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| The Impact of Financial Structure on the Vulnerability of the Technology-finance Coupling System |
| Wang Renxiang,Liu Mengfei |
| (School of Economics,Wuhan University of Technology,Wuhan 430070,China) |
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Abstract The interaction and coordination of the coupling of science and technology and finance plays an important role in promoting the economic development. However, with the continuous progress of the coupling between science and technology and finance, certain negative effects appear, such as the frequent occurrence of macroeconomic financial crises and scientific and technological financial risks in recent years, highlighting the vulnerability of the coupling system. The lack of rational allocation of resources is the root cause of the vulnerability of the technology-finance coupling system, and the financial structure adjusts the relative ratio between the banks and the financial market to meet the different needs of the coupling system subjects, promote the efficient allocation of resources and reduce the vulnerability of the system. Considering the adaptive adjustment of the financial structure with the changes of regional factor endowments, this paper aims to explore the relationship between financial structure and the vulnerability of the technology-finance coupling system from the perspective of regional factor endowment heterogeneity, and study how to achieve the accurate docking of the long-term development of the financial structure and the coupling system, so as to help the sustained growth of the economy.#br#To this end, this study first theoretically analyzes the influence mechanism of financial structure on the vulnerability of the technology-finance coupling system, and then the entropy method is used to measure the vulnerability index of China's interprovincial technology-finance coupling system from 2006 to 2020. A dynamic GMM model and a spatial Dubin model are constructed to study the impact of financial structure on the vulnerability of the technology-finance coupling system. The vulnerability of China's technology-finance coupling system shows a fluctuating trend with regional differences. In general, the improvement of the marketization level of the financial structure satisfies the high-risk characteristics of the innovation activities in the system, and the financial architecture is efficiently matched with the supply and demand of scientific and technological innovation, which reduces the vulnerability of the system. It is also found that there are differences in the impact of financial structures on system vulnerabilities at different levels of economic development. Given the spatial factors, at the national level, the positive spatial spillover effects of the financial structure exacerbate the vulnerability of the surrounding system; at the sub-regional level, the increase in the proportion of financial markets in the eastern region will bring an improvement in the vulnerability of the neighboring provinces, while it is opposite in the central and western regions.#br#The implications from the study are that it is necessary to promote the development of the financial market, establish and improve the financial market system with higher risk tolerance, such as PE, VC and angel investment, improve the relevant services of banks and coordinate the complementary functions of the two in capital allocation, risk diversification and information processing, so as to provide services for innovative entities within the coupling system to carry out innovative activities with different risk levels and financing costs; then it is imperative to adhere to the principle of adapting measures to local conditions, implement differentiated development strategies. The eastern region must pay attention to the construction of multi-level capital markets, give full play to the advantages of science and education resources and promote the in-depth and healthy development of the coupling system; while the central and western regions need to keep focusing on the development of banks in order to serve the scientific and technological innovation of low-risk, small-scale financing needs. Finally, under the condition of limited financial resources, the government needs to guide the rational flow and allocation of resources, establish a multi-level regional financial center, and achieve effective allocation of resources through inter-regional cooperation.#br#This paper combines the financial structure with the vulnerability of the technology-finance coupling system, systematically analyzes the theoretical mechanism of the impact of the financial structure on the vulnerability of the technology-finance coupling system, and enriches the achievements in related fields. Through empirical investigation of the impact of financial structure on the vulnerability of the technology-finance coupling system, it analyzes the differences and spatial heterogeneity of the impact effect of financial structure at different levels of economic development, and provides suggestions for the coordinated development of various regions.#br#
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Received: 06 June 2022
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