Study On The Coupling Mechanism And Effect Of Financial Innovation And Technological Innovation

Under the background of building national innovation system and implementing innovation driven strategy,the economic development depends on the technological innovation.While the technological innovation is inseparable from the support of financial innovation in the stages of R&D,transformation and industrialization.At the same time,financial innovation is also in the urgent need to upgrade the technology level.On this basis,financial innovation and technological innovation interact with each other,forming a dynamic and complex coupling relationship.With the deepening of reform and innovation in China,it is of great theoretical and practical value to understand their inherent combination law,and to promote their combination to better serve the social and economic development.Based on the coupling relationship of financial innovation and technological innovation,this dissertation analyzes the coupling mechanism between them.Then,this dissertation measures their coupling degree and studies their coupling effect.Finally,this dissertation puts forward some suggestions to promote their better interaction.This dissertation is divided into six parts.(1)The coupling theoretical basis of financial innovation and technological innovation.In this part,this dissertation explains the related theories,including innovation theory,financial development theory and self-organization theory.Then,this dissertation judges their coupling relationship and analyzes the self organizing characteristics of the coupling system.(2)The coupling mechanism of financial innovation and technological innovation.In this part,this dissertation discusses their coupling factors and coupling motivations.Then,this dissertation constructes their coupling evolution model and reveals how the whole coupling system evolution through the subsystem self catalysis,the subsystem cross catalysis and the coupling system super circulation.Furthermore,this dissertation divides the coupling process and points out that under the interaction and feedback of the two subsystems,the coupling stage develops from the low level coupling,antagonistic coupling,grinding coupling to the high level coupling,finally forming the organic integration of technology and finance.(3)The coupling measurement of financial innovation and technological innovation in China.Based on the data of 31 provinces in China from 2004 to 2014,this dissertation evaluates the level of financial innovation and technological innovation respectively.Then,through the establishment of the coupling coordination degree model,this dissertation sets up the coupling evaluation criteria.Finally,this dissertation analyzes the time characteristics,spatial characteristics and future development trends of the coupling coordination degree in China.Our findings suggest that: the coupling coordination degree of 31 provinces needs to be improved.From the time characteristics,more than 1/3 provinces have entered into the grinding coupling stage,but the high level coupling provinces number is less.From the spatial characteristics,the coupling coordination degree gradually declines from the eastern region to the central and western region,showing obvious local spatial agglomeration characteristics.(4)The spatial effect of financial innovation and technological innovation coupling on economic growth in China.From the perspective of regional development,the coupling of financial innovation and technological innovation is an important force to promote economic growth.Due to the spatial spillover,their coupling not only affects the region's economic growth,but also affects neighboring economic development through the "competition effect" and "demonstration effect".This dissertation uses the spatial panel model to analyze the coupling effect on economic growth,using the data of 31 provinces in China.Our findings suggest that: from the national level,their coupling can promote the economic growth.From the regional level,the coupling "competition effect" in the eastern region strengthens the innovative resources agglomeration and not effectively promotes the neighboring economic growth.The coupling "demonstration effect" in the central region guides the neighboring economic development in a good way,and the coupling ability in the western region should be improved.(5)The threshold effect of financial innovation and technological innovation coupling on technology spillover in China.From the perspective of opening up,the coupling coordination degree of financial innovation and technological innovation is an important "absorptive capacity" variable in the technology spillover process.This dissertation uses the threshold panel model to analyze the coupling effect on technology spillover,using the data of 31 provinces in China.Our findings suggest that: their coupling has significant single threshold effect for the import technology spillover,FDI technology spillover and OFDI technology spillover.Only when the coupling coordination degree exceeds the threshold value of 0.634,the technology spillover can effectively promotes the technological progress of the country.At present,there is not many provinces in China across the threshold value.(6)The coupling policy suggestions of financial innovation and technological innovation in China.Based on the above research,this dissertation points out some coupling problems in China,and puts forward some policy recommendations to promote their coupling.There are three innovation points in this dissertation.Firstly,this dissertation studies the coupling mechanism of financial innovation and technological innovation from the perspective of complex system,and establishes a new theoretical framework.Secondly,from the regional perspective,this dissertation measures the coupling coordination degree of 31 provinces in China,which provides a useful reference for the further coupling improvement of each province.Finally,from the perspective of coupling effect,this dissertation expands the coupling research space,and enhances the coupling guidance value in the reality.In the innovation era,the research on the coupling of financial innovation and technological innovation will receive more attentions from scholars.The problems to be further studied in this dissertation include: the study on the historical evolution of their coupling,the study on the industry heterogeneity and firm heterogeneity of their coupling,the study on the risk and vulnerability of their coupling.