金融发展中的结构演进与科技创新——基于区域经济学的分析

Financial structure evolution and technological innovation under the development of finance——basing on the analysis of regional economy

新常态下,创新型国家的建设不仅离不开金融发展和金融改革,也需要培育与之相适应的金融结构。本文通过对次贷危机以来中国省级面板数据的检验发现:金融发展规模的扩张促进了科技创新活动;相较于间接融资体系对模仿性创新的促进作用,直接金融体系更能促进自主性创新;中国人力资本的积累已经达到了满足自主性创新的阶段。因此,为了促进自主性创新和经济结构转型升级,要在扩张金融发展规模的同时,培育和健全中国直接融资市场;在区域层面,应实行适应区域经济发展水平的有"政策梯度"的金融发展策略。

In the new normal,the building of the innovation-oriented country not only need financial development and financial reform but also cultivate the suitable financial structure in the course of shifting from imitation to innovation.Empirical tests after the subprime crisis find that：enlargement of financial scale promotes imitation and innovation;comparing with indirect finance,direct finance is more helpful to promoting innovation;the accumulation of human capital has reached the period of innovation.In order to promoting the innovation and transformation and upgrading of economy,we should both enlarge the scale of finance,and increase the ratio of direct finance.On the level of regional economy,we should adapt the suitable policy grades of financial development strategy.