TITLE:
Financial Development and Regional Innovation Output Growth: Based on Empirical Analysis of Provincial Panel Data in China
AUTHORS:
Wenfeng Zhao
KEYWORDS:
Financial Development, Financial Intermediary, Security Market, Regional Innovation Output
JOURNAL NAME:
Modern Economy,
Vol.7 No.1,
January
13,
2016
ABSTRACT: The paper conducts
empirical analysis of influence of financial development on regional innovation
through establishing effect regression model of panel data based on the
economic data from 2003 to 2014 in 31 provinces and cities. Because the
financial intermediary and security market are the main source of financial
capital required in technical innovation, the paper discusses the influence of
financial development on regional innovation output from two angles of
financial intermediary development and credit market development, and compares
the regional differences of the influence on this basis. The results show that
in the nationwide respective, whether the development of financial intermediary
or security market has obvious positive influence on the regional innovation
output, while the influence degree of the former is larger than the latter. In
the regional perspective, the development of security market in the eastern
region generates more obvious influence on the regional innovation, and the
financial intermediary in central and western region generates more obvious
effect in driving the growth of regional innovation output, while the
development of security market has no obvious effect in the regional innovation
output growth in central and western region.