The Mechanism And Spatial Effect Of Financial Agglomeration On Regional Innovation

With the new round of scientific and technological revolution and industrial revolution advancing in depth,the world’s major economies have placed technological innovation at the core of the country’s long-term development,and reshaping the competitiveness of economic entities with technological innovation and driving economic growth has become a An important consensus that is indisputable among countries.At present,China’s economic situation has undergone major changes.It has shifted from a stage of high-speed growth to a stage of high-quality development,and is facing triple pressures of shrinking demand,supply shocks and weakening expectations.Under the dual constraints of domestic and foreign economic environment,how to achieve high-quality development of China’s economy in the new stage of development,the core is to change the mode of economic growth to innovationdriven connotative growth.At the same time,the importance of finance in the national economy is self-evident as a basic resource for economic development.Looking at the experience of the world’s scientific and technological revolution,finance and regional technological innovation have long been inseparable,and the role of financial agglomeration in boosting regional technological innovation and economic growth has also been studied and highly recognized by many scholars.In view of this,this paper focuses on the theme of "the impact and effect of financial agglomeration on regional technological innovation" in the paradigm of theoretical analysis and empirical testing.First,the paper sorts out the logical evolution relationship between financial agglomeration and regional technological innovation,and systematically analyzes the theoretical mechanism and specific path of financial agglomeration affecting regional technological innovation capability.Secondly,the article measures the financial agglomeration from the city level,and analyzes the regional technological innovation capability.Thirdly,using the new economic geography model,the theoretical model of regional technological innovation influenced by financial agglomeration is constructed.Then,the paper empirically tests the mechanism and effect of financial agglomeration on regional technological innovation by constructing a panel model and a spatial econometric model.Finally,the article discusses the optimization of financial agglomeration and spatial flow,and puts forward policy suggestions for improving regional technological innovation capabilities.The main conclusions of this study are as follows:Firstly,the comprehensive evaluation results of financial agglomeration show that the degree of financial agglomeration is jointly affected by the scale of the financial market,the scale of financial talents and the scale of the capital market.In cities with a high financial market scale,the scale of financial talents and the scale of the capital market are not necessarily high,and the financial market scale is not necessarily high.A city with a low scale does not necessarily have a low scale of financial talents and capital markets.There are obvious differences in the degree of financial agglomeration between cities in my country.The level of financial agglomeration in the eastern,central and western regions from 2011 to2019 has been significantly differentiated and has a trend of increasing.The three major international financial centers of Beijing,Shanghai and Shenzhen are firmly in the top.Among the three,Guangzhou and new first-tier cities such as Chengdu and Hangzhou are definitely leading in terms of financial agglomeration,while the capital(or capital)cities in the central,western and northeastern regions are relatively low.Two-thirds of the top 100 cities in the country in terms of financial agglomeration are from coastal cities.Secondly,in verifying the impact of financial agglomeration on regional technological innovation and the mechanism test,the following conclusions are drawn: 1.Financial agglomeration has a significant positive driving effect on regional technological innovation,and by providing desirable financial support for regional technological innovation activities,promote regional technological innovation The increase in innovation activities achieves the effect of increasing the level of regional technological innovation.2.Through the heterogeneity study,it is found that the marginal impact of financial agglomeration on the innovation of the eastern developed regions and large cities is small,and the effect is more fully exerted for the underdeveloped regions and small and medium-sized cities in the central and western regions.The reason is that developed regions are often the core bearing areas of China’s financial centers with a high degree of concentration.The fierce competition in the financial market produces a crowding effect and reduces financial efficiency.At this time,the flexibility of financial agglomeration to promote regional technological innovation decreases.The region is a sparse area of financial agglomeration.The level of financial institutions,financial product types,financial industry talents and financial services is relatively low.The scale effect and allocation effect of financial agglomeration have not been fully exerted big gain effect.3.Optimize the financial structure.Different stages of economic development determine the most efficient technical structure,while different enterprises and innovation at different levels behind it will generate different risk preferences and financial needs,leading to different financial structures.The market with developed equity is more conducive to the development of innovation economy.4.In the mechanism research part,it is found that financial agglomeration promotes regional technological innovation through the following channels.First,it increases the scale of finance.Effectively alleviate the difficulties of financing and financing,provide important impetus for regional technological innovation activities,and promote the level of regional technological innovation to a new level.Second,improve financial efficiency.It will help to improve the matching efficiency between the supply and demand of funds,make the relationship between supply and demand of funds smoother,greatly reduce transaction costs and financing costs,and improve the financing constraints of enterprises,thereby driving the growth of the overall innovation activities of enterprises and positively stimulating the level of regional technological innovation.Third,enhance the accumulation of human capital.High-quality and well-trained human capital can promote the utilization of internal knowledge and the absorption of external knowledge,expand the production possibility frontier of the enterprise,improve the organization and management of the enterprise,accelerate the transformation of the enterprise’s innovation achievements,and promote the improvement of the technical level.Thirdly,when introducing geospatial factors and constructing a spatial model to empirically test the spatial spillover effect of financial agglomeration on regional technological innovation,it is found that financial agglomeration has a significant positive spatial spillover effect on regional technological innovation,but this is significant in different spaces heterogeneity differences.Specifically,in relatively mature regions of economic development,more and more emphasis is placed on the dynamic role of technological innovation,the orientation of regional financial services to technological innovation activities has been gradually strengthened(eastern and central regions),and financial agglomeration has promoted the performance of technological innovation.Features are very obvious.However,in the backward regions of economic development,because the allocation of regional financial resources is mostly based on the theme of the growth of the total economic volume,it cannot show a strong enough role in promoting regional innovation activities.In the western region,due to the lack of its own software and hardware conditions,the increase in total innovation activities brought about by financial agglomeration is mainly achieved by promoting low-end technological innovation activities.In particular,from the perspective of the spatial correlation between regional financial agglomeration and technological innovation,the development of finance in surrounding areas has little benefit to local technological innovation activities.Local technological innovation resources "flight",thus inhibiting local technological innovation activities,which also shows that the orientation of financial agglomeration among regions still has certain characteristics of inter-regional competition,and there is still much room for improvement.The contribution of this paper lies in the integration of regional economics,finance,spatial economics and other disciplines in the research paradigm,focusing on using spatial economic thinking to try to construct a spatial theory of financial agglomeration and regional technological innovation.A relatively scientific index of financial agglomeration is constructed,and the spatial distribution pattern of financial agglomeration is calculated.This paper discusses the impact and mechanism of financial agglomeration on regional technological innovation,providing new interpretations from financial geography and empirical evidence from the Chinese context.