马克思主义视角下金融发展、创新投入与工业创新绩效

Financial Development, Innovation Investment and Industrial Innovation Performance from the Perspective of Marxism

本文基于马克思主义金融与创新理论,使用2005—2015年中国30省市的数据,考察金融发展、创新投入对工业创新绩效的影响,并检视它们与工业创新绩效的关系是否存在拐点;识别二者对工业创新绩效的长期效应与短期效应;检验科技与金融相结合政策的有效性。研究发现：首先,金融发展对工业创新绩效的积极影响体现在长期;提高创新投入强度能推动工业创新绩效增长,长期效应明显优于短期。其次,金融发展对工业创新绩效的作用不存在倒“U”或“U”形特征;创新投入与工业创新绩效之间有倒“U”形关系,但当前的创新投入尚未达到最优水平。最后,科技与金融相结合的政策有效,即借助金融发展丰富创新资金供给的机制能显著改善工业创新绩效。从而优化金融发展质量,引导更多金融资本流向创新领域,加强智力资本积累,有益于提升工业创新产出能力。

The paper employs provincial level data from 2005 to 2015 to investigate the impact of financial develop- ment and innovation investment on industrial innovation performance. We examine the existence of the turnoff point of such effect as well as the long run and short run effect. The effectiveness of the policy of the combination of technology is also concerned in the framework of the Marxist theory of finance and innovation. Our findings can be summarized as the three points. Firstly, the positive impact of financial development on industrial innovation mostly exists in the long term. The long-run beneficial effect of innovation investment on industrial innovation performance is better than that in short-run. Secondly, we do not fred ＂inverted U＂ or ＂U＂ shape relation between financial development and industrial innovation. Although the ＂inverted U＂ effect of innovation investment exists, it has not reach at optimal val- ue. Thirdly, the effectiveness of the combination of technology and finance, which the mechanism of richer innovation investment by the financial development can significantly raise innovation performance, has been confirmed. Therefore, it is favorable to hoist industrial innovation performance, by improving financial development to promote more financial capital on innovation and augmenting intellectual capital accumulation.