The Study On The Influence Of The Financial Agglomeration Of Firms’Innovation Efficiency

In this competitive world had finally been analyzed as the competition of science and technology. While the core content of the science and technology competition was the ability of technological innovation. In the waves of globalization and information, the innovation level in a region has become the main driving force to support its economic, social, and cultural development, also becoming the decisive factor for this region to gain continuing competitive advantage. Therefore, this paper deeply analyzes the enterprises’current situation of innovation activities in different regions, to explore and take effective measures to promote innovation activities of these enterprises. This has very important practical significance for enhancing the innovation capacity in various regions of the country. At the same time, along with the process of our country city urbanization accelerating, the distribution of economic and financial elements was highly situated uneven, which so called "financial agglomeration" phenomenon. However, this phenomenon would have a profound impact for micro-enterprises’ decision as well aspiration of the national macro economy, one cannot be overlooked aspect is the field of enterprise’s innovation. In view of this, this paper takes the relationship between financial agglomeration and innovation as the theme, dividing this country into the East region, the Central region and the West regions, and deeply researches the impact on the enterprise’s innovation to every region’s financial agglomeration.First of all, this paper based on the forming process of the financial agglomeration, analyzed many key factors influencing the financial agglomeration, and summarized the manifested characteristic in the process of the financial agglomeration formation. All so, we studied radiation effects on the cluster region after the financial agglomeration formation, and tried to explore the mechanism of which the financial agglomeration effecting on the firm innovation efficiency in the cluster region. Secondly, the paper used the Location entropy method to estimate the financial agglomeration index in different regions, used the data envelopment analysis (DEA) to calculate the firm innovation efficiency in different regions. And then, in view of the dynamic panel data model, we combined with the system GMM to conduct multiple regression analysis. Thirdly, in order to ensure the robustness and reliability of the results of the regression, the paper replaced the estimation method and adjusted the empirical model. The results showed the whether the eastern region, the central region, or the western region, the financial agglomeration has a positive impact on firm innovation efficiency. Furthermore, the effect of the control variables on innovation efficiency is also supported. Finally, according to the results, combining with the actual situation in the east regions, central regions and western regions, the paper provided the relevant policy suggestions based on accelerating financial gathering to promote innovation efficiency.