Regional Financial Innovation,Technological Innovation And Economic Growth

Academics have a long history of research on economic growth.The primary issue of economic growth is to analyze the sources and factors that affect economic activity and measure the size of their role in seeking ways and means to promote sustainable economic growth.However,two kinds of factors that are most active in the modern economy and society-the importance of finance and science and technology to the economic growth have become increasingly prominent and people pay more and more attention.When science and technology innovation and financial innovation are highly integrated and coordinated development,economic prosperity and social wealth often appear highly growth,on the contrary it will cause economic turmoil.The key to making innovation a long-term driver of China's economic growth lies in understanding the inherent links between financial innovation,technological innovation and economic growth.In the past,most of the studies on financial innovation,technological innovation and economic growth were conducted alternately.The research mainly focused on the macroeconomic effects of financial innovation,exploring the endogenous channels of technological progress and promoting economic growth,or analyzing the relationship between financial innovation and The interactive influence of science and technology innovation does not systematically analyze the intrinsic relationship and influence between the three.Based on the in-depth research,analysis and summary of relevant research results,this paper deduces the economic growth model that combines financial innovation and technological innovation based on the theory of three-sector economic growth model to find out the financial innovation and technological innovation to promote economy The mechanism of growth.On this basis,we examine the spatial correlation and clustering of financial innovation,technological innovation,and economic growth in the region as well as the financial innovation and technological innovation to promote economic growth through capital accumulation,enhancement of total factor productivity(TFP)and environmental construction Effect.We hope to provide theoretical basis and technical support for formulating policies on promoting technological progress of enterprises,establishing a science and technology financial service system,and accelerating the economic restructuring and development.The research is carried out in the following:Firstly,we built an efficiency evaluation index system for regional financial innovation and scientific and technological innovation.We used the DEA Malmquist index method to measure the total factor productivity of regional financial innovation and scientific and technological innovation,and measured the differences and spatial efficiency of regional financial innovation and technological innovation.The characteristics of distribution are analyzed.From the spatial distribution of total factor productivity,there is still some clustering phenomenon in neighboring regions.The results show that: regional financial innovation and technological innovation are divided according to the efficiency level to find the heterogeneity between regions more easily.From the perspective of time trends,there are also differences in financial innovation efficiency and technological innovation efficiency between regions.Secondly,on the basis of clarifying the meaning of coordinated development between innovation environment and economic growth,the paper analyzes the coordinated development of several subsystems such as regional innovation eco-environment,environment of financial innovation subject and environment of science and technology innovation and economic growth.On this basis,the evaluation index system of the regional innovation ecological environment,the main financial innovation environment and the main environment of scientific and technological innovation are respectively constructed,and the factorial evaluation model and the principal component evaluation model of each year of 2009-2014 are respectively established to evaluate the innovation environment.Finally,the model of coupling coordination is used to empirically analyze the dynamic evolution of sub-regions,sub-types and sub-periods in the coordinated development of innovation environment and economic growth in our country.The results show that the coupling degree between economic growth and innovation environment in many regions are mostly at low level,antagonistic and in-running.The coordination degree is mainly moderate disorder,mild disorder and downturn,and the coupling degree between economic growth and innovation ecological environment and coordination is better than the main environment for scientific and technological innovation,but also better than the main financial innovation environment.The degree of coupling and coordination of the main environment of finance and technological innovation is obviously lower than the level of coupling and coordination of economic growth and innovation environment,indicating that all regions should pay attention to and strengthen the integration of finance and technological innovation to better promote economic growth.Then,based on the three-sector economic growth model,the author deduces the influence of financial innovation and technological innovation on economic growth in theory,and obtains two propositions:Proposition 1: The strength of regional financial innovation is one of the important factors that affect economic growth.Under the control of other factors,the enhancement of regional financial innovation will have a significant positive impact on economic growth.Proposition 2: The Impact of Independent Innovation in Science and Technology Innovation on Economic Growth Is Related to the Technological Differences at Home and Abroad.When there is a big gap between technology at home and abroad,the higher the proportion of independent innovation,the more it will weaken or even eliminate the positive effect of financial innovation on economic growth.When the domestic and foreign technological gap is small,strengthening independent innovation will magnify the impact of financial innovation on the economy The positive effect of growth.In the end,the author calculates the efficiency and the environment,and uses the entropy weighting method of panel data and the means of empowering the innovation efficiency and the environment to measure the financial innovation and technological innovation.On the basis of this,it investigates the spillover effect of innovation and the regional economy And the spatial dependence of the development,and establish the spatial Dobbin model based on the deduced economic growth model,and construct the spatial weight matrix from two aspects of geographical features and socio-economic characteristics respectively,and make an analysis of the regional financial innovation,technological innovation and economic growth The spatial dynamic relationship between the impact of empirical analysis.The results show that there is spatial autocorrelation between economic growth,financial innovation strength,scientific and technological innovation strength and their product terms in all regions from 2009 to 2014.And this correlation is mainly reflected by the "high-high" agglomeration in the eastern coastal region and the western The "low-low" agglomeration in underdeveloped regions;the lagged term in economic growth and the lagged one variable have a significant positive impact on the current economic growth.The regression coefficients of financial innovation strength in all three models are positive,and have a significant positive impact on economic growth in the adjacent spatial weight model and economic spatial weight model.However,the strength of science and technology innovation,the integration of science and technology finance and their space lagged items have different directions and distinctive influences on economic growth.