摘要
科技创新是一个昂贵的过程,需要大量资金投入.文章运用计量模型,采用1987—2009年相关统计数据对我国科技创新融资支持进行了实证分析.检验结果显示,我国金融机构的中长期信贷和政府的财政拨款对科技创新的支持作用巨大,但证券市场筹资的支持作用却十分有限.进一步的分析发现,中长期信贷的支持作用持久且递增,财政拨款的短期促进效果显著而长期作用递减,证券市场发展相对不充分及存在的结构问题是导致对科技创新支持不力的主要原因.
S＆T innovation is very expensive, and therefore needs huge amounts of investment. By collecting relevant statistical data from 1987 to 2009 and employing econometric models, it makes an empirical analysis on Chinese financial support to S＆T innovation. The results reveal that both the medium and long term loans from financial institutions andthe government budgetary technology expenditure play important roles in supporting S＆T innovation, while securities market gives little support to S＆T innovation. A further analysis finds out that the medium and long term loans from financial institutions bring a long and increasing positive effect on S＆T innovation and the government budgetary technology expenditure generates a prompt but decreasing effect. As to the securities market, their relative underdevelopmentand the structural problems are the main reasons to lead their little support to S＆T innovation.
出处
《研究与发展管理》
CSSCI
北大核心
2012年第5期109-116,共8页
R&D Management
关键词
科技创新
中长期信贷
财政科技拨款
证券市场
S＆T innovation
medium and long term loan
government budgetary S＆T expenditure
securities market
