An Empirical Study On The Influence Of Regional Financial Development On The Agglomeration Of Innovative Elements

Technological innovation promotes economic restructuring and upgrading as the key to our economic development.Finance plays a central role in the development of modern economy.It is closely related to technological innovation.Innovation elements are the foundation of technological innovation.The existing research is mainly confined to the impact of regional financial development on technological innovation,the regional financial development and the gathering of innovative elements is in limited stage for the study.Based on the existing research,this paper explores the impact of regional financial development on agglomeration of innovative elements,analyzes the impact of regional financial development on the agglomeration of innovative elements from three aspects: supply of funds,financial services and supporting investment;establishes a comprehensive regional financial development Evaluation index system and index system of agglomeration of innovative elements to analyze the status quo of the current state of provincial financial development and the agglomeration of innovative elements in China and the degree of development coordination between the two.The study finds that the level of financial development in each province and municipality is quite different.For the agglomeration level of innovation elements It is mainly concentrated in the provinces and municipalities with relatively high level of financial development in the region that Beijing and Shanghai have a leading position in terms of the concentration of innovative elements in the country.Regarding the coordinated development of the financial development and innovation elements in various provinces and cities,Beijing and Shanghai are in a coordinated development Tianjin,Jiangsu and Zhejiang are reluctantly coordinating development and most other provinces and cities are in the imbalanced decline category.In order to test the impact of regional financial development on agglomeration of innovative elements,this paper conducts an empirical analysis based on the panel data of China's provinces from 2009 to 2015.The results show that regional financial development has a significant role in accelerating the accumulation of innovation factors from the perspective of agglomeration of innovation factors.regional financial development has a significant impact on talent factor aggregation,capital factor aggregation,and technical factor agglomeration from the standpoint of innovative elements.In order to further promote the effect about financial development in theagglomeration of innovation factors,this papert proposes to actively promote the reform of financial marketization,and to explore an effective path for the integration of innovation factors;to strengthen government guidance on the direction of financial capital and to accelerate the process of accumulating regional innovation factors;to improve the regional financial service system,to reduce the risk of technological innovation,and to promote innovation inflow.