从模仿到创新:金融结构的不对称影响

From Imitation to Innovation: The Asymmetric Effect of Financial Structure

本文基于微宏观统一的债务和权益金融结构视角,研究了异质金融(资本)结构对技术模仿和前沿创新的动态不对称影响;随后,利用社会融资规模、风险资本、创新能力指数、PCT国际专利等数据,在客观度量我国31省2002—2016年金融结构和创新前沿程度演变的基础上,借助固定效应面板分位数回归对理论假说进行了实证检验。研究发现,在越远离创新前沿的低水平技术模仿阶段,债务金融对技术进步的促进作用越大,而权益金融的创新促进效应越小;在越趋近技术边界的高水平前沿创新阶段,债务金融对创新的阻碍作用越大,而权益金融的创新促进效应越大。最后,探讨了金融结构如何动态演进以驱动我国经济实现由技术模仿向前沿创新的转型。

Based on micro and macro unified debt-equity financial structure perspective,this paper theoretically researches on the asymmetric effect of heterogeneous financial structure on imitation and innovation;Then,this paper uses characteristic data such as social financing scale,venture capital,innovation capability index,PCT patent et al.to measure financial structure development and technological innovation of China’s 31 provinces from 2002 to 2016.After that,it carries out empirical analysis and robustness tests on theoretical hypothesis using fixed effect panel quantile regression model.The study finds that in the stage of low-level technology imitation,the farther away from the innovation frontier,the greater the role of debt finance in promoting technological progress,the smaller the effect of equity finance in promoting innovation;in the high-level frontier innovation stage that is closer to the technological boundary,the greater the hindrance of debt finance to innovation,and the greater the innovation promotion effect of equity finance.Finally,this paper discusses how to dynamically adjust financial structure to promote China’s economy transformation from imitation to innovation.