区域金融市场竞争与创新关系研究——基于空间面板数据的实证分析

The Relationship Between Competition and Innovation in Chinese Financial Market——An Empirical Analysis Based on Spatial Panel Data

竞争与创新的关系是长期备受关注的理论与现实问题。基于2007-2014年中国金融市场的省级面板数据,通过测算省域金融创新效率,运用空间计量分析技术,实证考察了金融市场竞争对金融创新的影响。研究发现,区域金融创新具有空间相关性,金融市场创新与竞争之间存在倒U型关系,即在金融市场竞争程度达到拐点之前,竞争对创新具有正效应,但在越过拐点之后,随着竞争程度的不断提高,金融创新水平呈现下降趋势。

The relationship between campetitiDii and innovation is a long-term coneerned problem both in theory and practice.Based on inter-pfovincial panel data of GHnes^finaticial m arkets from2007to2014,this paper estim ates regional financialinnovation efficleney?use spatial econometric analysis to explore the relationship betw eea the financial m arket competitionand finandM innovation.The fesultis show that finaiieial m arket competition has non-linear effect on financial innovation,when the degree of competition is less than the inflection point,tke competition has a positive effect on innovation.Otherwisc,the correlation becomes negative.