Researeh On The Efficiency And Spatial Effect Of Regional Financial Innovation In China

Financial innovation not only an important driving force for financial development,but also the effective means to solve the problem of unbalanced regional financial development.Under the background of paying more attention to financial innovationin our country,the national reform of financial innovation has been tried in different regions,from the early Pearl River Delta,Yangtze River Delta and the establishment of Wenzhou&The Pearl River Delta,three comprehensive financial reform pilot areain Quanzhou,to the recent establishment of the pilot Shanghai FTA and the Guangdong(three kilometer),Fujian,Tianjin FTA to thoroughly implement the regional free trade,regional financial innovation related issues need to study more clearly.Therefore,based on the study of the efficiency of financial innovation in 30 provinces(city)of China,relevant countermeasures and suggestionswill put forward.Based on the data of 30provinces(city)of China from year 2004 to 2014,using data envelopment analysis(DEA)measure of China's regional financial innovation efficiency value,from the overall and local and individual aspects analysis on the efficiency of financial innovation,study on the eastern,central,Western and northeast financial innovation efficiency value for further at the same time and makemore clear understanding of China's regional and regional financial innovation development status.Then,conduct empirical research on the influencing factors of China's financial innovation efficiency,basing on the Tobit regression model from three aspects including thedegree of opening and domestic economic environment and potential investment ability value.Finally,considering the efficiency of financial innovation may have spatial correlation between adjoin areas,conductoverall and partial spatial correlation analysis to the regional financial innovation efficiency,establishspatial dynamic panel data model to study the spatial correlation,agglomeration and spillover effects of the regional financial innovation efficiency.The results show that: theregional financial innovation efficiency inChina is on an upward trend but the overall level is low,and the regional disparity is obvious;From the local area,about 2/3 of the province(city)rising trend has been broken from 2009 to 2014,declined after increasing and the financial market stability in different regions should be strengthened;in central and western regions,the efficiency was significantly increased,the northeast region has increased but on a slow upward trend,the efficiency of the eastern region to keep increasing in 2004~2010,however since 2011 the trend had been reversed and decreased year by year,andthe average efficiency from high to low are 0.776 in east,0.499 in west,0.347 in midlands,0.291 in northeast.From the influence factors,trade specialization,net exports,financial development,financial market setting,talent reserves and government financial support has a positive effect on the efficiency of financial innovation promotion;spatial effect on the efficiency shows two stages,on the whole,the spatial correlation of 30 regions has gradually weakened,but in the northeast,central regions andsoutheast coastal areas the agglomeration effect is still evident.According to different regions,made the following recommendation to improve the regional financial efficiency of innovation and reduce the gap between regional financial innovation: For the higher efficiency of financial innovation regions like the eastern coastal areas should strengthen financial products innovation,strengthen the radiation effect on surrounding provinces and cities;in northeast,central and southwestthe financial innovation efficiency is relatively lower,should establish a financial center in this areas,and strengthening competition and cooperation between them,open financial market so the resource can trans-regional flow;For the western regions,which theefficiency is lowest than others,should recognise their own situation,and strengthen the economic construction,financial culture influence,furthermore find a new way to development of financial innovation,etc.