Research on the Impact of Technological Finance on Financial Stability: Based on the Perspective of High-Quality Economic Growth

This paper investigates the relationship between technological finance, high-quality economic growth, and financial stability. Based on data of 30 provinces (including autonomous regions and municipalities) collected between 2004 and 2017, this paper adopts the method of factor analysis to construct comprehensive indexes of technological finance and financial stability before calculating green total factor productivity as the index of high-quality development, using the CRS Multiplicative Model. Then it constructs the spatial SAC model and PVAR model for analyses of the just-mentioned relationship based on the total sample of the nation and regional samples in eastern, middle, and western China, respectively. The results reveal that (1) All samples, whether the total national samples or regional samples of eastern, middle, and western China demonstrate the positive influence of technological finance on high-quality economic development, with an obvious spatial spillover effect. The impact factor is the highest in the eastern region, while the western region holds the lowest factor among the three. (2) Judging by the general national sample, technological finance has an obvious negative shock effect on financial stability within a short period, but the effect gradually dwindles as time goes by. This rule applies to the sample of the eastern region, as its technological finance poses a short-time negative shock effect on financial stability, before gradually diminishing to 0. Neither western nor middle regions have displayed an obvious shock impact on financial stability.