Research On Financial Agglomeration Affecting Technological Innovation In China

In recent years,with the continuous deterioration of economic environment at home and abroad,structural slowdown has become the new normal of China’s economic operation.The innovation-driven development strategy is the proper meaning of building a modern economic system and a high-quality economy.China’s extensive traditional economic growth model cannot be sustained,and the cultivation and development of innovation-driven development has become a new engine of development.China’s economy is currently in a transition period from a stage of high-speed growth to a stage of high-quality development,with profound changes in its economic structure and driving force of development.It has become a national consensus to continue to promote the strategy of innovation-driven development,emphasize improving the capacity for independent innovation,and build an innovative country.Both theory and practice have shown that technological innovation is an important source of national economic growth.Through the creation of new products and new processes,social technological progress can be pushed closer to the technological frontier of developed countries,and the utilization efficiency of resources can be improved to promote the sustainable economic growth.The report of the 19 th CPC National Congress clearly pointed out that we should actively promote the deepening reform of the financial system and continue to strengthen the ability of the financial sector to serve the strength of the economy.For a long time,the imbalance between the financing mode and the supply of financial resources is the fundamental reason that restricts the current financial services to the real economy.Traditional finance has structural problems such as resource mismatch in the process of promoting technological innovation.Private enterprises,which have made important contributions to the growth of independent innovation output,have difficulty in obtaining financial support from the financial system.The limited technological innovation capability of Chinese enterprises is closely related to the unbalanced development of the current financial system.It provides theoretical basis and empirical evidence for how to give full play to the role of finance in promoting technological innovation and increasing the ability and potential of long-term stable economic development.How to deepen the reform of the financial system and the strategy of innovation-driven development has become an important proposition in policy circles and academic circles.Centering on the core issue of "The influence of China’s financial agglomeration on technological innovation",this paper takes "typical fact description-theoretical analysis-empirical test-policy suggestions" as the main line of research by using empirical methods such as spatial measurement and other empirical methods on the basis of research achievements in relevant fields at home and abroad.This paper mainly includes three aspects of research content: First,this paper sorts out related theories of financial agglomeration and enterprise technological innovation,expounds the logical evolution of theories of financial development,industrial agglomeration and technological innovation,and deduces the theoretical model of financial agglomeration affecting technological innovation.Secondly,based on the theoretical basis,this paper takes China’s financial center city as the research sample to measure the degree of agglomeration and spatial distribution of China’s financial industry,and measures the technological innovation level of financial center city from the input and output of enterprise technological innovation.Finally,this paper empirically tests the influence of financial agglomeration on technological innovation from macro and micro perspectives,and examines the factors influencing financial agglomeration to promote technological innovation through heterogeneity analysis.Combined with the current situation of financial agglomeration and enterprise technological innovation in China,Relevant policy suggestions are put forward from the aspects of improving the allocation of financial resources,deepening the reform of the financial system and perfecting the multi-level capital market.This paper mainly draws the following conclusions.First,this paper uses panel data of 31 financial center cities in China from 2010 to 2020 to study the impact of financial agglomeration on technological innovation.The results show that financial agglomeration has threshold effect on technological innovation.The promoting effect of financial agglomeration on technological innovation shows a decreasing trend,and the influence of financial agglomeration on technological innovation shows an inverted U-shaped relationship.At present,the level of financial agglomeration in most of China’s financial center cities is at the left end of the threshold value.Under different economic development levels,the influence of financial agglomeration on technological innovation increases first and then decreases.Secondly,both financial agglomeration and technological innovation have spatial spillover effects.There are strong diffusion effect and demonstration effect in the technological innovation of financial center cities and neighboring cities.Based on the spatial weight of geographical distance,the spillover effect of financial agglomeration on technological innovation is tested.The innovation activities in the local region will have a demonstration effect on the innovation activities in the surrounding areas through the spillover effect.Finally,this paper examines the influence mechanism of financial agglomeration on technological innovation,and verifies the influence of financing constraints on enterprise innovation through empirical study.The main manifestation is that financing constraints inhibit innovation input of listed companies,especially for small non-state-owned enterprises.At the same time,the mediating effect of financing constraint on the influence of financial agglomeration on enterprise technological innovation can be verified.The stronger the financing constraint,the stronger the promoting effect of financial agglomeration on enterprise technological innovation,and the amount agglomeration can effectively alleviate the financing constraint and inhibit enterprise technological innovation.According to the results of grouping regression,the stock market has a greater impact on enterprises with high financing constraints.The higher the degree of enterprise information asymmetry,the stronger the promoting effect of financial agglomeration on enterprise technological innovation.