金融中介供给与中国创新驱动——来自一个准自然实验的证据

Does Supply of Financial Intermediation Boost China's Innovation:Based on a Quasi-natural Experiment

金融供给侧改革是供给侧结构性改革的重要内容,与此同时,创新日益成为驱动中国经济可持续发展的核心动力。那么金融供给与创新之间存在怎样的关系,对此问题的研究具有重要的理论与现实意义。本文以金融中介供给为视角,专利作为创新的度量,依据2006年城商行跨区经营的准自然实验事件,采用双重差分法对前述问题进行了实证研究。研究结果发现:金融中介供给的增加显著促进了创新;采用动态模型设定,验证了平行趋势假设;研究也发现不存在创新影响城商行跨区经营决策的反向因果关系;机制研究表明,金融中介供给通过提高工业企业的创新产出,从而促进了当地的创新。本文的研究对金融供给侧改革的推进有一定的启示意义。

Financial supply side reform is an important part of China’s structural reform of the supply front,and innovation is increasingly becoming the core driving force for sustainable development of China’s economy.What kind of relationship exists between financial supply and innovation,which has both theoretical and practical importance.In this paper,from the perspective of the supply of financial intermediation and measuring innovation by patents,we rely on the difference-in-difference method to make an empirical study of the above questions,according to a quasi-natural experimental event of 2006 city commercial banks′expanding cross regional operation.The results showed that:an increase in the supply of financial intermediation significantly promoted city′s innovation,dynamic model verified the parallel trend hypothesis,and we also found that there is no reverse causation effect of city′s initial innovation level brought about city commercial banks′cross business decision,while mechanism research shows that the supply of financial institutions boosted the industrial enterprises′innovation output,so as to promote local innovation.This paper has certain enlightenment significance to the reform of China′s financial supply side.