金融中介发展提升中国技术创新能力了吗——基于中国省际面板数据的实证分析

Does the Development of Financial Intermediation Promote China's Technology Innovation Ability?——An Empirical Analysis Based on Provincial Panel Data in China

利用2002-2011年的省际面板数据，测算了各省市金融中介发展指数，并以此为基础检验了其对技术创新能力及分解指标的影响。结果表明，金融中介发展对技术创新能力提升的总体影响为正，但存在着结构性失衡，其对中等水平和低水平创新力度的影响大于高水平创新力度。进一步研究发现，金融中介发展对东部和中部地区高水平创新的正向影响没有通过显著性检验，整体形势不容乐观。回归结果显示，教育水平、基础设施建设、政府规模、城市化水平、市场化指数对技术创新能力提升有显著的正向影响，而对外贸易和外商直接投资则起着反向作用。

Using the provincial panel data from 2002 to 2011, this paper calculates financial intermediation development index of dif- ferent years and provinces. Based on this indexes, the paper examines the influence on the technological innovation ability and its decomposition. Results show that the financial intermediation development has an significant positive influence on overall ability of the technology innovation, but has the structural imbalances of impaction, and the influence on the low and middle level of technical innovation is greater than the high level of technical innovation. Further study finds that the financial intermediation development＇ s positive influence on technological innovation of eastern and central parts fails to pass the test of significance, so the overall situation is not optimistic. Regression also finds that, education level, the construction of infrastructure, government scale, urbanization, market index have significant positive influ- ence on technology innovation, but foreign trade and FDI play a reverse role.