国家创新能力发展中金融作用的国际比较研究——基于多维分类样本的面板实证分析

An International Comparison of the Role of Financial System in the Development of National Innovative Capacity Based on the Panel Data of OECD Countries

理论上金融是国家创新能力关键支撑要素之一,但其实际作用尚未得到直接检验,更未曾有过跨国比较。文章借鉴Antzoulatos(2008)等学者的多维分类方法,将27个经合组织国家的金融体系区分为三个类型,通过比较研究探索在不同金融体系背景下,金融整体发展、具体金融渠道发展对国家创新能力提升的实际作用及其差异。实证结果表明:一是金融发展对国家创新能力提升存在非线性的促进作用,这种促进作用在金融欠发达国家和市场主导型金融发达国家更为明显;二是在具体金融渠道中,金融发达国家股市对创新的促进作用优于银行信贷,尤其是在市场主导型金融发达国家中。

Financial system is a key supporting element for national innovative capacity （NIC）. Based on the multi-dimension clustering method of Antzoulatos et al. （2008）, this paper makes an across-country comparison of the role of financial system in NIC development based on the panel data of 27 OECD countries. The results are： （a） financial development has a positive nonlinear effect on NIC, which is especially more obvious in the market-based or developing financial system; （b） regarding to financing channels, stock markets in financial developed countries have some advantages compared with banking loans, especially in the market-based financial system. These results give some implications for the development of Chinese financial system.