资本市场扭曲对地区创新两阶段效率的异质性影响——基于工具变量分位数模型

Heterogeneous Effect of Capital Market Distortionon Regional Innovation Two-Stage Efficiency——Based on the Instrumental Variable Quantile Regression

在测度地区创新技术开发效率和技术转化效率基础上,使用最新发展起来的能区分异质性影响并同时消除变量之间内生性的非可加固定效应工具变量分位数模型,考察了资本市场扭曲对地区创新两阶段效率的异质性影响效应。结果表明,资本市场扭曲对地区技术开发效率和转化效率均产生了抑制作用,尤其对转化效率抑制作用更突出;负向作用在不同的分位点存在显著的差异性,在低分位点负向作用更为明显。经济发展水平、贸易开放通过改善资本市场扭曲,进而提升地区创新效率的效应,仅在高分位点表现出来。分位点间回归结果表明异质性的影响具有统计上的显著性。

Based on measuring the R&D efficiency and commercial efficiency of regional innovation,the paper uses the In-strumental Variable Quantile Regression estimator with the non-additive fixed effects that can distinguish heterogeneity effect and eliminate the endogenous variable,to investigate the capital market distortion effect on the regional innovation efficiency.Results show that the distortion of capital market has a restraining effect on the R&D efficiency and commercialization effi-ciency of regional innovation,especially on the commercialization efficiency.Moreover,the negative effect was significantly heterogeneity in different quantiles,and more obvious in lower quantile.At lower quantile,capital market distortions also in-directly weaken regional innovation efficiency by inhibiting regional per capita GDP and trade openness.The Inter-quantile regressions show the effect of heterogeneity is statistically significant.