and the support strength can not meet the needs of enterprises.At the same time,traditional finance is easy to cause moral hazard due to the relatively simple regulatory approach.The breeding of risk behaviors such as adverse selection and the above reasons ultimately make the role of traditional finance in promoting regional technological innovation not fully reflected.As a new and efficient financial service model relying on emerging digital technologies such as big data,blockchain and cloud computing,digital finance provides a potential way to answer the question of how to promote regional technological innovation through financial development.It has formed a new generation of financial service model by combining the Internet and information technology with traditional financial service formats.Compared with traditional finance,digital finance has four core advantages in promoting the improvement of regional technological innovation level: more sufficient information exchange,more control of transaction costs,more comprehensive financing coverage,and more significant spillover effect.It can effectively reduce the problems of information asymmetry and significantly improve the tension of traditional financial financing behavior,with more participants,larger financing funds In the context of more adequate information exchange,the positive externality effect of financing activities for science and technology enterprises will be brought into full play,resulting in scale technology spillover effect,guiding social funds to flow to science and technology industries,and ultimately promoting the upgrading of regional industrial structure.This paper studies the relationship between digital finance and regional technological innovation level by putting forward the research hypothesis through theoretical analysis and then empirical regression to verify the hypothesis,using the provincial panel data from 2011 to 2020,respectively using the system GMM model,dynamic threshold panel regression model and intermediary effect model.The main conclusions of this paper are as follows: 1.The development of digital finance can promote the improvement of regional technological innovation level.In particular,the development of regional digital finance can significantly promote the improvement of regional core technological innovation level,while the improvement of regional relatively low-end technological innovation level is not significant;2.The study of further constructing the dynamic threshold panel model found that the promotion of digital finance to regional technological innovation level is more significant in regions with higher development level of digital finance and human capital,that is,the promotion of digital finance to regional technological innovation shows a significant "non-linear" feature;3.This paper also studies the spatial difference of the promotion of digital finance to regional technological innovation level by constructing a spatial grouping regression model.The research finds that the promotion of digital finance to regional technological innovation level is more significant in eastern China;4.By constructing the event impact model,this paper also verifies the strengthening effect of the Hangzhou G20 Summit on the effect of digital finance on promoting regional technological innovation;5.This paper analyzes the transmission mechanism of digital finance affecting the regional technological innovation level more deeply through the intermediary effect model,and provides a new perspective of "financial assistance to the real economy" based on this internal influence mechanism,and finally draws relevant policy recommendations.The study found that digital finance mainly improves the level of regional technological innovation by reducing the financing constraints of technological innovation entities and promoting the upgrading of industrial structure,which also suggests that we should trace back to the source while continuing to develop digital finance.On the one hand,we should resolutely increase the investment in regional research and development,effectively alleviate the financing constraints of innovation entities,and on the other hand,we should constantly improve the relevant financial regulatory system to ensure the upgrading process of industrial structure.The relevant research conclusions of this paper not only enrich the relevant research on the impact of digital finance on regional technological innovation level based on provincial panel data,but also remind the relevant departments of China to continue to promote the development of digital finance,drive the financing activity through policy guidance,adhere to the collaborative development of various links of digital finance,such as top-level design,data integration,technology subject,digital supervision,and give full play to the promotion role of digital finance in regional technological innovation,etc,It also provides some reliable policy inspiration and theoretical basis for how to strengthen the spillover effect of digital finance,promote regional coordinated development,and improve the quality of regional financing system. |
