Interaction Between Financial Development and Regional Innovation and the Spatial Spillover Effects

doi:10.11885/j.issn.1674-5094.2021.02.12.01

Abstract

Abstract: Based on the data of 41 prefecture-level cities in the Yangtze River Delta from 2008 to 2017, this paper constructs a simultaneous equation model to examine the interactive effects of financial development and regional innovation,and to explore the spatial spillover effects. The study found that the positive promotion effect of financial development on regional innovation is not affected by time span,but the impact of regional innovation on financial development is heterogeneous in time span. The impact of regional innovation on financial development is uncertain in short terms, while in the long term, regional innovation has a negative effect on financial development. Ignoring this negative impact will result in significant overestimate of the role of financial development in promoting regional innovation. Both regional innovation and financial development have positive spatial spillovers. Financial development in nearby regions promotes regional innovation, but regional innovation in nearby regions has no significant effect on the financial development of the region. We believe that financial development and regional innovation can be integrated and linked to achieve a win-win situation, on the basis of a new pattern of mutually beneficial financial development and regional innovation.

Key words: financial development, regional innovation, simultaneous equation model, spatial spillover effect

CLC Number:

ZHU Yong, FANG Likai. Interaction Between Financial Development and Regional Innovation and the Spatial Spillover Effects[J]. Journal of Southwest Petroleum University(Social Sciences Edition), 2021, 23(3): 24-36.

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URL: http://journal15.magtechjournal.com/Jwk_xnsk/EN/10.11885/j.issn.1674-5094.2021.02.12.01

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