金融发展对研发强度的影响——来自37个行业的证据

The Impact of Financial Development on the Intensity of R &D:——Evidence from 37 Industries

本文利用我国37个工业行业2003—2009年的面板数据,在考虑行业外部融资依赖度和有形资产比重、国有资产比重等行业特征的基础上,实证检验了金融发展对行业研发强度的影响。实证结果表明:用银行信贷、股票市场、企业债券市场等指标衡量的国内金融发展对研发强度的作用显著为正,而以外商直接投资(FDI)使用额衡量的国际金融发展的作用显著为负。

This paper uses panel data of 37 industries from 2003 to 2009 to test the effect of financial development on the intensity of industrial R＆D, given the industrial characteristics like external financial dependence, the ratio of tangible asset and state-owned asset. Empirical evidence suggests that the development of bank credit, stock market, and private bond market have significantly promoted industrial R＆D, while the inflow of FDI has a negative impact.