Research on Financial Support, Technological Improvement and Marine Economic Development for China’s Coastal Regions

Abstract

Financial support (capital) and technological improvement are the crucial factors in any industry, and they are also the major factors of marine economics. However, the government has supplied a great deal of capital and the marine economy has been deeply explored and researched using advanced technology. The marine industry is still not the mainstay industry in Chinese industry. Considering this, the issues of how to address financial support, technical improvement and marine economics are common foci within the government and society, especially regarding the economic growth of China. It is necessary to develop the marine economy. However, many scholars only pay attention to the aspects of marine financial support, marine technology and marine economic development separately, and no scholars have studied the relationship between the three at present. Therefore, this article establishes a model to conduct empirical tests regarding the relationship between financial support, technological improvement and marine economic development using panel data from 11 coastal regions in China. The results show that financial support has a negative impact on technological improvement, but it has a positive impact on marine economic efficiency. Technological improvement has a positive impact on financial support and marine economic efficiency. However, marine economic efficiency has a negative impact on financial support, and it has a positive impact on technological improvement. Through impulse response analysis, there is a significant correlation between them. This article calculates marine economic efficiency with the SBM-DEA model and analyzes relationships with the BVAR model, which is proposed to improve the development and efficiency of the marine economy. Financial support should be used in the rather important parts of the marine economy so that the marine economy can achieve returns in the short-term and attract more circulating funds to enter the marine economy, which impacts the long-term stable and sustainable growth of the marine economy. Moreover, financial support, financial liberalization, technological research and technological creation in the progress of marine economic construction should focus on effectively using circulating funds, which provides geo-advantages and aids in building a new marine economic ecological circle.