Research On The Impact Of Financial Agglomeration On Regional Technological Innovation

Economic globalization has brought great opportunities for China’s development.China’s economy has shifted from the stage of high-speed growth to the stage of high-quality development.At the same time,challenges also arise.The competition among countries becomes more fierce,and countries lacking core technologies are subject to the control of others in their development and are at a disadvantageous position in the international arena.In order to get rid of this dilemma,we need to improve the ability of regional technological innovation.Science and technology is the primary productive force,innovation is the source of development,and finance can provide strong financial support for technological innovation.With the rapid development of the financial industry,financial resources continue to flow and gather,breaking through regional restrictions and producing huge economies of scale effect.Financial agglomeration can provide a strong driving force for regional technological innovation.Therefore,this paper studies and analyzes the impact of financial agglomeration on regional technological innovation.This paper takes 30 provinces,municipalities and autonomousregions in China as research objects,and studies the impact of financial agglomeration on regional technological innovation with the data from 2011 to 2020.Firstly,the entropy method and the mutation progression method are used to measure financial agglomeration and regional technological innovation respectively,and the development status is compared and analyzed from the provincial and regional levels.Then ordinary panel model is established to explore the financial agglomeration effect on regional technological innovation;and use the mediation effect model from two paths of informatization level and credit scale explore financial agglomeration effect on regional technological innovation,and performed a regional heterogeneity analysis;finally,the threshold effect model is used as the intermediary variable and the threshold variable to explore the non-linear influence of financial agglomeration on regional technological innovation.The results show that the financial agglomeration and regional technological innovation level in China are increasing year by year,but there is regional heterogeneity,and the eastern region is ahead of the central and western regions.Financial agglomeration plays a significant role in promoting regional scientific and technological innovation,and it can also have a positive impact on regional technological innovation through the informatization level and credit scale path.From the perspective of different regions,under the two influence paths,the direct effect of financial agglomeration on regional technological innovation in the western region is the largest,while the intermediary effect in the central region is the largest.The regression of the threshold effect shows that the credit scale can play the role of a single threshold,and after crossing the threshold,the promoting effect of financial agglomeration on regional technological innovation is strengthened,while the informatization level cannot play a role in the threshold.