The Impact Of Internet Financial Development On Regional Innovation Efficiency

Innovation is the source of economic development and progress of the times.In today's network information age,the development of internet finance plays an important role in the flow and utilization of innovative resources.At the same time,as a product of technological innovation,the development of internet finance has also played a good role in demonstration and incentive for regional technological innovation,and has brought more financing facilities for the main body of regional technological innovation,which is conducive to improving the efficiency of regional innovation.Firstly,on the basis of combing the relevant theories and existing literature,this paper systematically expounds the mechanism of the impact of internet Finance on regional innovation in theory.Then,drawing on the relevant research,by selecting appropriate measurement methods and indicators,using the data of 30 provinces in China from 2003 to 2016,got the internet financial development index and the value of regional innovation efficiency.Next,based on the dynamic perspective and considering the spatial factors,this study empirically examines the impact of Internet financial development on regional innovation efficiency in China by establishing static panel model,dynamic panel model and spatial dynamic panel model,using OLS estimation,dynamic GMM estimation and MLE estimation.The research indicates that:(1)The development of internet finance has a significant positive effect on regional innovation efficiency,that is,the higher the level of internet finance development,the higher the efficiency of technological innovation.(2)Regional innovation efficiency not only has dynamic continuity,but also has significant spatial dependence.That is to say,with the development of economy,the innovation efficiency of all regions has generally improved,whereas the rising trend is not obvious.At the same time,the technological spillover effects of neighboring regions can promote their technological innovation efficiency.(3)The areas with high level of internet financial development also have a positive impact on improving the efficiency of technological innovation in their neighbouring areas.On this basis,this paper puts forward some suggestions on improving regional innovation efficiency from the perspective of improving regional innovation environment.Firstly,Promote inter-regional economic and technological exchanges and promote regional linkages in terms of policies to realize the positive interaction of development between the two sides.Secondly,we should strengthen the supervision of internet finance from the system,guide the healthy and standardized development of internet finance,so as to improve the financing environment of regional technological innovation and reduce the cost of innovative production activities.Thirdly,we should improve the level of internet finance development technically and further improve the technology innovation efficiency.