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| Financing Channels and China's Regional Technical Innovation |
| Chen Zhigang, He Huiyi |
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Abstract Based on panel data of 31 provinces in China from 2011 to 2016, this paper establishes fixed effect model to examine the influence of different financing channels on the nation and on the eastern, middle and western regions of China. The study shows:①the overall impact of debit financing is not unified, but after dividing into different regions, the debit financing promotes technical innovation in the eastern regions while suppresses technical innovation in the middle and western regions;②the effect of equity financing is not significant as a whole nor in the middle and western regions, and even suppresses technical innovation in the eastern regions; ③through further research on the individual segments of stock market, the growth enterprises market is the only one that facilitates the regional technical innovation, and the effect of main board and medium & small board is not significant.
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