金融发展、科技创新与经济高质量发展——基于我国西部地区77个地级市的面板数据

Financial Development,Technological Innovation and High-quality Economic Development——Based on the Panel Date of 77 Prefecture-level Cities in Western China

本文以2003—2017年我国西部地区77个地级市的面板数据为样本,在中介效应模型框架下,检验金融发展对科技创新以及全要素生产率的贡献,并分析金融发展通过促进科技创新最终作用于全要素生产率的具体效应。结果表明:(1)金融发展显著提升我国西部地区TFP增长率,这种直接效应主要通过要素资源在行业间的配置效率改善来实现;(2)金融发展推动西部地区科技创新,并且验证了科技创新在推动高质量发展过程中存在中介效应,但其贡献度还较低;(3)进一步分析中介效应的实现路径发现,科技创新的中介效应主要是通过结构效应而非技术效应来实现的,意味着当前西部地区金融发展促进了科技创新成果转化和产业化进而提高经济发展质量,还没有明显推动原有传统产业的技术升级。

Based on the panel data of 77 prefecture-level cities in Western China from 2003 to 2017,this paper tests the contribution of financial development to technological innovation and TFP under the framework of intermediary effect model.It also analyzes the specific effect of financial development on TFP by driving technological innovation.The results show that:(1)financial development has significantly improved the growth rate of TFP in the western region of China;(2)financial development has promoted technological innovation in Western China and verified that there is intermediary effect in the process of promoting high-quality development of technological innovation,but its contribution level is still low;(3)further analysis of the realization path of intermediary effect shows that the intermediary effect above is mainly through structural effect rather than technological effect,which means the current financial development of Western China promotes the transformation and industrialization of the technological innovation fruits and makes the quality of economic development enhanced.However,it fails to significantly drive the technological upgrade of the original traditional industry.