A Regional Comparative Study Of The Impact Of Financial Development On Technological Innovation

Since the reform and opening up,China's economy has experienced a golden period of growth and achieved outstanding results.Today,China enters the new normal of the economy.The original economic growth model relying on the accumulation of physical factors of production and investment is gradually switching to the path of innovation-driven development.This paper uses panel data from 30 provinces from 2000 to 2016 to build the SDM model and cut in from the perspective of time series,regional sections and patent levels to clarify the spatial interaction between financial development and regional technological innovation activities.Further,the spatial spillover effect between the two is measured,and the impact of financial development on regional technological innovation is studied in depth.The research shows that there is significant heterogeneity in the output of technological innovation in financial development.In particular,in the early stages of the East and central regions,the goal of financial development was not to promote technological innovation.After the transformation of economic development,financial development in such regions has shown a strong driving force to regional technological innovation.However,due to the lack of innovation and the lack of financial development in the western region,it can not benefit high-end technological innovation activities.From the point of view of spatial correlation,from the point of view of the characteristics of technological innovation activities,the innovation output that can be generated by the development of peripheral finance is very limited,and even there is a certain amount of local technological innovation resources,which is not conducive to technological innovation activities.This also implies that there is still some room for optimization of the current financial development of competing acts.The impact of financial development on technological innovation in the surrounding areas is also heterogeneous.Among them,there is a "siphon effect" in high-end technological innovation in the eastern region and a "diffusion effect" in the western region.The conclusion of this paper is helpful to optimize the regional financial resources allocation and improve the regional technological innovation momentum.