金融集聚、产权结构与区域创新绩效——基于中国省际面板的实证研究

Financial Cluster, Property Rights Structure and Regional Innovation Performance——Empirical Study Based on Chinese Provincial Panel Data

采用2006—2015年中国30个省份的省际面板数据,运用熵权法、自然间断点分级法、聚类稳健的面板固定效应回归等实证方法,对金融集聚及其四个二级指标(金融背景、金融规模、金融密度、金融深度)、产权结构对区域创新绩效的影响进行了实证分析。实证结果表明:金融集聚水平及其四个二级指标与该地区区域创新绩效呈正相关,提升金融集聚水平,促进金融发展能够提高区域创新绩效;产权结构与区域创新绩效也呈现出正相关,即该地区产权清晰程度越高,其创新效率越高。据此,从提升金融集聚质量角度,要破除金融流动制度性壁垒,加速金融改革,优化区域金融结构;从优化产权结构角度,要鼓励民营企业开展创新活动,为民营企业提供融资便利,发挥新三板市场作用,加强产权保护。

Based on entropy method, Jenks method, robust panel fixed effect regression and other empirical methods, the paper used the provincial panel data of 30 provinces in China during 2006-2015 and empirically analyzed the impact of financial cluster and its four two-level indicators（financial background, financial size, financial density, financial depth） and property rights structure on regional innovation performance. It is proved that financial cluster and its four aspects are positively related to the regional innovation performance, improving the level of financial cluster and promoting financial development can improve regional innovation performance. Property rights structure and regional innovation performance also show a positive correlation, that is, the higher the degree of privatization in the region, the higher the efficiency of innovation. Therefore, at the end of the article, we put forward a series of measures to improve the quality of financial cluster,such as breaking institutional barriers of financial flow, accelerating financial reform, optimizing regional financial structure. And we should encourage private high-tech enterprises to carry out innovative activities for private enterprises to provide financing facilities to play the role of the new board market, strengthen property protection and a series of policy recommendations to optimize the structure of property rights.