The Study On The Influence Of The Financial Agglomeration On Innovation Efficiency Of The Listed Company Of Manufacturing Industry In Jiangsu

China is a big manufacturing country,but the country isn't a manufacturing power,due to weak innovation capability of manufacturing industry,the key technology of long-term heteronomy,unreasonable industrial structure,severe overcapacity in some industries,extensive model of development and high consumption of resources and energy.The transformation and upgrading of manufacturing industry is imminent.The transformation and upgrading of manufacturing industry must rely on enterprise's innovation.The increase of input and output doesn't indicate the improvement of innovation ability.Resources of innovation are limited,so increase of innovation ability must improve the conversion rate of innovation investment.Financial agglomeration is the phenomenon of spatial aggregation of financial resources,which is characterized by high frequency of financial transactions and high financial production.Research has proved that financial development can improve the level of innovation effectively,but few articles discuss the action of financial agglomeration in the innovation efficiency.Therefore,considering the fact that Jiangsu is the big and strong manufacturing industry province,this paper researches the influence of the financial agglomeration on innovation efficiency of the listed company of manufacturing industry in Jiangsu.Based on the combination of theoretical research and empirical research,firstly,this paper analyses concepts and related theories of financial agglomeration and innovation efficiency,and constructs mechanism of financial agglomeration on innovation efficiency.Secondly,this paper describes the situation of cities' financial agglomeration and companies' innovation,constructing the index rating system of financial agglomeration,getting comprehensive score of financial agglomeration of every cities by using the method of factor analysis,measuring innovation efficiency of the listed company of manufacturing industry by using DEA-Malmquist.Thirdly,according to results of empirical regression,this paper analyses the impact of financial agglomeration on innovation efficiency of the listed company of manufacturing industry by using panel data from 2012 to 2016.The empirical results show that in the region of low level's financial agglomeration,financial agglomeration has significantly positive impact on scale efficiency,but financial agglomeration hasn't significantly impact on pure technical efficiency and innovation efficiency.In the region of high level's financial agglomeration,financial agglomeration hasn't significantly impact on scale efficiency,and it plays a little role in scale efficiency.Financial agglomeration has a significantly negative impact on pure technical efficiency and innovation efficiency.Fourthly,based on the empirical results,this paper puts forward the following suggestions: in the region of low level's financial agglomeration,one is to increase the reserve of talents and improve the efficiency of enterprise management.The two is to broaden the financing channels of enterprises and increase the investment in R&D of enterprises.In the region of high level's financial agglomeration,one is to improve the construction of enterprise system and improve the scientific level of management.The two is to control overcapacity of enterprises and restrain excessive financial speculation.