| Since the reform and opening up,China by virtue of production factor inputs and investment-driven,successfully defeated Japan to become the second largest economy after the United States.However,access to this brilliant economic cost is overcapacity caused by a variety of risks.With the economy "new normal",China's economic growth began to face downward pressure,and the high-speed growth model will gradually be replaced by medium-speed growth model.To avoid "middle income traps",It is necessary to create a new engine of growth,and promote the transformation of economic development mode.Innovation is the most enduring,and most reliable power.And technological innovation is the core competitiveness of innovation-driven.In addition,financial industry as China's modern service industry "spire",also play an important role in the process of promoting economic development.Technological innovation and finance are bound to be the new impetus to lead China's economic growth.Therefore,under the context of regional economic development imbalance,there is a need for more in-depth research on the relationship between financial cluster,technological innovation and economic growth.Based on the theory of economic growth,this paper analyzes the relationship between financial cluster,technological innovation and regional economic growth.Theoretically,(1)the role of technological innovation in promoting regional economy is mainly manifested as direct and indirect.Technological innovation can have a direct effect on regional economic growth by promoting the optimization and adjustment of industrial structure.But it alsohas an indirectly affect on the regional economy through the promotion of factors and institutional innovation;(2)the role of financial cluster in promoting the regional economy is mainly reflected in five aspects,including the formation of external economies of scale,the diffusion effect of financial cluster,the spillover effects of financial cluster,improving the efficiency of financial resources and promoting technological innovation.In the empirical analysis,based on the total factor productivity,this paper constructs the Cobb-Douglas function.Taking into account the current economic growth may be affected by the past economic level,Based on the Cobb-Douglas function,this paper constructs the dynamic panel data model.Finally,using the 282 cities panel data for the period from 2007 to 2014,through the system GMM estimation method,this paper analyzes the influence of technological innovation on regional economic growth in the financial cluster degree under different economic zones(eastern,central and western)and different cities(large cities,medium cities and small cities).The empirical results show that:(1)at the national level,technological innovation,financial cluster,capital stock and labor input are positively related to regional economic growth,The interaction between financial cluster and technological innovation has a significant negative effect on regional economic growth;(2)there are also differences in the impact of technological innovation and financial cluster on regional economies under different economic regions.technological innovation and financial cluster have a significant positive effect on the growth of the eastern regional economy,and have no effect on the economic growth in the central and western regions;(3)technological innovation,financial cluster on the impact of regional economic growth is not the same between different sizes of cities.Technological innovation and financial cluster will play a significant role in promoting regional economic growth in large cities,and have no effect on the economic growth of small andmedium-sized cities.Overall,China's current regional economic development is very uneven,and the growth of the regional economy is still driven by capital stock and labor input.For the first time,this paper classifies the financial cluster and technological innovation into the same model of technological innovation affecting regional economic growth,studying the mechanism of financial cluster,technological innovation and regional economy,doing a theoretical supplement for the technical innovation on the role of regional economic growth.Through the dynamic panel data model,this paper analyzes the influence of technological innovation on the growth of regional economy under the financial cluster in different economic zones and different cities,revealing the development of China's regional economy,and providing a reference for the coordinated development of China's regional economy and the narrowing of the gap. |
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