The Impact Of Financial Agglomeration On Urban Technological Innovation And Its Spatial Effects

Innovation is the first driving force of development,and it is the "code" for economic transformation from high growth to high quality development,and for achieving quality change,efficiency change and power change.However,due to the nature of innovation activities and information asymmetry,the external financing cost of enterprises is high and constrained,which hinders the innovation development of enterprises.Therefore,it is especially important to alleviate information asymmetry,reduce financing costs,and provide sustainable and stable financial resources to promote urban innovation development.In this paper,we follow the logic of "background analysis,problem formulation →literature review → theoretical analysis → current situation analysis → empirical analysis→ research findings and policy inspiration" to explore the influence mechanism and spatial spillover effect of financial agglomeration on urban technological innovation.Firstly,through background analysis and literature combing,this paper puts forward the key research question:the influence and spatial effect of financial agglomeration on urban technological innovation;then analyzes the theoretical mechanism of financial agglomeration affecting urban technological innovation,and analyzes the spatial distribution and spatial-temporal evolution characteristics of financial agglomeration and urban technological innovation through characteristic facts;then takes 283 prefecture-level and above cities in China from 2011-2019 as The research object is then used to test the influence mechanism and spatial spillover effect of financial agglomeration on urban technological innovation through empirical analysis;finally,the research conclusions and policy implications of this paper are drawn.The main conclusions are as follows:(1)The financial agglomeration level shows spatial unbalanced characteristics,with the spatial development pattern of Beijing-Tianjin-Hebei city cluster,Yangtze River Delta city cluster,Pearl River Delta city cluster and Chengdu-Chongqing economic circle as the main "agglomeration".The level of financial agglomeration has a strong stability,and it is difficult to achieve multi-level "leapfrog" development,showing a certain degree of "aggregation" characteristics and spatial correlation.(2)Financial agglomeration can significantly promote urban technological innovation,mainly through the information network effect,external scale effect and optimal resource allocation to alleviate the financing constraints and reduce the financing costs of enterprises and promote enterprises to increase their R&D investment,and then promote enterprises to enter technological innovation.The analysis of Moran’s I shows that there is a positive spatial correlation between financial agglomeration and urban technological innovation development,i.e.,the geographic distribution shows positive spatial correlation characteristics of high-high and low-low agglomeration.(4)The impact of financial agglomeration on urban technology innovation has a significant positive spatial spillover effect and there is spatial heterogeneity,and the spatial spillover effect is larger in western regions and non-urban clusters.