Innovation Capability,Inovation Efficiency And Their Coordination Of Rural Cooperative Financial Institutions

As an important part of China’s financial system,rural cooperative financial institutions(RCFI)play an important role in financial support for the development of China’s "agriculture,rural areas and farmers" and the realization of national rural revitalization strategies.Enhancing the innovation of RCFI and increasing their support for agriculture and small businesses are currently the key tasks in rural finance.At present,there are few literature that systematically study the innovation evaluation of RCFI.How to construct a theoretical analysis framework and improve evaluation methods to promote the innovative development of RCFI,is a research topic with good theoretical and practical significance.The current research literature mainly conducts qualitative research on the innovation and development of China’s RCFI,which is lack of systematic,theoretical and empirical in-depth research.Systematic and scientific evaluation of innovation level is a good research point for our research.This paper mainly addresses the following questions:First,how to better grasp and understand the innovation of RCFI?Second,how to construct the theoretical basis for the innovation capability,innovation efficiency and their coordination of RCFI,and to evaluate them quantitatively?Third,why do RCFI need innovation and what are the influencing factors of their innovation?This paper sorts out the relevant theories of RCFI,and builds a theoretical framework suitable for the analysis of innovation capability,innovation efficiency and coordination of RCFI.Empirically,taking the RCFI in Guangdong Province,China as a sample,and comprehensively using the research methods of management,economics,artificial intelligence,statistics,geography and other disciplines,this paper systematically evaluates the innovation capability,innovation efficiency and coordination of RCFI.The main research conclusions are as follows:First,through historical review,the innovation content of RCFI mainly includes institutional innovation and business innovation.Since 1976,the reform and innovation development of RCFI has been generally divided into three stages,and the third stage(since 2011)has more prominent needs for business innovation.Moreover,RCFI are also facing new situations such as the urgent need to change the mode that mainly relies on interest income to generate income.RCFI urgently need to improve innovation capability.Second,this paper uses the fusion model of "clustering algorithm--information gain rate--convolutional neural network" to evaluate innovation capability.From the results,employees,technology,capital and output are all important factors for the formation of innovation capability.They influence and connect with each other to form innovation capabilities.The weight coefficients of each factor are relatively close.The impact of equipment and intermediate business costs is positive,and the impact of staff is negative.From the perspective of regional differences,the innovation capabilities of RCFI in Guangdong Province can be roughly divided into three echelons.Institutions with high innovation capabilities are concentrated in the Pearl River Delta region.The innovation capabilities of the eastern,western,and northern regions of Guangdong are at a relatively low level,but the gap has narrowed in recent years.Third,this paper uses super-efficiency EBM to evaluate the innovation efficiency of samples.The non-radial proportion is 0.223,and the interdependence of innovation input variables is relatively high.In general,about 88%of decision-making units have an innovation efficiency score of less than 0.3,and the innovation efficiency of RCFI in Guangdong Province is generally low.From the perspective of spatial distribution,the areas with high innovation efficiency are still the Pearl River Delta region;for non-Pearl River Delta regions,the innovation efficiency of some institutions has also performed well.From the perspective of innovation elements,staff and equipment have a positive effect on innovation efficiency,while intermediate business costs reduce innovation efficiency.To improve the innovation efficiency of RCFI,the dependence on human input should be reduced,technological innovation should be strengthened,and cost management efficiency should be improved.Fourth,through research on the coordinated development of innovation capability and innovation efficiency from multiple perspectives,it is found that the correlation between innovation capability and innovation efficiency is not very high,especially the correlation of ranking is lower;statically,innovation capability and innovation efficiency has a significant role in promoting each other.Dynamically,the two are accumulative.Changes in innovation capability have a positive effect on innovation efficiency in multiple periods.Changes in innovation efficiency also have a positive effect on innovation capability in multiple periods,but the magnitude is small.Through the analysis of the coupling coordination model,the coordinated development level of innovation capability and innovation efficiency is generally low,and experienced a trend of first rising and then falling within the sample time,which is consistent with the cycle of innovation capability and innovation efficiency;In terms of different regions,the coordinated development level of the Pearl River Delta region is higher than that of the eastern,western,and northern regions of Guangdong,and the regional differences show a trend of first decreasing and then increasing.Fifth,from the impact of financial innovation indicators(innovation capability,innovation efficiency and their coordinated development)on business performance,they all significantly promote the business performance of RCFI.Especially for the coordinated development degree of innovation,the improvement will help to promote business performance,on the contrary,the decrease of the coordinated development degree will become an obstacle to development.At the same time,the non-performing loan ratio plays a negative moderating role in the impact of financial innovation on business performance.Therefore,the impact of risk constraints on the financial innovation of RCFI cannot be ignored.In the process of innovation,it is necessary to effectively improve the level of risk control and management to create favorable conditions for promoting financial innovation.Sixth,by constructing influencing factors including business development,corporate governance,risk management,and institutional reform,this paper uses the fusion model of "correlation analysis-importance analysis-interaction analysis"to analyze the influencing factors.The results show that:the influence of business development,risk management(improvement of risk indicators)and institutional reform is generally positive,while the influence of corporate governance is more complex;the top fourth influencing factors that affect innovation are the deposit,intermediary business income ratio,cost-to-income ratio and employee salary;corporate governance and risk management are relatively close in importance,and the impact of institutional reform is the least important.The interactive effects of corporate governance,risk management,institutional reform indicators and other indicators are mostly non-linear.The main contributions of this paper are as follows:First,this paper sorts out and summarize the innovation connotation and innovation motivation of RCFI,and provides theoretical guidance for our research.By sorting out and analyzing the connotation,innovation connotation,innovation motivation,and historical evolution of RCFI,the innovation and development process of domestic RCFI is divided into several historical stages.This paper also compares the RCFI with other domestic banks,analyzes the new situation they are currently facing,and discusses their innovative development status and characteristics.Using the panel regression of econometrics,this paper empirically analyzes the impact of financial innovation indicators(innovation capability,innovation efficiency and their coordination)on business performance,and tests the innovation motivation of RCFI.Second,this paper discusses the micro-foundation of innovation capability and innovation efficiency of RCFI,and provides a theoretical research framework for studying the innovation coordinated development.Combined with the relevant theories such as factor theory,resource-based theory,innovation capability theory innovation efficiency theory,etc.,the micro-foundation,connotation and coordination of innovation capability and innovation efficiency are sorted out,and the innovation of RCFI is divided into direct elements(core elements)and indirect elements.Combining system theory,synergy theory,duality theory and other related theories,a theoretical research framework suitable for the coordinated analysis of innovation capability and innovation efficiency of RCFI is constructed.Third,combined with the theory of innovation elements and improved evaluation methods,this paper evaluates and deconstructs the innovation capability,innovation efficiency and their coordination of RCFI.(1)This paper selects the same set of innovation inputs and innovation outputs as evaluation indicators of innovation capability and innovation efficiency to ensure a common basis for coordinated analysis.This paper empirically analyzes the production function relationship of the input-output indicators,and uncovers the "black box" of input-output of the innovation system.(2)In order to overcome the problem that the current objective weighting method is limited to the degree of change of indicators,a fusion model of "clustering algorithm-information gain rate-convolutional neural network" is proposed to evaluate the innovation capability.(3)The super-efficiency EBM that takes into account both radial and non-radial is used to evaluate the innovation efficiency and analyze the heterogeneity combined with the innovation elements.(4)Using correlation test,static panel and PVAR model,the interaction between innovation capability and innovation efficiency is analyzed.In addition,the coupling coordination analysis model is used to quantitatively evaluate and analyze the coordinated development degree of innovation capability and innovation efficiency.Fourth,combined with the theory of innovation elements,this paper constructs an index system suitable for analyzing the innovation of RCFI,and proposes improved empirical methods.Guided by the theory of innovative elements,this paper discusses the construction of an index system of influencing factors including five categories of indicators such as business development,corporate governance,risk management,and institutional reform.The current literature on the influencing factors of financial innovation mostly adopts methods such as linear regression,which may lead to problems such as bias in the selection of variables and models.This paper comprehensively uses correlation analysis,XGBoost algorithm geographic detector models to conduct empirical analysis,and further test the nonlinear and indirect effects of corporate governance,risk mana gement,system reform and other factors.Through the analysis of this research,not only the theoretical analysis framework of innovation capability,innovation efficiency and their coordination is constructed,but also the evaluation methods are enriched.In addition,the paper combines the analysis of innovation input factors,overall trend analysis,regional difference analysis,etc.,which can help us better understand the heterogeneity of innovation.The theoretical and empirical analysis framework constructed in this paper is also suitable for other regional innovation systems.Finally,this paper puts forward relevant suggestions from the provincial rural credit units and the RCFI,and provides reference for promoting the innovation of RCFI.