An Empirical Study On The Financial Development And The Efficiency Of Chinese Regional Innovation

Since entering the 21st century,as governments at all levels attach more and more importance to technological innovation and technological innovation in China investment efforts increasingly.But if only increase elements of technological innovation investment is far from enough,this is only a building innovation oriented country,a necessary condition only.In China such a technological innovation resources are relatively scarce in the country,in innovation activities to efficiency into consideration,and strive to in innovation activities with minimal inputs to obtain maximum output.In the process of improving the efficiency of innovation,it is necessary to have a financial system to support it.The 2001 to 2013 sub provincial innovation input-output panel data for the sample,to stochastic frontier analysis method based on the generalized Malmquist productivity index method of Regional R&D total factor productivity and decomposition index were measured,then on the basis of the previous text,select a few representative variables into the empirical analysis of financial development and regional innovation efficiency,and obtained the empirical results are explained.And get the following conclusions:1.China's overall innovation efficiency level is still relatively low,mean in 0.704 left and right,there are still nearly 30%of the enhance space,while the eastern region is higher than that in the west;2.The regional R&D total factor productivity improvement is mainly due to the technical efficiency improvement and technical progress,including research and development technical change index of contribution to the upgrading of the largest;3.The development of the financial market can significantly promote the development of total factor productivity gains.However,development of financial intermediaries promote innovation efficiency mechanism also failed to play an effective role,financial intermediary development for R&D of total factor productivity to enhance the state-owned composition also has significant inhibition.