The Impact Of Financial Agglomeration On The Efficiency Of Industrial Green Innovation

The report of the 19 th CPC National Congress proposed that building ecological civilization is the essential plan for the sustainable development of the China.It is important to establish and implement the concept that lucid waters and lush mountains are invaluable assets,and adhere to the basic national policy of resource conservation and environmental protection..In order to promote the coordinated development of economy and society and alleviate the pressure of ecological environment,the development of green economy has been paid more and more attention.Promoting green innovation has become one of the important ways to break through the constraints of resources and environment and achieve high-quality economic development.In recent years,China has continued to increase innovation investment,and the support of R&D personnel and R&D funds has increased.However,the increase of innovation investment does not mean the relative improvement of innovation efficiency.There are still some problems such as waste of resources and low innovation efficiency in the process of green innovation of China’s industrial enterprises.To achieve the overall improvement of green innovation ability,it is essential to have the support of financial forces.China 2021 Central Economic Work Conference pointed out that it is time to increase financial support for green development and form a virtuous circle of science and technology,industry and finance.Financial agglomeration is the basic organizational form of modern financial industry.It is important to improve financial market and give full play to the function of financial market.It can provide various financial services for green technology innovation and promote green innovation of enterprises.However,there may also be problems such as credit discrimination and financing constraints,which restrict the improvement of green innovation efficiency.Therefore,it is significant to explore whether financial agglomeration can improve the efficiency of industrial green innovation.This paper analyzes and tests the impact of financial agglomeration on the efficiency of two-stage green innovation.By combing the current research on the measurement of financial agglomeration,the definition and measurement of green innovation efficiency,and the influencing factors of green innovation efficiency,this paper clarifies the research trends in the fields related to financial agglomeration and green innovation efficiency.In the mechanism analysis part,from the economies of scale effect,innovation incentive effect and resource allocation effect,this paper analyzes the impact direction and mechanism of financial agglomeration on the efficiency of two-stage industrial green innovation.In the empirical research part,firstly,based on the theory of financial resources,financial agglomeration is divided into basic core financial resources and substantive intermediate financial resources,and the weight of each index is calculated by entropy method to obtain the financial agglomeration index.Secondly,based on the innovation value chain theory,the industrial green innovation process is divided into two stages: green technology R&D and green achievement transformation,and a two-stage industrial green innovation input-output system is constructed.The green R&D efficiency value and green achievement transformation efficiency value are calculated through the super efficiency DEA model,the temporal and spatial evolution characteristics of the two-stage efficiency value are analyzed,and the average efficiency value is taken as the division standard,The utilization modes of green innovation resources in each province are divided into four modes: efficient and intensive green innovation,high R&D low achievement transformation green innovation,low R&D high achievement transformation green innovation and extensive low efficiency green innovation.Finally,using the system GMM model and panel threshold model,the linear and nonlinear relationship between financial agglomeration and China’s two-stage industrial green innovation efficiency is tested and analyzed.The results show that:(1)The distribution of financial resources in China has the regional characteristics of "East,middle and west" decreasing,with prominent regional imbalance and large inter provincial differences.Provinces and cities with a high level of financial agglomeration are basically concentrated in the eastern region,followed by the central region and the western region.(2)The efficiency loss in the process of industrial green innovation comes more from the R&D stage of green technology.From2010 to 2019,green R&D efficiency and green achievement transformation efficiency showed a decreasing pattern in the East,middle and West.The green R&D efficiency of provinces and cities began to be polarized,and the regional difference of green achievement transformation efficiency was relatively small.(3)From the perspective of the utilization mode of industrial green innovation resources in various provinces,Beijing,Shanghai,Zhejiang,Guangdong,Jiangsu,Tianjin,Hubei and Hainan belong to efficient and intensive green innovation mode,Hunan,Fujian,Anhui and Sichuan belong to high green R&D low achievement transformation mode,Jiangxi,Shandong and Henan belong to low green R&D high achievement transformation mode,and Inner Mongolia,Shanxi,Qinghai,Shaanxi Gansu,Yunnan,Guizhou,Heilongjiang,Liaoning,Xinjiang,Ningxia,Jilin,Guangxi and Chongqing belong to an extensive low efficiency green innovation model.(4)It is different in the direction of financial agglomeration on the green innovation efficiency of industrial enterprises in the two stages.Financial aggregation can effectively promote the transformation efficiency of green achievements,but it has an inhibitory effect on the improvement of green R&D efficiency.It may because that the income certainty in the achievement transformation stage is higher than that in the R&D stage,and the capital under financial agglomeration is profit driven,so it mostly flows to the achievement transformation stage to promote its efficiency.(5)The relationship between financial agglomeration and two-stage green innovation efficiency presents nonlinear characteristics.When the level of financial agglomeration is gradually improved,the inhibitory effect of financial agglomeration on green R&D efficiency is gradually weakened,and the promoting effect on green achievement transformation efficiency is also gradually weakened.Based on the research conclusions,this paper puts forward the following suggestions:(1)Industrial enterprises should pay attention to the improvement of green R&D efficiency.The R&D link itself has strong uncertainty and is prone to efficiency loss.While increasing investment,enterprises should pay attention to the improvement of R&D efficiency and reduce resource loss as much as possible.(2)Financial institutions should increase their support for green innovation activities of industrial enterprises,guard against excessive financial agglomeration and curb the efficiency of green innovation.Financial institutions should pay more attention to the support for R&D links,reduce the R&D risks of enterprises,optimize the capital supply structure,and guide the flow of funds to green innovative enterprises and green production R&D links through green financial products and services such as green credit,green bonds,green funds and green insurance.(3)Different regions should adopt targeted financial development strategies.At present,some areas with high financial agglomeration need to properly regulate the development of financial industry to avoid efficiency loss under resource overcrowding.Areas with relatively backward financial development need to further promote the process of financial system reform and financial deepening,promote the integration and agglomeration of financial industry,and give better play to the supporting role of financial industry in real industry.(4)Strengthen the guidance and guarantee role of the government in the process of green innovation.The government can improve the enthusiasm of enterprises to participate in green innovation through tax reduction,interest discount and risk compensation,leverage social capital with financial funds,give full play to the leverage effect of financial funds,create a fair and just innovation environment,and give full play to the role of market regulation at the same time of macro-control.