金融发展对技术创新的促进作用——基于2000-2015年中国省级动态面板模型的系统GMM实证分析

Promotion Effect of Financial Development on Technological Innovation:Empirical Analysis Based on Provincial Dynamic Panel Model in China from 2000 to 2015 Using System-GMM Method

理论研究和实践证明,现代金融发展所具有的风险管理特性为不确定性的技术创新过程提供了重要依据和激励支持。文章基于2000-2015年31个省(市、自治区)面板数据,采用System-GMM回归模型进行实证检验和计量,发现中国金融发展对技术创新具有显著的正向促进效应,金融发展效率的提升和金融结构的深化对提升技术创新绩效尤为重要。因此,面对金融体系服务于实体经济和助力供给侧结构性改革的现实需要,通过创新驱动战略导向下的区域人力资本积累和存量提升为技术创新提供根本保障,对于实现金融发展推动技术创新和技术创新持续拓展产业发展空间至关重要。

Theoretical research and practice has proved that the risk management characteristics of modern financial development can provide an important basis and support for the technological innovation process under uncertainty.Based on the panel data of 31 provinces and municipalities and autonomous regions of China from 2000 to 2015,the empirical and econometric analysis is conducted using the System-GMM regression model.It is found that China's financial development has a significant positive promotion effect on technological innovation,and the improvement of financial development efficiency and the deepening of financial structure are of significance to technological innovation.Therefore,facing the realistic demand,it is very important for the financial system to better serve the real economy and promote the supply-side structural reform.The regional human capital accumulation and stock improvement under the guidance of the innovation-driven strategy can provide a basic guarantee for technological innovation,which is very important for promoting technological innovation through financial development and enlarging industrial development space through technological innovation.