金融市场发展、海归与技术扩散:基于中国海归创办新企业视角的分析

Financial Market Development, Returnees and Technology Diffusion: The Perspective of the Creation of New Enterprises by Returnees

本文通过构建企业研发生产函数并引入海归智力增益因素,考察中国金融市场对海归创办新企业引致的技术扩散效应的影响。对中国1997-2008年30个省市面板数据的实证研究表明,金融市场在促进外资研发及海归创业引致的技术扩散方面作用显著。首先,金融市场发展在达到一定水平并且融资效率相对较高时,海归选择由外资企业流出建立新企业的可能性也较高,从而会放大外资研发投资的技术扩散效应;其次,货币市场通过新建企业的人员流动效应对技术进步的拉动作用显著,而信贷和股票市场的效果并不理想。

Scholars at home and abroad mainly study the interna- tional technology spillovers from the following three aspects： inter- national trade, FDI and patent applications and patcm citation, and it has formed a systematic theoretical framework. With the thoroughing research of international technology diffusion, people recognized that international human capital flows is also an important factor for one country＇s scientific and technological progress and also its economic growth. Returnees can bring their home countries with a wealth of human capital, physical capital and social capital. For example, Commander et al. （2004） made a study on India, and found that many new technology companies in India were founded by returnees, the Indian IT industry in the southern city of Bangalore has gathered 40000 IT industry professionals returned from the U.S. and UK to the end of 2007, and those returnees made the major force for India＇s IT technology development. The outflow of returnees from foreign enterprises will lead to technology diffusion and technology popularization. By constructing the R＆D produc- tion function and introducing the intellectual gain factor, this paper examines the technology diffusion effect of China＇s financial market on returnees＇ setting up new businesses. The empirical results of the panel data in China＇s 30 provinces and cities during 1997-2008 show that financial market development played a significant role in the promotion of foreign investment and technology diffusion of returned business, also the intensity of the financial market＇s effect on technology diffusion started by the returnees is greater than that started by the general human capital. First, when financial markets have reached a certain level, returnees＇ desire to accumulate knowl- edge would occur and the effect of technology diffusion would be fully revealed. Second, the currency market has a positive impact on technological progress by the movement of persons through the establishment of new enterprises, while credit and stock markets did not play their active roles.