制度环境、金融发展与技术创新

Institutional Environment, Financial Development and Technological Innovation

在对制度环境、金融发展和技术创新之间的关系进行理论分析的基础上,以中国2001-2013年30个地区数据为样本,采用面板GMM模型分别从全国和地区两个层面进行实证检验。结果发现:(1)在全国层面上,制度环境的改善能够显著提高金融体系对技术创新项目的资本配置总量和配置期限,从而促进技术创新;(2)在地区层面上,制度环境水平按照东部、中部、西部的顺序逐渐下降,金融发展对技术创新的促进作用按照相同的顺序依次减弱,即在制度环境更为优良的地区,金融发展对技术创新的促进作用更强。这些结果表明,进一步改善制度环境对支持"双创"成为中国经济增长新的动力源泉具有重要意义。

Based on the provincial-level data from 2001 to 2013 of China＇ s technological innovation, this paper studied the effectiveness that institutional environment imposed on the relationship between financial development and technological innovation with GMM method. Results show that the improvement of the institutional environment （mainly including the political, legal and cultural credit environment）will significantly strengthen the promoting effect from financial development to the regional technology innovation, while the better institutional environment in east and middle region, the better intensified effect to the promotion from financial development to technological innovation than that of the western region. Finally, within a dynamic panel model framework, we discussed the problems of endogenous variable, variable selection bias and specific time impact with Sys-GMM method, the main conclusions remain unchanged.