Research On The Impact Of Financial Deepening On Technological Progress In China Under The Factor Substitution Effect

Endogenous economic growth theory that the financial deepening of economic growth is the main way to promote technological progress.With the Chinese economy into the new normal,play the role of financial services,the real economy to ensure that the Chinese economy in the speed shift upgrade quality,is of great significance.At the same time,the aging of the population on the dividend of the population,the Chinese economy has produced a "demographic dividend subsided-labor prices rose-capital substitution labor" forcing mechanism.Relying on the low labor costs of the extensive development of unsustainable,factor-driven innovation driven to imminent change.Based on this,this paper studies the relationship between financial deepening and technological progress from the macro and micro levels,and explores the theoretical mechanism of financial deepening to influence technological progress.This paper studies the relationship between financial deepening and technological progress under different theoretical mechanisms,provides a new perspective for the topic of financial deepening and economic growth,and puts forward the optimization strategy on the discovered problems.In addition to the introduction of the paper is divided into seven chapters,the specific arrangements and the main contents are as follows:Chapter 2 studies the theoretical framework of financial deepening of technological progress under the effect of factor substitution.On the basis of defining the related concepts,this paper analyzes the basic theory of financial deepening of technological progress and expands its theory to form a theoretical framework for the subsequent analysis.Chapter 3 studies the microscopic mechanism of factor substitution effect.Microscopic mechanism focuses on how to deepen corporate governance to deepen corporate governance,which is conducive to the improvement of corporate elements to replace the flexibility.Business managers to optimize the R&D investment decision-making to the market,while investors through information transactions affect corporate R&D investment,the formation of "financial market efficiency to enhance-reduce the degree of non-synchronous stock prices-R&D investment to enhance the sensitivity of stock prices-R&D investment decision optimization-Factor substitution elasticity".Based on this,the author puts forward the corresponding theoretical hypothesis:the financial market efficiency is positively related to the R&D investment of the enterprise-the stock price sensitivity.The financial deepening has a positive effect on the R&D investment of the enterprise through the influence of the corporate governance.Chapter 4 studies the macroscopic mechanism of financial deepening of technological progress under the effect of factor substitution.On the basis of defining the core concept,this paper studies the capital deepening mechanism,the industrial structure adjustment mechanism and the factor substitution mechanism which deepen the influence of the financial progress.According to this,the corresponding theoretical hypothesis is put forward:the deepening of finance can promote the deepening of capital and improve the level of capitalist technological progress.At the same time,financial deepening can influence the industrial structure through the delivery of financial resources and finally affect the total factor productivity.The higher the substitution of labor,the deeper the degree of capital deepening,the greater the adjustment of industrial structure,the factor replacement elasticity to the financial deepening of technological progress has a threshold effect.Chapter 5 measures and analyzes the main variables.In terms of financial deepening variables,the expansion of inter-provincial financial scale is measured by the ratio of financial correlation and the added value of financial industry to GDP.The stock price of listed companies is measured by the non-synchronous measure of financial market efficiency.In terms of technological progress variables,the use of transcendental logarithmic cost function to calculate the share of different factors of production,the dynamic output elasticity instead of the fixed output elasticity,the calculation of neutral technological progress(Solow residual);the use of construction and installation of fixed assets investment Price index and the relative change of the fixed assets investment price index of the equipment and equipment,and the characteristics of the change of the capital quality of the reaction equipment to capture the technological progress of the capital embodied in the investment process of the equipment.Factor replacement variables,the use of capital-labor-energy three elements of the input beyond the logarithmic cost function framework,the size of China 's inter-provincial elements of the alternative elasticity of the size of a reasonable calculation,as far as possible to avoid production errors caused by missing errors.Chapter 6 uses the panel data model of Chinese listed companies to test the microscopic mechanism of factor substitution effect.The empirical results show that the deepening of financial efficiency as the main feature can enhance the R&D investment of the enterprise-increase the sensitivity of the stock and increase the investor's private information through the secondary market transaction reaction to the stock price,and guide the R&D investment The At the same time,financial deepening and corporate R&D investment can improve capital-labor substitution elasticity.Chapter 7 uses the panel data model of China province to test the macroscopic mechanism of financial deepening under the effect of factor substitution.The empirical results show that the deepening of financial expansion with financial scale expansion can promote the technological progress of capital by promoting capital deepening.However,the adjustment of the industrial structure from the secondary industry to the tertiary industry will lead to the decline of total factor productivity,While the effect of financial deepening on total factor productivity is not significant.The analysis of the threshold effect of capital-labor substitution elasticity reveals that the degree of capital-labor substitution elasticity is lower than the threshold when the financial deepening promotes the technological progress is low;the capital-labor substitution elasticity is higher than the threshold value,the financial deepening promotion The degree of technological progress will be greatly improved.Chapter 8 puts forward the policy suggestions of financial deepening and promoting technological progress.By guiding the financial resources to the high-end manufacturing industry to gather,reduce the financial resources to the low-end service industry and improve the technological progress,factor endowment coordination to rationally guide the allocation of financial resources and promote technological progress in the industry;through sound corporate R&D information disclosure mechanism,Ease the R&D financing constraints,to improve the efficiency of financial markets to promote R&D investment.