| Technological innovation has become an important driving force for the sustainable development of China's economy and the improvement of China's overall national strength.Its status and role in the national development strategy have never been as important and urgent as today.As an open system,technological innovation will inevitably be affected by both internal and external environmental factors.The impact of financial eco-environmental factors such as the economic foundation of a region,government governance environment,financial development level,legal environment,and integrity culture on technological innovation can be much important.On the other hand,as competition models between countries and regions shift from price advantage to innovation advantage,the competitive advantages of the financial ecological environment are also manifested as technological innovation competition.A strong economic foundation is inseparable from the driving role of technological innovation.Technology also make a difference to the improvement of government governance ability,such as the use of big data technology to assist government decisions and to improve the timeliness of government governance.The financial industry is changing because of the application of technology and technological innovation.The establishment of a sound credit system is also inseparable from the technical support,such as the continuous update of the PBOC credit system and realtime query of related information.It is also very important for technological innovation to play a positive role in the financial ecological environment.Based on the above background,it is an important and urgent task for China to promote the integration of financial ecological environment and technology,and also facilitate the harmonious ordered development of the two so as to motivate the development of China's innovative economy.This paper aims to promote the supporting function of China's financial ecological environment on technological innovation,and to facilitate the driving effect of technological innovation on the financial ecological environment.First of all,based on the existing research results at home and abroad,this paper analyzes the impact of financial eco-environment on technological innovation from the aspects of financing,risk dispersion,information review and financial technology requirements,and analyzes the impact of technological innovation on financial ecoenvironment from the aspects of market demand creation,financial technology supply,financial investment returns,and institutional guarantees.At the same time,this paper uses qualitative and quantitative analysis methods to analyzes the current situation of the financial ecological environment and technological innovation.Then based on the panel data of 30 provinces and cities of China from the year of 2008 to 2016,this paper constructs the index system of financial ecological environment,and then adopts the entropy method to assign weights to each indicators and measure the level of financial eco-environment in each province.Next this paper analyzes the global and local spatial correlations,and the spatial panel econometric model is used to empirically study the bidirectional influential relationship between financial ecological environment and technological innovation,and to analyze the direct and indirect effects(spillover effect)of the impact.The results show that:(1)The technological innovation presents a significant spatial positive correlation.This positive correlation gradually strengthens as the passage of time,and regions with similar levels of technological innovation tend to agglomerate.The provinces and cities in the Yangtze River Delta have formed a high-value spatial agglomeration,and provinces in the western region have formed low-value clusters.(2)There is a significant positive spatial dependence of the distribution of financial ecological environment in all provinces and cities,and the spatial correlation weakens from 2008 to 2010,and strengthens after 2011.Beijing-Tianjin-Hebei region and Yangtze River Delta have formed high-value clusters,and provinces in the western region have formed low-value clusters.(3)The direct and spillover effect of the financial ecological environment on technological innovation are significant.The level of government funding,and the proportion of hightech industry output have positive direct effects on technological innovation.However,there are negative and positive indirect effects respectively.The degree of economic openness has an impediment to technological innovation,and there is a significant negative spillover effect.(4)The improvement of technological innovation can significantly improve the financial ecological environment.Both the direct and indirect effects of technological innovation achievements,achievement transformation,and technology diffusion on the financial ecological environment are significantly positive,among which technological diffusion has the greatest impact on the financial ecological environment.Finally,based on theoretical analysis and empirical research results,and the current situation of regions considered,this paper puts forward relevant policy suggestions to promote the development of financial ecological environment and technological innovation.On the basis of a two-pronged approach,we must first focus on and improve the financial ecological environment.As to financial ecological environment,it is necessary to consolidate the economic base,promote inter-regional financial cooperation,establish a regional financial center,strengthen the role of local governments,create a good legal atmosphere and a high-quality credit environment.As to technological innovation,it is necessary to improve regional agglomeration diversity,increase human capital investment,increase investment in R&D funding and optimize input structure,improve patent protection systems,strengthen law enforcement,adjust export product mix,and establish market feedback mechanisms for export products. |
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