Study On The Impact Of Regional Financial Innovation Efficiency On Economic Growth In China

Finance is the core of modern economy,and financial innovation is the core of promoting the development of financial industry,which has become an important focus of the long-term development of financial industry.In the new era,with the deepening of financial reform and the deep integration of Finance and technology,financial innovation continuously promotes the economic growth and industrial structure optimization of our country.At the same time,it also puts forward new requirements for the effectiveness of financial support for real economic development and regional differences at this stage.However,the role of financial innovation in influencing economic growth path and impact strength are worthy of further study.Based on this,this paper takes financial innovation as the breakthrough point,and follows the framework of exploring problems,clarifying documents,explaining theories,investigating actualities,empirical research and policy suggestions.It deeply studies the internal relationship between the efficiency of financial innovation and the real economic growth in the new era,the dynamic evolution relationship of the interaction between the two,and the uneven development among the three major regions.Firstly,based on transaction cost theory,financial structure theory and endogenous growth theory,this paper explores the two-way interaction path between financial innovation and economic growth.Secondly,we describe the financial innovation of our country from the financial market,products and institutions respectively,and measure the efficiency of financial innovation of our country by using data envelopment analysis method,and then analyze the regional differences.Finally,on this basis,the paper selected the relevant data of 30 provinces in China from 2006 to 2016,and constructed a dynamic model to explorethe impact of financial innovation efficiency on economic growth in different regions.The results show that there is a certain correlation between financial innovation efficiency and economic growth,and there is an obvious regional development imbalance in China.On the whole,the effect of financial innovation efficiency on economic growth is "U-shaped" under non-linear conditions,that is,financial innovation restrains economic growth before a certain threshold,but financial innovation has a certain role in promoting economic growth after the threshold.From a regional perspective,the eastern region has shown that financial innovation has a strong role in promoting economic growth during the survey period,showing an inverted "U-shaped" trend with financial innovation and economic growth under the non-linear conditions;the central region is similar to the overall situation of the whole country,financial innovation restrains economic growth during the survey period,and under the non-linear conditions,financial innovation and economic growth show a "U-shaped" trend.The significance of the western region is not ideal,and there is no significant correlation between them.