金融发展、微观企业创新产出与经济增长——基于上市公司专利视角的实证分析

Financial Development,Corporation Innovation and Economic Growth:Empirical Analysis from the Patent Perspective

本文在标准的内生经济增长框架下,引入专利部门和金融发展变量,试图发现金融发展、创新产出和经济增长之间的关联,并基于上市公司财务数据与上市公司及其子公司专利数据的匹配,综合运用省份、行业和企业数据实证分析了区域金融发展水平在外部融资依赖影响下与企业创新、经济增长的关系,厘清金融发展促进创新进而推动增长的机制,为金融发展理论、创新理论以及经济增长理论的研究提供了新的视角。实证研究发现:信贷市场可得对创新有显著的促进作用,但资本市场融资功能的不完善限制了其作用发挥;创新是金融发展影响经济增长的重要渠道,这对金融发展如何适应于转型升级的经济结构提供了有益思考。

The patent variables are lead up to the growth modal. Furthermore, we examine the effect of financial development using financial data and patent data of listed companies and clarify the innovation output channel that financial development promotes growth. Empirical studies show that credit market access indeed plays a positive role in innovation. The financing imperfection of the capital market limits its role. Innovation is an important way that financial development affects growth, which provides beneficial thinking about how financial development adapts transformation and upgrading of economic structure.