省域自主创新的金融支撑体系研究——基于面板数据的实证分析

A Study on Financial Support for the Provincial Independent Innovation——An Empirical Research Based on Panel Data

本文运用面板协整分析、Granger因果检验与误差修正模型,对1998-2008年我国31个省域的金融支撑体系与自主创新能力之间的关系进行了实证分析。结果表明:长期来看,我国省域金融支撑与自主创新之间存在着稳定的均衡关系,金融支持是自主创新的Granger原因,并且落后地区自主创新的发展对金融的依赖性要大于发达地区。从短期来看,金融体系的不同方面对自主创新的影响却大相径庭。其中金融规模对自主创新具有正的短期效应,但这种短期效应具有时滞性,一般在3年后才开始显现出来。而金融体系的金融效率和金融结构对自主创新起抑制作用。

Based on panel cointegration analysis,causality test and error correction model,the paper empirically tests the relationship between financial support and independent innovation in 31 provinces of China from 1998 to 2008.The study shows that,in the long run,there exists a stability of the equilibrium relationship between provincial financial support and independent innovation,financial support is the Granger causality of independent innovation,and independent innovation of backward regions depends more on financial support than that of developed regions.But in the short term,the different aspects of the regional financial system impact on innovation is quite different.The scale of financial innovation has a positive short-term effect for financial support,But such short-term causal relationship generally begins to be felt after 3 years,with a time lag.However,the financial efficiency and financial structure of the financial system both have weakly negative effects on regional independent innovation.