Research On The Influence Of Financial Science And Technology Input On The Quality Of Economic Growth

With the deepening of reform and opening-up and the further development of the market economy,China’s economy has achieved rapid growth and ranks second in the world.However,behind the rapid economic growth are hidden problems such as excessive resource consumption,ecological environment destruction,large gap between the rich and the poor,unbalanced development structure and so on,which seriously affect the comprehensiveness of future economic growth.The traditional unbalanced,uncoordinated and unsustainable extensive growth model no longer meets the needs of new development.Instead,we should focus on improving the quality of economic growth.The 14th five year plan put forward at the fifth plenary session of the 19th Central Committee of the Communist Party of China emphasizes that “we should take promoting high-quality development as the theme” and“put innovation in the highest position of economic development”,which shows that the focus of China’s future development will further shift from total economic growth to highquality economic development,in which scientific and technological innovation will play a vital role.In this context,this thesis uses global principal component analysis to measure the quality of economic growth of 30 provinces and autonomous regions in China from 2007 to2017 from four dimensions of economic growth: efficiency,structure,welfare improvement and sustainability.From the perspective of technology diffusion,the mediating effect method and spatial Durbin model are used to analyze the driving effect of financial investment in science and technology on the quality of economic growth.This thesis measures the economic growth quality of 30 provinces in my country from2007 to 2017 through global principal component analysis,and applies the intermediary effect method and the spatial Durbin model to analyze the driving effect of financial technology input on the quality of economic growth.The results show that: first,financial technology input can improve the quality of Chinese economic growth from the efficiency,structure,welfare improvement and sustainability of economic growth,and has the most obvious effect on the sustainability of economic growth.In addition,there is regional heterogeneity in the impact of financial technology input on the quality of economic growth,and only the northern,eastern and southern coastal areas have a positive impact on the quality of economic growth.Second,starting from the two conditions for achieving technology diffusion effects,the scale of technology market development and the flow of human capital,financial technology input can improve the quality of economic growth through technology diffusion channels.Third,there is spatial spillover effect in the technology diffusion channels of financial technology input on the quality of economic growth.Under the transmission of technology diffusion channels,financial technology input can also have a positive impact on the quality of economic growth in surrounding areas.Based on the above conclusions,this thesis puts forward corresponding policy suggestions.