关键词: 金融发展, 研发要素流动, 经济发展

Abstract: The financial development and R&D elements are the key factors that affect the high-quality development of China’s economy. Based on the panel data of 30 provinces and cities in China from 1999 to 2016, a panel econometric model was established to focus on the mechanism of the influence of these two factors on economic development. Firstly, the financial development level is represented by the scale of financial development and the marketization level of the financial industry, and the R&D elements are measured by the flow of R&D personnel and the flow of R&D capital, and the characterization indexes are measured respectively. Secondly, the fixed effect model was used to conduct an empirical study on how financial development and the flow of R&D elements affect China’s economic development. Results show that the scale of financial development and financial marketization level and R&D personnel flow can significantly promote the regional economic growth in China, Compared with the financial development level, the promotion degree of the flow of R&D elements is small. The promotion degree of financial elements and the flow of R&D elements in the east, central and west of China is different; Besides,there is an interaction between the flow of R&D capital and the marketization level of the financial industry, which affects the regional economic development.

Key words: financial development, R&D element flow, economic development