金融发展、创新驱动与长期经济增长

Financial Development,Innovation-driven and Long-term Economic Growth

本文在Romer(1990)的内生增长模型基础上引入金融发展变量,从企业研发投入的视角分析金融发展对长期经济增长的影响。理论模型显示,金融发展通过增加企业研发投入、促进技术进步来推动经济增长,这提供了一个从微观机制分析金融发展影响经济增长的新视角。此外,本文以中国工业企业数据作为研究样本实证检验了理论模型的主要结论,回归结果显示:金融深化、贷款市场发展与中小银行贷存比上升有利于企业增加研发投入,推动经济增长;银行业集中度、银行贷存比与国有商业银行贷存比上升会降低企业研发投入,不利于经济增长;金融深化与中小银行贷存比上升对中小企业的正向影响显著高于国有企业,银行业集中度、银行贷存比与国有商业银行贷存比上升对非国有企业研发投入和产出增长具有显著的负向效应。

In this paper,we introduce the financial development level variables into the endogenous growth model of Romer(1990),and analyze the impact of financial development on long-term economic growth from the perspective of R&D investment.The findings show that financial development provides a new perspective from microeconomic mechanisms to analyze the impact of financial development on economic growth by increasing R&D investment and promoting technological progress to promote economic growth.At the same time,the main conclusion of the theoretical model is tested by using the data of Chinese industrial enterprises as a research sample.The results show that the deepening of financial,the development of loan market and the increase of loan-to-deposit ratio of small and medium-sized banks are beneficial to enterprises to increase R&D investment and promote economic growth.The increase of the concentration ratio,the bank loan-to-deposit ratio and the loan-to-deposit ratio of the state-owned commercial banks will reduce the R&D investment of the enterprise,which is not conducive to the economic growth.The promotion of the financial deepening and the loan-to-deposit ratio of the small and medium-sized banks is significantly higher than that of the state-There is a significant negative effect on the increase in loan-to-deposit ratio and the loan-to-deposit ratio of state-owned commercial banks to R&D investment and output growth of non-state enterprises.