The Impact Of Financial Agglomeration On Green Innovation Efficiency

Financial agglomeration is an efficient organizational form of the modern financial industry,which not only plays an significant role in the course of financial development,but also plays an important role in the process of green innovation in China.Green innovation is the key to achieve energy conservation,emission reduction and innovative development.However,innovation activities have the characteristics of strong professionalism,long research and development cycle and great uncertainty of research and development results,which requires the financial system to play a role in risk diversification and financial support.However,the development of China’s financial agglomeration is still in its preliminary stage Regional development is not balanced.The development of financial agglomeration does not match the financial affordability of some regions.Whether financial agglomeration can affect the efficiency of green innovation and the direction and magnitude of the impact are all Issues worth studying at this stage.This paper analyzes the impact of financial agglomeration on the efficiency of green innovation,and explores how to improve the efficiency of green economic development by improving the level of financial services,thereby promoting the process of green transformation of the Chinese economy.This paper carefully combs the related classic theories and cutting-edge research at home and abroad,analyzes and summarizes the connotation,influencing factors and measurement methods of financial agglomeration and green innovation efficiency,and summarizes the influence mechanism of financial agglomeration and green innovation efficiency.First of all,this paper selects the relevant data of 30 provinces(municipalities and autonomous regions)in China from 2008 to 2018,and uses the principal component analysis method to calculate the financial agglomeration degree from 4 dimensions of banking,securities,insurance and financial scale.Secondly,the DEA-Malmquist index model is constructed to measure the change of green innovation efficiency and its decomposition value of China’s provincial administrative units under the consideration of "innovation achievements" and pollutant emissions,and makes an empirical study on how financial agglomeration affects green innovation efficiency.Thirdly,using the ordinary panel model,under the full sample conditions,the paper studies the impact of financial agglomeration,industrial structure,environmental regulation,endowment structure,fiscal expenditure,export ratio and foreign direct investment on green innovation efficiency,green innovation technology efficiency and green innovation technology progress,and divides the samples into 3 regions,namely the East,the middle and the west,to investigate the diversity of financial agglomeration influence.In addition,the panel quantile regression method is used to deeply study the effects of various factors at different points of green innovation efficiency,and verify and supplement the results of ordinary panel regression.Finally,considering the important role of industrial structure in the influence mechanism of financial agglomeration on green innovation efficiency,this paper studies the mediating effect of industrial structure on the effect of financial agglomeration on green innovation efficiency.The main research conclusions are as follows:(1)From 2008 to 2018,China’s financial agglomeration degree and green innovation efficiency have obvious regional differences,but the distribution of the two is generally consistent,and both show a general trend of increasing over time.From the perspective of spatial distribution,the eastern region is also significantly higher than the central and western regions.By decomposing the efficiency of green innovation,it can be seen that during the research period,the improvement of the efficiency of green innovation mainly came from the progress of technology,which is also the reason why the efficiency of green innovation in the eastern region has a significant advantage.With the "strategy of the rise of the central region",the central region strengthened the introduction of high-tech enterprises and talent training,and achieved the reverse in efficiency improvement.(2)On a national scale,financial agglomeration plays a significant role in promoting the efficiency of green innovation.At this stage,financial agglomeration has advantageously promoted technological progress,while curbing the improvement of technological efficiency.From the regional level,the impact of financial agglomeration on each region is the same as the direction of the national level,which is to promote the improvement of green innovation efficiency and technological progress,and inhibit the improvement of technological efficiency.From the perspective of effect,financial agglomeration contributes the most to the western region with the lowest level of economic development,followed by the central region,and the least to the eastern region,which also reflects the obvious decreasing trend of marginal utility of financial agglomeration.(3)Through the quantile regression analysis,it is found that the promotion of financial agglomeration on technical efficiency and technological progress shows the trend of diminishing marginal utility,while the suppression on technical efficiency shows the trend of increasing marginal utility.The impact coefficient of financial agglomeration on technological progress is significantly higher than that on technological efficiency,indicating that the positive impact of financial agglomeration is far greater than its negative impact.Promoting the progress of green innovation technology is the foremost way to facilitate the efficiency of green innovation.Through the research on the intermediary effect of financial agglomeration on the efficiency of green innovation,the important role of industrial structure in the path of influence is once again confirmed,with the amount of intermediary effect up to 61.52%.The intermediary effect of financial agglomeration on technical efficiency and technological progress was 55.04%and 18.76%,respectively.This paper makes the following suggestions:First,adhere to the marketization of financial reforms and improve the distortion of financial resource allocation.Second,we should promote the optimization and upgrading of the industrial structure and focus on the coordinated development of regional financial services.The third is to strengthen the guiding role of government financial services and optimize the spatial structure of financial agglomeration.