| Regional technological innovation is the key to facilitating the high-quality development of China's regional economy.More importantly,it reflects the core power for speeding up the building of a dual-circulation development pattern.Regional technological innovations include the initial R&D input in technological innovations and the productization and industrialization of technological innovation achievements.Given that diverse technological innovation activities take place in each stage,a continuous,steady,and sufficient supply of capital should be provided to support technological innovations throughout the process.In other words,efficient,low-cost financial services are vital factors for raising the level of regional technological innovations in each stage.As a new form of finance,digital finance is characterized by low costs,low thresholds,convenience,and efficient services.For one thing,it widens and deepens financial services,providing capital support for regional technological innovations.For another,with the assistance of emerging technology,it increases financial services' efficiency,optimizes the allocation of financial resources in different regions,and raises the level of regional technological innovations in the industrialization stage.Furthermore,it even stimulates residents' consumption in the region,which raises the technological innovation level in the productization stage.On the other hand,we should also see that digital finance is a "double-edged sword",which accelerates the spread speed of financial risks and expands the scope and harmfulness of financial risks.As the level of financial supervision differs,the impact of digital finance on the level of regional technological innovations may be vary significantly.Besides,digital finance is significantly network-based and reliant on technology,which enables it to break time-spatial limits and enhances the mobility of financial resource flows between regions.Does regional digital finance have a spatial cluster effect on technological innovations? Does China's digital finance have a spatial spillover effect on regional technological innovations in each stage? From this perspective,exploring the impact of China's digital finance on regional technological innovations systematically and comprehensively is of significant academic value for raising the overall level of regional technological innovations.The paper mainly employs theoretical knowledge of statistics,quantitative economics,and finance to study the impacts of China's digital finance on the regional technological innovation level.Besides,all chapters are organized in a pandect-content logic,proceeding from theoretical analysis to empirical analysis.The pandect first defines the connotations and characteristics of digital finance and regional technological innovations.Next,it reviews fundamental theories on digital finance and regional technological innovations.Then,it divides regional technological innovations into innovations in the R&D,productization,and industrialization stages and explores the theoretical mechanism behind digital finance's impacts on the regional technological innovation level in each stage.Given that digital finance has a financial attribute and carries risk and technological characteristics,this part incorporates financial supervision and spatial factors into analyzing digital finance's influential effect on regional technological innovations,expanding the theoretical framework for such analysis.The content part selects provincial administrative regions as main research samples.It focuses on exploring the influential effect of digital finance on regional technological innovations in the R&D,productization,and industrialization stages based on relevant theories.Besides,it probes into the spatial spillover effect of digital finance's impact on regional technological innovations.Firstly,it examines digital finance's impacts on regional technological innovations in the R&D stage.By referring to the credit constraint mechanism behind digital finance's impact on technological innovations in the R&D stage,it studies the direct impact of the overall development level,coverage,depth,and degree of digital finance on technological innovations in the R&D stage.Meanwhile,it studies the mechanism effect,threshold effect of financial supervision,and regional heterogeneity of the overall development level of digital finance on technological innovations in the R&D stage.Secondly,it studies digital finance's impacts on regional technological innovations in the productization stage.Based on the credit constraint mechanism,consumption scale,and consumption structure mechanism behind digital finance's impacts on technological innovations in the productization stage,it explores the direct effect the coverage,depth,and digitalization degree of digital finance on regional technological innovations in the productization stage.Next,it probes the mechanism effect,threshold effect of financial supervision,and regional heterogeneity of the overall development level of digital finance on regional technological innovations in the productization stage.Thirdly,it studies digital finance's impacts on regional technological innovations in the industrialization stage.Based on the credit constraint mechanism and credit resource allocation efficiency mechanism of digital finance's impact on regional technological innovations in the industrialization stage,it explores the direct effect of the coverage,depth,and digitalization degree of digital finance on regional technological innovations in the industrialization stage.Next,it probes the mechanism effect,threshold effect of financial supervision,and regional heterogeneity of the overall development level of digital finance on regional technological innovations in the industrialization stage.Fourthly,it studies the relations between digital finance's development,spatial spillover,and regional technological innovations.Based on theoretical analysis,it studies whether spatial correlations exist between digital finance and regional technological innovations in each stage and whether spatial spillover effect exists between digital finance and regional technological innovations in each stage.Based on the study findings mentioned above,the paper draws the following conclusions:(1)China's digital finance significantly can raise the level of regional technological innovations in the R&D stage by easing regional credit constraints.Such impact has prominent regional heterogeneity,and digital finance in western regions facilitates technological innovations in the R&D stage more significantly than in central and eastern regions.(2)China's digital finance can raise the level of regional technological innovations in the productization stage by easing regional credit constraints and changing residents' consumption behaviors.Such impact has prominent regional heterogeneity: Digital finance in eastern regions facilitates technological innovations in the productization stage more significantly than in central and western regions.(3)China's digital finance can raise the level of regional technological innovations in the industrialization stage by easing regional credit constraints and optimizing regional credit resource allocation.Such impact has prominent regional heterogeneity: Digital finance in eastern regions facilitates technological innovations in the industrialization stage more significantly than in central and western regions.(4)Digital finance's facilitation of regional technological innovations should be supported by adequate financial supervision.(5)Digital finance's impact on regional technological innovations in each stage reflects a cluster effect.Digital finance's impact on technological innovations has no special spillover effect in the R&D stage,while a significant positive spillover effect can be found in the productization and industrialization stages.The paper mainly has four innovations:(1)Based on the whole process of regional technological innovations,including the R&D,productization,and industrialization stages,comprehensively measuring the level of regional technological innovation;it discusses the inherent mechanism of digital finance's impact on regional technological innovations,expanding the theoretical framework for analyzing such impacts.(2)It analyzes the influence mechanism and influential effect of digital finance's facilitation of regional technological innovations from the supply and demand perspectives.Regarding the supply side,digital finance can ease financing constraints.Regarding the demand side,digital finance affects residents' consumption behaviors.These two impacts jointly facilitate regional technological innovations.(3)Digital finance is a double-edged sword with significant risk characteristics.Hence it introduces financial supervision elements to analyze the threshold effect of digital finance's impact on regional technological innovations.(4)As the product of deep integration between finance and emerging technology,digital finance has financial and technological attributes.The paper embeds spatial elements in the pattern of digital finance—regional technological innovations to study the spatial spillover effect of digital finance's impact on regional technological innovations. |
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