An Empirical Analysis Of The Financial Interme Diary To Promote Technology Innovation

Technological innovation is an important driving force and leading factor of regional and national economic growth.Therefore,it is very important to study what kind of financial intermediation conditions and institutional arrangements can maximize the development of technological innovation.As the Pearl River Delta region is relatively concentrated in finance,high-tech industries in the country are representative,so the study of the Pearl River Delta fina ncial intermediaries to promote technological innovation has practical significance.So,how to measure the level of technological innovation in the Pearl River Delta and how to analyze and evaluate the current situation of the Pearl River Delta? Does the deposit and loan support provided by the banking financial intermediaries play a role in promoting the independent innovation of the Pearl River Delta? Whether the development of financial intermediation is effective in promoting technological innovation and how to test it?In order to answer the above questions,this article in the systematic review of relevant literatures about financial development and technology innovation at home and abroad,using the fixed effect model and random effect model of panel data,the financial intermediary during 2002-2015 in the Pearl River Delta on the ability of technological innovation to promote the role of empirical analysis.As the government financial support is still one of the important forces to promote independent innovation,economic growth also has a certain role in promoting,to join the government's fiscal expenditure and GDP as a control variable.The results show that the financial intermediation has the most obvious effect on the utility model patent and the appearance patent,and the influence on the total number of patents is also tested by the 1% confidence level.As a whole,financial intermediation in the Pearl River Delta has a positive effect on technological innovation.Government financial support for large impact on the invention patent and utility model patents but the coefficient on the appearance of the patent is negative,the explanation is that government spending can encourage and stimulate the innovation consciousness and activity,but increased government spending will be technological innovation behavior of enterprises have a negative effect.Finally,based on the above empirical results,combined with the current situation of technological innovation in the Pearl River Delta,this paper puts forward some policy recommendations to build a stable,safe and reliable financial intermediary to promote the development of technological innovation.