金融效率、环境规制与R&D创新——基于价值链理论的两阶段分析

Financial efficiency,environmental regulation and R&D innovation: two phase analysis based on value chain theory

在价值链理论的基础上对R&D创新过程进行分解,将其划分为R&D创新开发和R&D创新转化两个阶段。采用我国29个省市1995—2013年间的数据,建立动态面板数据模型,分析金融效率、环境规制与R&D创新之间的关系,以及金融机构效率、股票市场效率对环境规制作用于R&D创新的溢出效应。结果显示,股票市场效率能促进R&D创新开发与转化,并存在正向溢出效应;金融机构效率、环境规制能够促进R&D创新开发,且金融机构效率存在正向溢出效应,但金融机构效率不利于R&D创新转化,环境规制对R&D创新转化的作用具有不确定性;人力资本能够有效的促进R&D创新开发,市场化程度能够促进R&D创新转化。

Based on value chain theory, the R＆D innovation procedures are divided into two stages, including R＆D innova-tion development and transformation. The paper constructs a dynamic panel data model to analyze the relationship among fi-nancial efficiency, environmental regulation and R＆D innovation by using the panel data of 29 regions of China during the period from 1995 to 2013. The results indicate that efficiency of stock market can promote the R＆D innovation development and transformation, and has positive spillover effect ; efficiency of financial institutions, and environmental regulation both can promote R＆D innovation development,and efficiency of financial institutions has positive spillover effof financial institutions is not good at promoting the transfer of R＆D innovation, and the role of environmental regulation on development of R＆D innovation is uncertain. Human capital can effectively promote the development of R＆D innovation, and marketization can promote the transformation of R＆D innovation.