The Research On The Impact Of Financial Development On Regional Technological Innovation

In recent years,scientific and technological innovation has become a powerful pillar for enhancing China's overall national strength and has led the transformation of social production and lifestyle.Especially since the 18 th National Congress,the Party Central Committee has further clarified the strategic position of innovation-driven development.As we all know,due to the high risk and Long input-output cycle,the technological innovation activity need a very high capital investment,we must have a financial system with stable structure,efficient operation and complete functions as a support.Therefore,a detailed study of the relationship between financial development and regional technological innovation can effectively alleviate the constraints of resources and environment on China's economic development,and has important practical significance for better and faster promotion of economic and social development.This article is divided into five parts.The first part,systematically combing the research results of scholars,laid the theoretical foundation for this paper.The second part defines the related concepts of financial development and technological innovation,and discusses the impact mechanism of the two from four channels: capital allocation,financing,information collection and risk control.The financial development indicators and regional technological innovation indicators are constructed respectively,which provides a theoretical framework for later research.The third part analyzes the current situation of financial development and regional technological innovation.By analyzing the development status of regional technological innovation and the spatial distribution map of the two,the current situation and changes are understood.In the fourth part,the panel data of 31 provinces from 2006 to 2016 are selected as the research samples to conduct a spatial econometric model analysis,and the impact of financial development and related control variables on regional technological innovation is analyzed according to the empirical results;the fifth part summarizes the research content and proposes relevant policy recommendations.Through the research of this paper,we conclude the following:(1)From the national perspective,there is a significant positive correlation between the two indicators,although in the short term,This positive impact is not significant,but over time,financial development is clearly positively correlated with regional technological innovation levels.(2)From a regional perspective,the positive impact presents a phenomenon of“east-middle-west”decreasing,which also indicates that the higher the level of financial development,the larger the scale and the more efficient,It can significantly improve the technological innovation of the region.