The Research On The Effects Of Finance Agglomeration On The Efficiency Of Enterprises Innovation

With the deepening of economic integration and liberalization,various forms of financial agglomeration have appeared in the financial industry which is the core of modern economy.Promotion of the construction of national or regional financial centers and the creation of financial featured town in our country are the specific manifestations of financial agglomeration.Financial agglomeration can help reduce information cost,improve financial system,and expand brand effect so that innovation of enterprises would be influenced.Technological innovation is the primary productive force,and the main source of innovation is enterprise.In the context of industrial transformation and upgrading,enterprise innovation activities pay more and more attention to efficiency.Based on the characteristics of financial agglomeration and technological innovation efficiency,it is helpful and meaningful to discuss the impact of financial agglomeration on technological innovation efficiency of enterprises in different regions and industries.Based on the existing literature research,this paper constructs the dynamic panel data model to systematically study the impact of financial agglomeration on the innovation efficiency of enterprises from the perspectives of different industries and regions by using the location entropy method,factor analysis,data envelopment analysis,and system generalized moment estimation.To be specific,this paper firstly summarizes the existing literature,analyzes the relationship between financial agglomeration and innovation efficiency of enterprises by making a brief review of existing literature.Secondly,this paper analyzes the characteristics of financial agglomeration and innovation efficiency from the theoretical perspective.And paper also analyzes the influencing route of financial agglomeration on the innovation efficiency.Then,this paper illustrates the strength of policy support to the financial agglomeration in our country.From the three major industries of banking,securities and insurance,the paper analyzes the current situation of the development of financial industry in our country.From the view of technology input and output,we analyzes the present situation of enterprise technology innovation activities.Then,based on the range of 30 provinces in 2011-2016(except Tibet)as samples,this paper uses the location entropy method and factor analysis to measure the level of China's regional financial agglomeration,uses data envelopment analysis(DEA)to measure the regional technological innovation efficiency in our country.And we also use dynamic panel data model and system GMM to estimate the relation between the financial agglomeration and the efficiency of enterprise technology innovation.The results show that in recent years,financial agglomeration has been strengthened and the innovation efficiency of enterprises has been improved.In the eastern region,financial agglomeration has a positive effect on the enterprise technology innovation.In the middle and western regions,current agglomeration has a negative effect on the efficiency,but lag agglomeration has a positive effect that the phenomenon is led by the so-called "Siphonic Effect".According to the different types of financial resources,the influence of banking,securities and insurance agglomeration on the efficiency of technological innovation ranges positively from large to small.In China,bank loan is the main channel of corporate financing,securities market financing takes a secondary position,and insurance has not fully played its role in corporate innovation activities.We replace the measurement model of enterprise technology innovation efficiency in order to prove the former results are robust;Finally,based on the empirical results,this paper puts forward relevant policies and suggestions to promote the coordinated development of China's financial agglomeration and enterprises' innovation activities in all regions and industries.