Research On Financial Risk Contagion Of Cluster Enterprises In High-tech Zone

High-tech zone cluster is a concrete manifestation of high efficiency and intensification of industrial cluster,belonging to innovation cluster.It can enhance a country’s international innovation ability,accelerate the transformation of regional economic development,alleviate the financing and innovation problems of small and medium-sized enterprises,and is extremely important to stabilize the country’s economic development.But it also has huge potential financial risks,which need to be paid great attention by relevant departments.In order to explore the financial problems of enterprises in the cluster of high-tech zones,this paper selects the enterprises listed on the new third board in Beijing Zhongguancun,Shanghai Zhangjiang,Shenzhen high-tech zone,Wuhan high-tech zone and Chengdu high-tech zone as samples,takes ST and ST* companies as risk sources,and makes a three-stage regression of non-st enterprises in the cluster.As the high-tech zone cluster is a complex network system and contains many high-tech industries,this paper is divided into three parts: financial risk contagion of regional clusters,financial risk contagion of industrial clusters,and financial risk contagion path test,so as to analyze the financial risk contagion more clearly.The conclusions of the paper are as follows:(1)In the regional cluster,the financial risk contagion cycle in the high-tech zone cluster is 2-3 years,and the financial risk contagion effect is most significant in the second year;(2)In the industrial cluster,the financial risk transmission cycle of information technology industry and manufacturing industry is 2-3 years,and the financial risk transmission cycle of health care industry is 1-2 years.The research and development cycle of the information technology industry is about 1 year,the research and development cycle of the manufacturing industry is 1-2 years,and the research and development cycle of the medical care industry is 3 years or more.(3)In the financial risk transmission path,financial risk can be transmitted through cluster financing,business contacts and collaborative innovation;The three major risk transmission routes are significant in the information technology industry and manufacturing industry,while in the medical and health care industry,the risk transmission in business transactions is the most significant.This article gives corresponding policy suggestions according to the problems.The research in this paper provides an important reference for the cluster risk problem.