金融支持高技术产业创新的门槛效应研究

Research on the Threshold Effect of Financial Support for High-tech Industry Innovation

创新驱动是中国应对国际冲击、实现高质量发展的重要战略举措,但是驱动创新的关键因素何在?以高技术产业为研究对象,借助门槛模型分析了研发投入和金融发展对技术创新的异质性作用。结果表明:研发投入(研发资本、研发人员)和金融发展都是创新的显著驱动要素。具体来看存在三重差异:(1)门槛差异。研发投入和金融发展对创新的作用存在直接驱动和条件驱动的不同。(2)效率差异。创新效率增幅高低不同的区域,作用存在差异。(3)层面差异。对于创新的不同层面,作用效果不同;资本对创新产出直接驱动,人员对创新成效直接驱动。因此,建议中国高技术产业发展要因地制宜,合理配置创新资源。

Innovation driving is an important strategic measure for China to cope with international shocks and achieve high-quality growth,but what are the key factors driving innovation?Taking the high-tech industry as the research object,this paper analyzes the heterogeneity effect of R&D investment and financial development on technological innovation with the help of threshold model.The results show that R&D investment(R&Dcapital,R&D personnel)and financial development are significant driving factors of innovation,and there are three differences in detail:(1)Threshold difference.There is a direct driving and conditional driving difference between the effects of R&D investment and finance in innovation.(2)Efficiency differences.Different growth regions have different effects on innovation efficiency.(3)Level differences.For different levels of innovation,the effect is different.Capital directly drives innovation output and personnel directly drives innovation effectiveness.Therefore,it is suggested that the development of China’s high-tech industry should be adapted to local conditions,and the allocation of innovation resources in different stages should be done well.