| Under the background of the new normal innovation-driven economy,finance plays an increasingly prominent role in the process of technological innovation.Technological innovation describes the behavior of human beings to improve economic welfare through new technologies.Therefore,a financial system with perfect function,stable structure and efficient operation is the strong backing for the realization of technological innovation and development.Internationally,the development of international investment and financing activity through multinational corporations has accelerated the global capital flow.The phenomenon of parallel development of twoway FDI has gradually become a trend.At the same time,China has achieved the net output of capital under two-way direct investment for three consecutive years.In the future,how to seize the world market rapidly in the new manufacturing pattern has become a difficult problem for Chinese enterprises.In this paper,two-way FDI is incorporated into the mechanism of action of the financial development on technological innovation,so as to comprehensively and systematically evaluate the influence relationship among the two factors.This is to be able to adjust and formulate relevant financial and open policies in a timely manner.Firstly,analyze the influence mechanism of financial development on the efficiency of two-way FDI technology innovation.Then the related basic theories of financial development and technological innovation and the mechanism of financial development on the efficiency of two-way FDI technological innovation are sorted out,including the allocation of funds,risk management,competition incentives and institutional protection mechanisms.Then,on the basis of theoretical research,this paper analyzes the present situation of financial development,technological innovation and two-way FDI in China.Secondly,calculate the efficiency of technological innovation in our 30 provinces and cities from the year of 2003 to 2016 by using the panel stochastic frontier SFA model.It is found that the overall level of technological innovation efficiency in China presented slowly rising trend,but on the low level,and there is still more space for development.The sub-regional comparison shows that the level of technological innovation efficiency in the eastern and central regions is significantly higher than that in the western and northeast regions.It shows that there is still a large regional imbalance in R&D personnel training,funding input,and scientific and technological innovation output in China at present.Thirdly,the panel model is used to analyze the influence of financial development on regional technological innovation efficiency from three dimensions: financial scale,financial structure and financial efficiency.The conclusions are as follows:(1)The expansion of financial scale and the improvement of financial efficiency have a significant positive effect on the efficiency of technological innovation,while the optimization of financial structure has no significant effect on technological innovation.It shows that it is the level of financial development,not the financial structure,having significant importance in upgrading the level of technological innovation.(2)The level of economic development,the degree of opening to the outside world,the level of human resources and the level of urbanization play a significant role in promoting the efficiency of technological innovation,while the intervention of government and the construction of regional infrastructure have a steady restraining effect on the efficiency of technological innovation.Then,the intermediary effect model is used to test the intermediary effect between two-way FDI in financial scale,financial efficiency and regional technological innovation efficiency.The results show that:(1)Financial scale and financial efficiency can significantly promote the expansion of OFDI in China,but it has a great inhibitory effect on FDI;(2)The two-way FDI is the important channel to influence the improvement of the technological innovation efficiency of a country by financial scale and financial efficiency,and the intermediary effect of FDI has greater influence than that of OFDI;(3)Comparing with financial scale,it is found that the intermediary effect of two-way FDI in financial efficiency contributes more significantly to the total effect of promoting technological innovation efficiency in financial market.Finally,according to the conclusions of theoretical and empirical research,the paper puts forward some relevant policy recommendations.Based on the national conditions and combined with the actual development advantages of various regions,we will vigorously promote the balanced development of the efficiency of technological innovation.We can effectively enhance the service value of finance to technological innovation activities and give full play to the two-way FDI to promote the financial development and technological innovation to provide an empirical reference. |
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