金融发展、FDI与技术创新——基于中介效应模型的研究

Financial Development,FDI and Technological Innovation——Research on the Intermediary Effect Model

根据金融发展、FDI与技术创新的作用机理,本文采用2004至2015年省际面板数据和固定效应模型、中介效应模型、动态GMM模型进行了实证检验。研究结果显示:第一,从全国整体上看,银行信贷规模和股票市场规模促进了技术创新;银行效率低下阻碍了技术创新;金融发展对FDI产生"替代效应"。第二,东部省份主要依靠银行规模和股市规模促进技术创新;银行效率低下和股市非理性波动对技术创新产生负效应;东部金融发展对FDI产生"替代效应"。第三,中西部省份主要依靠银行规模支持技术创新;中部地区银行发展与FDI是"互补效应";银行规模扩张有利于吸收FDI技术溢出效应。第四,西部地区金融发展没有对FDI产生显著的吸收能力;FDI能够促进西部地区研发投资。

According to the mechanism of financial development,FDI and technological innovation,the inter provincial panel data from 2004 to 2015 and the fixed effect model and the mediation effect model were used to test the results.Firstly,from the national perspective,the scale of bank credit and the scale of stock market have promoted technological innovation,but the inefficiency of the bank hinders technological innovation,FDI production technology"extrusion effect".Second,eastern provinces rely mainly on bank size and stock market scale to promote technological innovation,but inefficient banks and irrational volatility of stock market inhibit technological innovation;and the development of banking sector in the eastern region has negative effects on the introduction of FDI.Third,central and western provinces rely mainly on bank size to support technological innovation,and the stock market does not give full play to support technology innovation;the development of the banks in the central region is beneficial to the absorption of FDI,and financial development promotes technological innovation through FDI mediated transmission mechanism,FDI has a significant technological spillover effect on the central region.Fourth,financial development in the western region does not have significant absorptive capacity for FDI,FDI has a significant crowding in effect on R&D investment in the western region,and FDI promotes investment in R&D in the West.