Research On The Impact Of Financial Agglomeration On The Efficiency Of Green Technology Innovation

Under the new normal where China’s economic development and resource environment are under serious constraints,financial agglomeration can provide financial support for enterprise development,especially technology research and development and transformation of achievements in green technology innovation,by promoting the rapid flow and rational allocation of financial factors and resources at the spatial level,which is of great significance to promote green development and innovation drive in China.Therefore,it is of practical significance to scientifically evaluate the Green Technological Innovation Efficiency（GTIE）between provinces in China,recognize the effect of financial agglomeration on GTIE,and thus promote the coordinated and adaptive development of financial agglomeration and GTIE for the introduction and implementation of relevant policies.Firstly,on the basis of sorting out the relevant theories and existing literature,the mechanism of the role of financial agglomeration on GTIE is analyzed in a more systematic and comprehensive manner.Second,drawing on relevant studies,relevant data from 30 Chinese provinces（municipalities and autonomous regions）from 2011 to 2018 are selected,and the financial agglomeration index and GTIE values of each provincial administrative unit are measured separately using the entropy method and the super-SBM model considering non-expected output.Next,the impact of financial agglomeration on GTIE and its threshold characteristics are analyzed empirically by establishing panel regression models,mediating effect models and threshold panel models,and also by using model estimation methods such as GMM estimation and threshold estimation.Finally,on the basis of the above,the treatment effect model is applied to further investigate the real impact of unobservable factors on financial agglomeration to address the possible bias in estimation due to sample self-selection bias.The research indicates that:（1）The evaluation results of GTIE indicators are highly similar to the existing regional division of China’s economic development level,showing the characteristic of "high in the east and low in the west",and the GTIE advantage of economically strong provinces and municipalities is more obvious.（2）The development of financial agglomeration in China can obviously promote the improvement of GTIE,but its effect shows the geographical heterogeneity characteristic of increasing from east to west,and there is no phenomenon that the higher the degree of financial agglomeration,the stronger the promotion effect on the improvement of GTIE.（3）Financial agglomeration plays a positive role in promoting GTIE through industrial structure upgrading effect,financing constraint alleviation effect and information diffusion effect.（4）The effect of financial agglomeration on GTIE in China has a single threshold characteristic,and financial agglomeration can promote GTIE enhancement both before and after the threshold value of 0.194,but the promotion effect after the threshold value is significantly smaller than the effect before the threshold value.（5）After controlling for unobservable factors,the promotion effect of financial agglomeration on GTIE decreases significantly,that is,there are indeed some unobservable factors that make GTIE in financial agglomeration areas originally strong.On the basis of the above research,in order to promote financial services to better serve the real economy and improve the GTIE of enterprises,this paper puts forward the following countermeasure suggestions:（1）Promote the flow of financial resources between regions and balance the differences in financial agglomeration levels between regions.（2）Implement differentiated regional financial development strategies according to local conditions to avoid the horse-trust effect.（3）Implement a green finance strategy to support green enterprises in green financing and alleviate their financing constraints.（4）Improve the performance assessment mechanism,strengthen the win-win awareness of enterprise efficiency and environmental protection,and realize the efficiency of green technology innovation.