创新驱动下金融发展对经济增长的异质性影响——兼论技术的传导作用

The Heterogeneous Impact of Financial Development on Economic Growth Driven by Innovation

本文建立了一个内生增长模型发现,金融发展会通过技术创新影响一国的经济增长。随后本文利用全球180个国家和地区1960~2017年样本数据对此展开验证,发现:以股票市场为代表的直接金融市场发展能够显著促进经济增长,而以信贷市场为代表的间接金融市场发展会抑制经济增长,这在不同计量模型设计、不同估计方法、不同金融发展程度样本中稳健成立。本文还探究了金融发展影响经济增长的技术渠道,发现全要素生产率、创新投入和创新产出都能传递金融发展对经济增长的作用。进一步,本文还探究了宏观结论是否在微观视角下成立,中国企业层面微观数据显示,金融发展的确能够通过技术创新影响企业经济增长,这与宏观视角下的结论吻合。本文的政策含义体现在,在金融支持实体经济创新活动时,要有针对性地发展股票市场,引导信贷市场,发挥金融市场的积极作用。

This paper establishes an endogenous growth model and finds that financial development affects economic growth through technological innovation.Furthermore,we examine the effect of financial development using a large data set including 180 countries from 1960 to 2017 and clarify the innovation channel that financial development promotes growth.Empirical studies show that equity market plays a positive role in innovation and the financing imperfection of the credit market limits its role.It is robust in different econometric model designs,different estimation methods,samples with different levels of financial development.We also explore the technical channels through which financial development affects economic growth,finding that total factor productivity,innovation input and innovation output can transmit the effect of financial development on economic growth.Furthermore,we use microcosmic enterprises data to examine whether the conclusions still stand up,indicating that innovation is an important way that financial development affects growth coinciding with the conclusions from macro perspective.