民间金融、城市化与创新能力实证

Informal Finance,Urbanization and Innovation Capacity

民间金融发展对中国创新能力的提升具有重要影响。在采用间接估计法测算民间金融发展规模的基础上,本文利用2001-2011年中国省际平衡面板数据,在动态面板数据模型框架下,对民间金融如何影响区域创新能力和城市化进行实证研究。实证研究结果表明,无论是从国家层面还是从地区层面,民间金融发展水平均呈现出稳步上升的态势,对区域创新能力具有显著的促进作用,并且民间金融与正规金融形成互补而非竞争的关系,现阶段民间金融对区域创新能力的贡献大于正规金融。民间金融对城市化发展也起到了推动作用,民间金融可以通过城市化这条路径来对区域创新能力产生间接的促进作用。现阶段应当规范民间金融市场运行,提高民间金融市场资源配置效率,拓宽中小企业融资途径,并通过制度创新鼓励城市中正规金融部门与民间金融之间的交流合作,进而促进区域创新能力的提升。

Informal finance is significantly important to China＇ s innovation capacity. The indirect estimation method is used to measure the scale of informal finance in the paper. Based on China＇ s provincial balanced panel data from 2001 to 2011, this paper studies how the informal finance influences regional innovation capacity and urbanization under the framework of the dynamic panel data. The empirical results show that the developmental level of informal financial is rising in China, and the development of informal financial has a significant effect on regional innovation capacity and forms complemental~~ and no-competitive relationship with formal finance. At this stage the contribution which informal finance makes to regional innovation capacity is greater than that of formal finance. Informal finance is of significance to the development of regional urbanization which further indirectly promotes the innovation capacity. We should regulate the operation of informal financial market, improve the allocation efficiency of private financial market, broaden the financing channels of the medium and small-sized enterprises and promote the exchanges and cooperation between formal finance and informal finance in cities through system innovation to improve innovation capacity.