摘要
本文利用1989—2015年OECD国家行业面板数据,研究金融结构对该国制造业创新活动的影响。研究发现,独立型融资(例如,股票市场)越发达,越能显著地增加行业研发支出,这种影响在外部融资依赖性较强的行业尤为强烈。然而,关系型融资(例如,信贷市场)对创新活动的影响方向难以确定。当进一步引入风险投资市场相关变量时,关系型融资不再显著影响行业研发支出。以上结论对衡量行业创新活动的不同指标均稳健。考虑内生性问题,本文还使用了国家层面的面板VAR模型,发现一单位风险投资市场发展的冲击,对国家整体研发支出增长有较强的影响。本文结论能够为我国建设创新型国家获得金融支持提供决策依据,为如何提升金融服务实体经济能力提供参考建议。
This paper investigates the effects of financial structure on national innovation in manufacturing industries using an industry-level panel data set of OECD countries from 1989 to 2015. The empirical results show that the more arm's length financing (e.g., stock market) is developed, the higher the industrial R&D expenditure becomes, which is especially obvious in industries more dependent on external finance. However, it is hard to determine the effects of relational financing (e.g., credit market) on R&D expenditure. Moreover, the effects of relational financing turn to be insignificant when venture capital market is controlled. This paper also discovers, with country-level panel VAR, that the shock of one standard deviation from venture capital market development will impose strong effects on national R&D expenditures. The conclusions may provide solid evidences and suggestions on the financial supports for China^s construction of innovation-oriented country.
作者
周开国
卢允之
Zhou Kaiguo;Lu Yunzhi
出处
《国际金融研究》
CSSCI
北大核心
2019年第3期24-33,共10页
Studies of International Finance
基金
国家自然科学基金项目(71572203)
广东省基础研究及应用研究重大项目(2017WZDXM037)
2016年广东省特色重点学科"公共管理"建设项目
中山大学高校基本科研业务费专项资金项目(16wkzd03)以及中山大学粤港澳发展研究院资助
关键词
金融结构
风险投资
研发支出
国家创新
Financial Structure
Venture Capital
R&D Expenditure
National Innovation