金融市场化程度、国际知识溢出及技术进步——基于进口与投资渠道下的线性与非线性分析

Degree of Financial Marketization,International Knowledge Spillovers and Technological Progress:Linear and Nonlinear Analysis Based on Two Channels of Import and FDI

文章利用我国29个省区2001~2015年的数据分析金融市场化程度对进口和外商直接投资两种渠道的国际知识溢出效应的影响。通过加入金融市场化程度分别与两种渠道国际知识溢出的交叉项的实证分析表明,一个完善的运行良好的金融市场有助于两种渠道的国际知识溢出对我国全要素生产率产生推动作用。进口渠道国际知识溢出是我国东部地区技术进步的主要来源,而外商直接投资渠道国际知识溢出是我国中部地区技术进步的主要来源。由于金融市场化程度较低,在西部地区国际知识溢出并没有对技术进步产生影响。更进一步,通过加入金融市场化程度的平方项进行非线性分析,结果表明,金融市场化程度对进口渠道国际知识溢出效应和外商直接投资渠道国际知识溢出效应的非线性影响都呈现倒U型特征,目前我国各省区的金融市场化程度还未达到最优值,提升我国的金融市场化程度将有助于国际知识溢出推动我国技术进步。

This paper analyzes the influence which the degree of financial marketization exerts on international knowledge spillovers through two channels of import and foreign direct investment （FDI） based on the data of 29 provinces and autonomous regions in China from 2001 to 2015. By including the cross term of financial marketization with knowledge spillovers through two channels of import and FDI respectively, the empirical analysis in the paper reveals that a well- run financial market plays a catalytic role in international knowledge spillovers. In eastern China, international knowledge spillovers through the import channel is the main source of technological progress, while in central China, the spillovers through FDI channel is the main source. Due to the low degree of financial marketization, international knowledge spillovers fail to drive the technological progress in western China. In addition, by including the square term of the this paper further explores the non degree of financial marketization in the regression equation, - linear role of the degree of financial marketization. The results indicate that the effect which the of financial marketization exerts on international knowledge spillovers through the import and FDI channels is featured by an inverted ＂U＂. However, the current level of financial market in the provinces and autonomous regions in China hasnt reached the optimal value yet. Therefore, the improvement of our country＇s financial marketization degree will help international knowledge spillovers promote technological progress in China,