Spillover Effect Of Science And Technology Expenditure Of Local Finance On Regional Innovation

Since the 18 th National Congress of the Communist Party of China,the economic and social development of the Yangtze River Delta urban agglomeration has been at the forefront of the country,with the advantages of a higher starting point for high-quality integrated development.The "one belt,one road" construction and the development strategy of the Yangtze River Economic Belt continue to drive the development of the Yangtze River Delta city group.In order to build a modern economic system,it is necessary to build a new pattern of regional coordinated development,build a collaborative innovation system,improve the system and mechanism of innovation integrated development,and build a regional innovation community.Under the premise of leading by scientific and technological innovation and leading by market,local governments also need to play a leading and driving role.As the most direct way for local governments to influence scientific and technological innovation,local financial expenditure on science and technology plays an important role in regional innovation and development.It is of great significance to explore a reasonable layout of local financial investment in science and technology for the regional innovation of the Yangtze River Delta urban agglomeration,which is conducive to giving full play to the comparative advantages of various regions in the region and improving the overall comprehensive strength of the Yangtze River Delta urban agglomeration.At the same time,it also provides a demonstration for other regions in the country to promote regional innovation and development.By collecting and sorting out the relevant literature about financial investment in science and technology,innovation in science and technology and regional innovation,this paper analyzes the impact mechanism of financial expenditure on science andtechnology innovation and the realization path of spillover effect.Taking the Yangtze River Delta Urban Agglomerations in 2007-2018 as the research sample range,this paper first makes a quantitative analysis on the financial science and technology expenditure,innovative talents and innovation output of the Yangtze River Delta urban agglomerations,and then introduces a spatial econometric model to empirically analyze the impact of local financial science and technology expenditure on Regional innovation of the Yangtze River Delta urban agglomerations.The results show that:(1)compared with Beijing Tianjin Hebei and Pearl River Delta city groups,the relative amount of financial science and technology expenditure needs to be improved;the proportion of financial science and technology expenditure structure used for basic research and applied research is lower than the best international proportion,so the financial expenditure on Basic research should be increased;the innovative talents and innovative production of Yangtze River Delta city groups should be increased Out of balance.(2)Based on the spatial autocorrelation analysis of innovation output,the conclusion is that: the overall autocorrelation test of innovation output shows obvious positive autocorrelation,showing a certain concentration distribution in spatial distribution;the analysis of local spatial differences shows that high concentration areas are formed with Shanghai as the core,Nanjing metropolitan area,Hangzhou metropolitan area and Suzhou Wuxi Changzhou metropolitan area as the fulcrum,Low concentration areas in Northern Jiangsu,Northern Anhui and Southwest Zhejiang.(3)The empirical analysis of the impact of local financial science and technology expenditure on regional innovation shows that:local financial science and technology expenditure has a positive impact on the region,and the spillover effect is also a positive effect,showing a positive effect on the overall regional innovation of the Yangtze River Delta urban agglomeration;however,the impact of human capital investment,economic development level and fixed asset investment rate on regional innovation has not been concluded.(4)Based on the quantitative analysis and empirical results,the paper puts forward relevant suggestions:optimizing the financial expenditure institutions,building regional interest coordination and compensation mechanism,strengthening the industrial division and cooperation among regions,strengthening the flow and cooperation of innovative talents,etc.