科技创新和金融创新耦合机理及实证分析

Coupling Mechanism and Empirical Analysis of Sci-tech Innovation and Financial Innovation

在国内金融创新与科技创新的研究中,关于金融创新如何支持科技创新方面的研究较多,而对金融创新与科技创新如何制约及相互协同发展方面的研究是一种创新。文章将金融创新及科技创新作为一个耦合整体,采用动力学模型,全面考察了金融创新主体间、市场金融创新供给、政府公共金融创新供给、科技创新主体间的相互耦合作用,对金融创新及科技创新耦合机理进行了分析,确定了科技创新与金融创新耦合发展目标与关键控制节点,提出金融创新及科技创新耦合发展管理策略。文章选取2005-2015年的年度数据进行实证分析,结果表明,在2005-2008年,耦合系统协同度并不理想,2008年明显下降,之后有所好转。在2012-2015年,耦合系统协同度一直呈增加趋势,科技创新、金融创新间的耦合逐渐向理想状态发展。尤其是在2015年,金融创新发展平稳,科技创新有序度提高明显,耦合系统协同度大幅上升。表明了实现科技创新产出与金融创新投资绩效耦合发展的关键是金融创新及科技创新耦合新系统。

In domestic study of financial innovation, science and technology innovation, there are many studies about financial innovation supporting science and technology innovation, while it is a kind of innovation in terms of constraint and collaboration between financial innovation, science and technology innovation. The coupling system of financial innovation, science and technology innovation has been analyzed in detail. The coupling development goal and the key control node of the science and technology innovation and financial innovation are identified, and the management strategy of financial innovation and scientific and technological innovation is put forward. The annual data from 2005 to 2015 are chosen to do the empirical analysis, which show that it is not ideal from 2005 to 2008,results sharply drop in 2008. While results show that in 2012-2015 years, has increased the collaborative coupling system, technological innovation, financial innovation, financial technology coupling gradually to the ideal state of development. Especially in 2015, the development of financial innovation is stable, which demonstrate that the mechanism of development of system coupling analysis indicates that the key to realize the development of science and technology innovation output coupled with financial innovation invest-ment the performance is a new system of financial innovation and technological innovation coupling.