The Mechanism Of Financial Resources Spatial Allocation On Regional Technological Innovation Under Environmental Regulation

Regional sustainable economic development depends on technological innovation.With resources depletion growing and environmental pollution increasing, China's traditional economic growth mode is difficult to continue. In the past, China's rapid economic growth is largely based on high consumption of energy and resources. How to realize innovation-driven economic development mode transition is an important issue to local government. As the most important means of resources allocation in the market,finance leads to the scale, structure, and flow direction of the capital , also changes the finance spatial organization way. Scale and structure are static indicators of finance spatial allocation mode, but the flow of financial resources directly lead to agglomeration. The "center-periphery" pattern of financial industry will bring disequilibrium development, wether it can improve the efficiency of financial resource allocation to realize the harmony between environment and technological innovation ability is worth exploring. Based on the analysis of the interactive mechanism in environment, financial resource and technological innovation, the main contents and conclusions are as follows:(1)Interactive relationship in environmental regulation, financial resources and regional technological innovation. Using carbon footprint and water footprint as proxy variables of resource and environment, we measure the regional environmental carrying capacity and ecological pressure index. We analyze the correlation between environment and regional technological innovation. Through LMDI decomposition method, the results explain how the technological innovation effects carbon footprint intensity and water footprint intensity . According to the results, technical efficiency promotes the decrease in the strength of the two footprint types, which improves the resource utilization efficiency. Industrial structure and scale effect play a negative role to two kinds of footprint intensity in China. Then, we build the conceptual mode to explain the linkage mechanism in financial resources allocation?environmental regulation and regional technological innovation.(2)Action mechanism of financial resources spatial allocation scale on regional technological innovation under environmental regulation. By joining environmental regulation indicators, this paper builds an evaluation system of the green technological innovation ability. We measure the green technological innovation ability factor score and analyze the spatial distribution pattern,the results show that China's green technological innovation ability is "point-line-surface" type ,and it presents a gradient evolution pattern. Rank order is the eastern region, the central region and the western region. China's green technological innovation ability has the characteristics of the distribution of the "center-periphery". "Growth poles" are concentrated in beijing-tianjin-hebei, the Yangtze River delta , the pearl river delta , and they have significant technological spillover effect.We build a technology growth model under the perspective of spatial spillover ,which explains the mechanism of financial resources allocation scale on regional technological innovation ability, the view is put forward that regional technological innovation growth paths mainly include "learning by doing", technology import and independent innovation, and the result shows that the financial investment intensity difference on R&D and human capital is the main cause of regional technology distance.All of the technology growth paths depend on local knowledge capital and human capital stock which are the key elements of innovation. If technology backward areas want to catch up with advanced areas, they can increase the financial investment in the two fields , and make its growth rate beyond the leading technology areas .Using spatial variable coefficient under half parameters measurement model(MGWR) to analyze the impact of financial resources allocation scale, environmental regulation, human capital, R&D investment, the stock of knowledge and other variables on green technological innovation ability. The empirical result shows that in different regions, the financial resources allocation scale has the different impact on regional green technological innovation. In developed areas, the financial resources allocation scale lead to lower marginal technology innovation, but in undeveloped areas, the financial resources lead to marginal technological output increasing. To green technological innovation ability ascension, knowledge makes the greatest contribution ,followed by human capital, the last one is R&D spending.(3) Action, mechanism of financial resources spatial allocation structure on regional technological innovation under environmental regulation. We build the mathematical model of financial resources spatial structure on regional technological innovation, it explores the way of financial resources allocation in the different industry sectors ,and how to effect the regional technological innovation. The financial department applys the different financial friction coefficient and the different cost of financing to different industry, which eventually leads to the different technological growth rate between departments, the intermediate goods trade conduct this difference to each industry. Then,we put forward the view that the financial frictions and costs will affect the financial resources allocation structure, then it restricts industry growth rate. Under the perspective of industrial structure, a weighted average of the growth rate is equal to the area industry technology innovation growth rate. The weight represents the importance of the industries which depends on the share of the industry output.This paper analyzes the direct effect and indirect effect of the financial resources allocation structure on regional green technological innovation by establishing a nonlinear dynamic panel model. We find that the direct influence degree is higher of financial resources allocation structure on technological innovation. Indirect effect is positive through the human capital market, foreign investment and other channels , but the foreign trade growth has the negative effect ,which is related to our country foreign trade at the low-end value chain positioning. Environmental regulation on regional green technology innovation ability is the negative impact, which shows that China's overall economic development level is still not beyond the turning points in porter hypothesis.(4)Action mechanism of financial resources spatial agglomeration on regional technological innovation under environmental regulation. Through the perspective of"growth effect" on technological innovation, we explore how the financial industry agglomeration promote the regional environmental technical innovation efficiency by improving the efficiency of resource allocation. Using slack-based measure function(SBM) to measure the regional environmental technical innovation efficiency and GML index. Based on the measure of financial agglomeration degree, we test the spatial spillover effect on the financial agglomeration significantly.The result shows that the environmental pollution factor greatly lowers the regional environmental technical innovation efficiency, technological progress makes the largest contribution to the environmental technical innovation efficiency .The second is technological efficiency and scale of efficiency, scale of technology plays a negative role. From the spatial distribution, the east is the highest ranking order, followed by the western region, the last one is the central region. Pattern of China's financial agglomeration degree presents characteristics of the gradient from the east to the west.The financial centers are concentrated in developed coastal areas such as hebei, jiangsu,guangdong.Based on the mathematical analysis of financial resources spatial agglomeration on regional technical innovation efficiency, we build the spatial econometric model of financial agglomeration degree and the environmental technical innovation efficiency.In the higher or lower financial agglomeration degree regions , the promotion effect is not significant. While the financial agglomeration degrees is at medium level, the financial agglomeration degree presents the positive correlations with the environmental technical innovation efficiency. Other variables show a larger difference on influence to the regional environmental technical innovation efficiency as the regional development level different.Regional differences come from the threshold effect, through the threshold model estimation results, we put forward that the financial agglomeration has double threshold effect on the regional environmental technical innovation efficiency. The financial agglomeration degree and the regional environmental technical innovation efficiency has an inverted "U" type relationship, which means too high or too low degree of financial agglomeration play a negative role on the regional environmental technical innovation efficiency . At the same time, the results show that marketization has a dual threshold effect in promoting the regional environmental technical innovation efficiency,we put forward the view that only with the appropriate degree of marketization, the financial agglomeration will play the important role to promote the regional environmental technical innovation efficiency.The innovation of this paper is as follow, we makes environment, finance and technology form a research system , then we analyze the interactive mechanism Between the three. Based on the proxy variables of carbon footprint and water footprint,we measure regional ecological carrying capacity, and analyze the environmental effect from technological innovation. Then, we build a relatively comprehensive evaluation system to measure the degree of financial agglomeration and it's spatial distribution pattern . We estimate GML index of the regional environmental technical innovation efficiency and get the factors decomposition . We put forward the view that three kinds of mechanisms about the financial resources spatial allocation on regional technological innovation under environmental regulation, then we build the theoretical model and the spatial econometric model, some new conclusions are obtained.