Research On The Impact Of Financial Agglomeration And Technological Innovation On High-quality Economic Development

As my country has entered a new era after the reform and opening up,the financial industry,as an important position for digital transformation and the bloodline of modern economic development,has become the core competitiveness of the country.Technological innovation is also at the core of my country’s modernization drive and plays an important role in transforming the mode of economic development and promoting supply-side structural reforms.At the Fifth Plenary Session of the 18 th Central Committee of the Communist Party of China,General Secretary Xi Jinping proposed the new development concept of "innovation,coordination,green,openness and sharing" for the first time.It marks that my country’s economy has turned to a stage of high-quality development.In order to implement the spirit of the Central Economic Work Conference,accelerate the improvement of the comprehensive competitiveness of financial agglomeration areas,and promote the two-way empowerment of finance and innovation for high-quality economic development,it is necessary to deeply study the dynamic links between financial agglomeration,technological innovation and high-quality economic development.This thesis first theoretically analyzes the theoretical basis and impact mechanism of technological innovation,financial agglomeration and high-quality economic development.Whether it can affect the high-quality development of the economy through the upgrading of the industrial structure,put forward corresponding assumptions.Then,according to the theoretical basis of financial agglomeration,technological innovation and high-quality economic development,a comprehensive evaluation index system of the ternary system is respectively constructed.Among them,the financial scale and financial efficiency constitute the financial agglomeration index system,the technological level and technological innovation constitute the technological innovation index system,the high-quality economic development indicator system is composed of five parts: "innovation,coordination,green,openness,and sharing".By principal component analysis,the annual provincial data of 30 provinces,municipalities and autonomous regions(excluding Hong Kong,Macao,Taiwan and Tibet)in my country from 2008 to 2019 are measured and analyzed,and then the ternary system of financial agglomeration,technological innovation and high-quality economic development is coupled.Coordination check.Finally,according to the measured comprehensive index,the general panel regression model and the spatial panel Durbin model are used for classification research,and corresponding policy suggestions are put forward.The research shows that:(1)There are obvious regional differences in the level of financial agglomeration,technological innovation and high-quality economic development.The degree of financial agglomeration,the level of technological innovation and the quality of economic development in the eastern region all rank first,while the growth in the central and western regions is slow and is different from that in the eastern region.Regional disparities are large.Among them,the gap between green,innovative and coordinated development is obvious,and the gap between openness and shared development is gradually narrowing.(2)The coupling degree of the ternary system of financial agglomeration,technological innovation and high-quality economic development shows two types of low-level coupling and antagonism.There are seven types of coordination,moderate coordination,and good coordination.(3)Both financial agglomeration and technological innovation can promote high-quality economic development,and it can drive high-quality development through the upgrading of the industrial structure.Financial agglomeration has a positive impact on innovation,coordination,green and shared development,but has a slight inhibitory effect on open development.While technological innovation has a positive role in promoting innovation,green and open development,it has a slight impediment to coordinated development and shared development.(4)Financial agglomeration,technological innovation and high-quality economic development are all spatially correlated.Among them,technological innovation can improve the high-quality economic development of the local and neighboring areas.Financial agglomeration and the supporting effect of financial agglomeration on technological innovation will only promote high-quality economic development in the region,but hinder the high-quality development of surrounding areas developing.According to the research conclusions,policy recommendations are put forward:(1)Continuously adhere to the reform of the financial system and maintain the stable operation of the financial market system,and build a full-coverage financial agglomeration network system.We will make every effort to build a high-level and multi-level financial agglomeration area,accelerate the accumulation of financial resources and elements,and help the high-quality development of the regional economy.(2)Vigorously promote the implementation of the innovation-driven development strategy and strengthen the construction of innovative talent teams.(3)Give full play to the guiding role of the government and inject new momentum into the high-quality development of the regional economy.(4)Strengthen financial agglomeration to support technological innovation,and promote the two-way empowerment of financial agglomeration and technological innovation.