Does Financial Development Promote Regional Science and Technology Innovation?—An Analysis Based on the Moderating Effect of Educational Human Capital
Based on the panel data of 31 provinces,autonomous regions and municipalities directly under the central government from 2011 to 2020,the relationship between financial development,educa-tional human capital and regional science,technology and innovation capacity is examined by using the fixed effects model,the moderating effects model,and the threshold effects model with the introduction of educational human capital as a moderating variable.The results found that:financial development sig-nificantly promotes the enhancement of regional scientific and technological innovation capacity;educa-tional human capital has a positive moderating effect on financial development to promote regional scien-tific and technological innovation capacity,and this positive moderating effect varies significantly in differ-ent regions;in addition,there is a threshold effect of educational human capital,and when the level of educational human capital is higher than the threshold value of 7.1507,the promotion of regional scien-tific and technological innovation capacity is stronger by financial development than by educational human capital.science and technology innovation capacity of the promotion effect is stronger.In view of this,it is necessary to increase financial development efforts to optimize the education demographic structure,promote the balanced development of regional education human capital,and rationalise the regional talent flow system,so as to better bring into play the moderating effect of education human capital on the pro-motion of regional scientific and technological innovation capacity by financial development.
financial developmenteducational human capitalregional science and technology innovation capacity