Research On The Efficiency Of Technological Innovation From The Financial Agglomeration

On the one hand,with the continuous growth of China's economy and the stable development of the financial industry,the phenomenon of financial agglomeration has gradually formed in China,and due to the different development conditions in the east,middle and west of China,there is a large difference in the level of financial agglomeration between regions.On the other hand,in the context of the realization of"Made in China 2025”to promote the upgrading of China's manufacturing industry,improve the innovation capacity of the manufacturing industry,especially the technological innovation capacity of high-tech industries such as information technology,new materials,high-end equipment,biomedicine,This is especially important.At the same time,the high-tech industry has the characteristics of high risk,high return and technology intensive.Therefore,high-tech enterprises need multi-faceted support from the financial industry when they carry out technological innovation activities.The impact of efficiency,and then try to put forward some suggestions to improve the efficiency of technological innovation in China's high-tech enterprises.This article first introduces the formation and effect of financial agglomeration,the definition of high-tech enterprises and the relevant theoretical basis of innovation,and then analyzes the theoretical impact mechanism of financial agglomeration on the efficiency of enterprise technological innovation.In terms of empirical research,first of all,through the method of location entropy,the overall financial agglomeration level and the financial agglomeration level of each sub-industry in 30 provinces,municipalities,and autonomous regions in China except Tibet were measured.At the same time,the technological innovation process was divided into technology R&D and In the two stages of product transformation,the technology output is first converted into intermediate products,and then intermediate products are converted into finished product sales to achieve revenue.Therefore,this paper selects a two-stage DEA model to measure the status of China's high-tech enterprises' technological innovation efficiency,and considers the development of technology.There is a certain time lag from the stage to the transformation of economic results,and the overall efficiency is measured by adopting a lag of two periods.Thirdly,on the basis of considering the regional economic development level and the amount of foreign investment as control variables,two regression models were constructed based on the panel data of 30 provinces,municipalities and autonomous regions in China except Tibet from 2011 to 2018.The perspective of overall agglomeration and the financial industry are subdivided into four types of financial sub-industry agglomeration,namely banking agglomeration,securities agglomeration,insurance agglomeration and venture capital agglomeration,to explore the impact of financial agglomeration on the technological innovation efficiency of China's high-tech enterprises.The final results show that:overall,the financial industry agglomeration has a significant positive impact on the innovation efficiency of high-tech enterprises;subdivided,the banking industry agglomeration,insurance industry agglomeration and the impact on the technological innovation efficiency of high-tech enterprises are significantly positive,The agglomeration of venture capital industry has a certain promoting effect on the innovation efficiency of high-tech enterprises,while the agglomeration of the securities industry has a certain inhibitory effect on the innovation efficiency of high-tech enterprises.Finally,based on the research results and the theoretical mechanism of financial agglomeration influencing technological innovation,this paper attempts to put forward some suggestions to improve the level of financial agglomeration in our country and thereby improve the efficiency of technological innovation in high-tech enterprises.