金融发展、金融创新与高新技术企业自主创新能力——基于中国省际面板数据的实证分析

Financial Development,Financial Innovation and the Independent Innovation Ability of High-Tech Enterprises——Empirical Analysis Based on Chinese Provincial Panel Data

在分析金融发展、金融创新对企业自主创新能力作用机制的基础上，通过知识生产函数实证考察了金融发展、金融创新对高新技术企业自主创新能力的静态和动态影响。结果显示：从金融发展结构上看，股票市场规模的扩张有利于通过增加企业研发累积投入来促进高新技术企业自主创新能力提升，而银行信贷规模的扩张却起到抑制作用；从金融发展效率上看，股票市场融资效率提升有利于通过增加企业研发累积投入来推动企业自主创新能力的提升，而银行融资效率没有发挥作用。金融创新和金融改革均有利于通过提高企业研发累积投入来提升企业自主创新能力。

This paper analyzes the static and dynamic effect of financial development and innovation on the high-tech enterprises＇ independent innovation ability using the knowledge production function. Results show that the development of stock market scale plays a positive role in promoting the ability of independent innovation by increasing the accumulation of R＆D investment, but the expansion of bank credit scale plays a negative role from the perspective of financial development structure. The improvement of the financing efficiency of the stock market is positive to enhancing the ability of independent innovation, while the financing efficiency of bank doesn＇t work from the perspective of financial development efficiency. Fi- nancial innovation and reform is positive to improve the ability of independent innovation.