Research On The Incentive Effect Of Digital Finance On Regional Technological Innovation

At the Fifth Plenary Session of the 19 th Central Committee of the Communist Party of China,on the basis of scientific research and judgment on the domestic and international situation,the party pointed out that in the current period of important strategic opportunities,facing the complicated international situation and the arduous and arduous tasks of domestic reform,development and stability,especially the new crown pneumonia epidemic."Forge ahead,pioneer and innovate" is still the general tone for us to overcome various risks and challenges and continue to ride the waves.At present,my country's economic development is facing bottleneck barriers to transformation.In order to achieve breakthroughs in key core technologies and become one of the long-term goals of entering the forefront of innovative countries in the world,the government will continue to implement innovation-driven strategies and accelerate through various supporting industrial policies.The construction of a national innovation system,but in view of the operational deficiencies of China's traditional financial model,the status quo of independent innovation in my country is not optimistic.In this context,digital finance,as an important part of the party's 19 th National Congress of the Communist Party of China,proposes to build a digital China and its due meaning to the theme of building a modern financial system.Its efficient and wide-covered brand new financial service model is used to address regional technological innovation The bottleneck problem has brought new opportunities.Based on this,this thesis takes this as the core and conducts detailed research around this core issue and related fields by building a relatively complete research framework with different dimensions,diversified structures.Combining actual research issues,under the necessary research hypothesis and expectation framework,we use the 2011-2018 provincial panel data,build a multidimensional model,adopt diversified research methods,and start on the basis of endogenous problem handling and robustness testing.The empirical content research of the above four chapters centered on the relationship between digital finance and regional technological innovation level,and the following preliminary conclusions have been obtained.(1)Digital finance can effectively exert its "incentive effect" on the level of regional technological innovation.From the perspective of the mechanism of action,digital finance can promote the level of regional technological innovation through indirect ways such as alleviating corporate financing constraints,increasing R?D investment,expanding consumer demand,improving consumption structure,and improving the level of opening up and optimizing,and upgrading the regional industrial structure.Promote.Furthermore,we also found that there are significant differences in the spatial and temporal dimensions of the role of digital finance in promoting regional technological innovation.The main manifestations are: in the eastern region and after important changes in the development of digital finance,digital finance has an impact on regional technology.The "incentive effect" of the innovation level is more prominent.In addition,we also found that digital finance does have a significant impact on improving the level of regional economic development,and this significant impact is more prominent in the eastern and central regions,and one of the paths to achieve this impact is driven by regional technological innovation,that is,digital finance can be achieved through Promote the improvement of regional technological innovation level and realize the economic growth of the region.Specifically,this path implies a more detailed causal chain transmission path of technological innovation activities,that is,the development of digital finance promotes the increase of R?D investment in the region The increase in R?D investment is an important incentive for the improvement of the level of innovation output.The increase and application of innovation output have realized the overall technological progress of the region,and technological progress as an important driving force has significantly stimulated the improvement of the regional economic development level.(2)The "incentive effect" of digital finance on the level of regional technological innovation does have significant spatial spillover characteristics.Specifically,first,the regional technological innovation behavior itself has a positive spillover effect of time,space,and the interaction of time and space;second,through the decomposition of spatial effects,we find that the innovation "incentive effect" of digital finance has significant internal and external double spaces.Spillover paths(direct effects and indirect effects);again,the nature and effect of spatial spillover paths are different under the conditions of time,geographical dimensions,and spatial weight matrix heterogeneity,but in general,the space in the long-term effect The spillover effect will be relatively more significant;finally,the spillover path within the region,that is,the direct effect,is still the core mechanism for digital finance to exert the "incentive effect" of innovation.(3)There are significant conditional characteristics of the "incentive effect" of digital finance on the regional technological innovation level.Specifically,first,the "incentive effect" of digital finance on the regional technological innovation level results in nonlinear changes due to its own development and perfection;secondly,the "incentive effect" of digital financial innovation will also be affected by institutional quality and absorption.Ability(human capital level)and the degree of market segmentation and other key factors;and further,only at a better stage of digital finance development,based on better institutional quality,higher absorptive capacity(human capital level),and a lower degree of segmentation Under the atmosphere of the market structure,it is possible for digital finance to exert a greater and more significant "incentive effect" on the level of regional technological innovation.Throughout the full text,this article focuses on the theoretical analysis and empirical research content of the basic framework such as the relationship between digital finance and regional technological innovation,internal transmission and mechanism of action,spatial spillover effects,and conditional changes.It not only enriches financial support,The theoretical system of technological innovation behavior encouragement enhances the integration of cross-disciplines and has certain theoretical significance and academic research value.It is also in the current atmosphere of "mass entrepreneurship and innovation",which calls for financial deviating from the virtual to the real and serving the entity.Under the initiative of the economy,on the basis of the implementation of the innovation-driven strategic policy in the economic transition stage,the scientific and rationality of the policy formulation of the government and other relevant departments,as well as the work results of the past ten years,have been tested.Realistic meaning.