金融发展促进产业技术创新了吗?——基于动态面板实证研究

Has Financial Development Promoted Technological Innovation?——Empirical Research Based on Dynamic Panel

利用动态面板差分GMM估计方法,以高技术产业总产值作为产业技术创新的代理变量,运用1995-2015年我国金融发展的相关数据,度量国有经济固定资产投资对产业技术创新的贡献程度,并解释在各地区金融发展主要变量对产业技术创新的影响。研究结果表明我国东部地区,中部地区,国有经济固定资产投资的增加会阻碍产业技术创新,但在西部地区有促进作用。金融发展力度的增强在某些地区促进了产业技术创新。因此,金融发展对产业技术创新具有一定的促进作用。

Using the dynamic panel difference estimation method of GMM and taking the total output value of high- tech industry as the proxy variable of industrial technological innovation, this paper uses the relevant data of China＇ s financial development from 1995 to 2015 to measure the contribution of fixed assets investment of state-owned economy to industrial technological innovation, and explains the impact of the main variables of financial development in various regions on industrial technological innovation. The results show that the increase of investment in fixed assets of state-owned economy in the eastern and central regions of China will hinder the technological innovation of industries, but it can promote the technological innovation in the western regions. The enhancement of financial development has promoted technological innovation in some areas. Therefore,financial development has a certain role in promoting industrial technology innovation.