The Research On The Effect Of Financial Agglomeration On Innovation Efficiency Of High Technology Industry

With the gradual deepening of the development of the finance and financial structural reform,the financial agglomeration phenomenon in China has been initially apparent,but China has a vast territory,the financial agglomeration of various regions is different greatly,especially the financial agglomeration in the eastern region is way ahead of it in the central and western regions.On the other hand,high technology industry has the characteristics of high investment,high risk,high return and knowledge intensive,technology intensive and capital intensive,and high technology industry to carry out innovation activities need the support of the finance.Therefore,the research on the internal linkage between financial agglomeration and innovation efficiency of high technology industry can provide valuable reference to promote the innovation efficiency of high technology industry in China,and has important practical significance to further deepen financial structural reform and optimize the industrial structure.Based on the connotation and effect of financial agglomeration,this paper analyzes the influence mechanism of financial agglomeration on the innovation efficiency of China's high technology industry.Secondly,this paper analyzes the present situation of financial agglomeration and innovation efficiency of high technology industry in China and the eastern,central and western regions.Thirdly,based on the panel data of 30 provinces(municipalities and autonomous regions)in China in 2000-2014 to construct panel multiple regression models,and the country is divided into eastern,central and western regions to construct models to empirically research the effect of financial agglomeration and banking agglomeration,securities agglomeration,insurance agglomeration on the innovation efficiency of high technology industry in China.The result shows that financial industry agglomeration has a significant positive impact on innovation efficiency of high technology industry;in different industries to view,the impact of banking agglomeration and securities agglomeration on the innovation efficiency of high technology industry is significantly positive,and insurance agglomeration has a negative impact on the innovation efficiency of high technology industry,in addition,the influence coefficients of eastern,central and western regions are greatly different.Then,this paper examines the dynamic relationship between financial agglomeration and innovation efficiency of high technology industry by impulse response function and variance decomposition function.According to the results of impulse response function,the positive impact of financial industry agglomeration can have a significant positive impact on innovation efficiency of high technology industry,and continue for a long time;in different industries to view,the positive impact of banking agglomeration and securities agglomeration has a significant positive impact on innovation efficiency of high technology industry,and the positive impact of insurance agglomeration has a negative effect on innovation efficiency of high technology industry.According to the results of variance decomposition function,the financial industry agglomeration has great contribution to the fluctuation of innovation efficiency of high technology industry;in different industries to view,banking agglomeration and securities agglomeration have greater contribution to the fluctuation of innovation efficiency of high technology industry than insurance agglomeration.Finally,based on the conclusions,this paper puts forward some policy recommendations to promote the sustained and healthy development of China's financial agglomeration,and further promote the improvement of innovation efficiency of high technology industry in China.