Research on the Impact of Financial Regulation on the Level of Regional Technological Innovation

在金融市场中，监管作为不可或缺的调节机制，扮演着至关重要的角色。在供需两端的管理与调节下，金融监管有效地保障和优化了企业的科技研发行为与决策。正是这种精细的调控，为中国金融市场的稳健发展奠定了坚实基础。本文借助2011~2020年金融监管数据集和区域创新数据集，运用固定效应模型检验金融监管与区域技术创新水平的关系。结果显示，金融监管能够显著提升区域技术创新水平。机制分析表明，金融监管能够通过优化产业结构，显著提升区域技术创新水平。同时数字普惠金融的发展会抑制金融监管对区域技术创新水平的促进作用。进一步地，金融监管对区域技术创新水平的促进作用随着区域空间变化展现出了较强的异质性效果。在东部和中部地区，金融监管显著提升了区域技术创新水平，然而在西部地区，金融监管对于区域创新水平呈现抑制作用且并不显著。In financial markets, regulation plays a crucial role as an indispensable regulatory mechanism. Under the management and regulation of both supply and demand, financial regulation has effectively guaranteed and optimized the scientific and technological research and development behavior and decision-making of enterprises. It is precisely this kind of fine regulation and control that has laid a solid foundation for the steady development of China’s financial market. Based on the 2011~2020 financial regulation dataset and the regional innovation dataset, this paper uses a fixed-effect model to test the relationship between financial regulation and regional technological innovation level. The results show that financial supervision can significantly improve the level of regional technological innovation. The mechanism analysis shows that financial regulation can significantly improve the level of regional technological innovation by optimizing the industrial structure. At the same time, the development of digital inclusive finance will inhibit the role of financial regulation in promoting the level of regional technological innovation. Furthermore, the promotion effect of financial regulation on the level of regional technological innovation shows a strong heterogeneous effect with regional spatial changes. In the eastern and central regions, financial regulation significantly improves the level of regional technological innovation, but in the western region, financial regulation has an inhibitory effect on the level of regional innovation and is not significant.