Research On The Mechanism Of Financial Development To Promote Technological Innovation In Our Country

The paper introduces the concept of relevant variables,introduction of endogenous growth models and panel threshold effect model.And based on above to analysis of the correlation between financial development and technological innovation from two levels.Secondly,the paper presents the mechanism of financial development promoting technological innovation,that is based on features of technological innovation and financial development's function to analyze the mechanism.Then,according to the value chain theory,technological innovation is decomposed into technology development and technology transfer,and using panel data between 1995 and 2014 of 29 provinces to build the panel threshold model to analysis the relation between financial development and technological innovation.The empirical result illustrates when the level of financial development is relatively low,the financial development can't promote technology development,with it increases,financial development can effectively promote technological innovation,however if the improvement continuing,the promoting effect is not significant;With the low level of financial development,financial development cannot effectively promote technology transfer,but to raise the development level,it can significantly promote technology transfer and the enhancement getting stronger,so the financial development and technology transfer present "U"-shaped relationship.Thirdly,the paper describes the mechanism analysis of financial development promoting technological innovation under environmental regulation.Firstly,to analysis the mechanism that financial development promoting technological innovation under environmental regulation,then like the above,using panel data to build the effect model of panel threshold for analysis of spillover effect of financial development on technology development and technology transformation,and obtaining comparative analysis,so then to investigate the role of financial development on technological innovation.The empirical result illustrates the single threshold effect exists between environmental regulation and technological development,suitably intensity of environmental regulations can promote technology development,high intensity will not help the technology development,that means the relation between the environmental regulation and before technology development presents an inverted "U"-shaped relationship;In the role of spillover effect of financial development it still exists single threshold effect between environmental regulation and technology development,suitably intensity of environmental regulation can promote technological development and high intensity's hindering effect for technology development is smaller;the single threshold effect also exists between environmental regulation and technology transfer,it presents an inverted "U"-shaped relationship;In the view of financial development,also an inverted "U"-shaped relationship exists between environmental regulation and technology transfer,but the spillover effects of financial development makes renders the inverted "U"-shaped relationship is significantly greater than the threshold under without the spillover effects.Finally,according to results of the analysis,with the current background of economic restructuring and financial reform,we propose corresponding policy recommendations.