Financial Agglomeration,Technological Innovation And Regional Economic Growth

With the rapid development of China's national economy,the financial industry has been an important driving force for promoting regional economic growth developing from the beginning as an intermediary industry for industrial agglomeration.At the same time,as China's economic development has entered a new normal state,the country has successively proposed innovation-driven development strategies and supply-side structural reforms,and technological innovation has become increasingly important for transforming the mode of development and promoting economic growth.Therefore,it is more important to study the influence of financial agglomeration and technological innovation on regional economic growth,and financial agglomeration and technological innovation all show a correlation in space,and their analysis should be added to the consideration of spatial and geographical factors.We first analyzes theoretically the influence mechanism of financial agglomeration and technological innovation on regional economic growth.Financial agglomeration enhances the flow and allocation efficiency of resources and elements through economies of scale,diffusion effects,and promotion of industrial structure upgrades,reduces the degree of information asymmetry and costs resulting from asymmetric information,broadens factor flow channels,and increases factor productivity.It can also promote the production upgrade within the industry and the exchange and cooperation between industries,and at the same time can accelerate the flow of elements,technology,and information among the regions,thereby stimulating the economic development of the surrounding areas.Financial agglomeration can also influence technological innovation,increase financial support for technological innovation,disperse the risks of technological innovation,and motivate employees to innovate through supervision and management mechanisms.This greatly reduces the risk of technological innovation and provides necessary financial support for technological innovation and transformation from technological innovation to productivity.Technological innovation can not only improve the allocation of elements and optimize the combination of factors at the macro level,but also have a direct impact on economic growth through the micro-level impact on the supply and demand sides and the productivity of factors.It can also improve system innovation and factor quality,as well as optimizing management models,indirectly promoting economic growth.This paper uses the relevant data of 31 provinces from 2007 to 2016 to analyze the relation between financial agglomeration,technological innovation and regional economic growth.The spatial econometric model is used to examine the correlation of various factors in the geographical space and to distinguish between static and dynamic.It analyzes and joins the interaction between financial agglomeration and technological innovation to examine the impact mechanism between the two factors.The analysis results show that financial agglomeration and technological innovation have a positive impact on regional economic growth;China's financial agglomeration,technological innovation and regional economy growth shows spatial correlation;financial agglomeration,technological innovation,and economic development in different regions of China are uneven;supportive role of financial agglomeration for technological innovation will have a negative impact on regional economic growth;capital and human input will continue to promote regional economic growth.The important factor of growth,government spending,foreign trade and infrastructure construction will also have an impact on economic growth.At the end of the article,the research of this paper is summarized,and related policy recommendations are proposed from the aspects of promoting financial agglomeration and technological innovation,coordinating regional development,optimizing resource allocation,transforming development methods,and playing a leading role for the government.