金融支撑与区域创新的竞争和溢出效应——基于空间杜宾误差模型的研究

Competition and Spillover Effect between Financial Support and Regional Innovation

区域创新需要金融体系支持,中国区域创新和金融体系呈现极大的空间差异性。本文将将金融支持体系划分为金融规模、金融效率和金融结构三个纬度,借助空间杜宾误差模型考察了中国大陆31个省域金融支持体系对区域创新的影响。结果表明:区域创新呈现出显著的空间自相关性;研发经费投入促进了创新的提高,但地区之间存在竞争效应;研发人员投入有利于创新产出,且地区之间存在知识溢出效应。金融规模、金融效率和金融结构对区域创新的贡献存在差异,金融规模越大,越有利于区域创新提高,同时,由于溢出效应也带动邻近地区创新发展;金融效率较低,与创新呈现负相关关系,邻近地区金融效率变量也未能通过溢出效应推动创新发展;金融结构变量则不显著,可能反映我国资本市场存在一些深层次的问题。最后,根据研究的结果提出了若干金融改革政策建议,进一步促进中国创新整体水平的提高。

Regional innovation is supported by financial system, and huge spatial disparities present on regional innovation and financial system of China. We classify the financial system into three aspects which are financial scale, financial efficiency and financial structure. The effect of financial system on regional innovation has been analyzed in China, based on the Spatial Durbin Error Model （SDEM）. The results show that the indicator of regional innovation has a significant spatial autoeorrelation feature. R＆D input boosts the level of regional innovation and competition ef- fect appears between the contiguous regions. Research human capital input expedites the output of regional innovation and knowledge spillover effect highlights between the regions of contiguity. The larger financial scale, the more im- provement of innovation makes. As such, the level of innovation of contiguity enhances for the spillovers effect. For fi- nancial efficiency is low, there is a negative relation between financial efficiency and the indicator of innovation, the spillover effect fails to play the role to promote the level of innovation of contiguity. The indicator of financial structure is not significant in the estimate results. Finally, the policy recommendations of financial reform are proposed in order to heighten the whole level of home-innovation of China.