金融发展对提高企业创新产出的影响研究

Research on the Impact of Financial Development on Increasing Enterprise Innovation Output

技术创新能力的提高需要完善的金融体系做支撑。本文在深入实施创新驱动发展战略的背景下,引入中国30个省级行政区域2000-2018年的面板数据,从金融资源分配市场化的角度测算了各地区的金融发展水平,并基于中介效应模型实证考察了金融发展对地区企业技术创新的影响。研究发现:样本期内,中国各地区金融发展水平均呈明显上升趋势,且在2008年之后上升速度加快;金融发展水平的提高有利于缓解企业的融资约束,进而增加企业的研发支出,推动企业创新能力的提升。在改变不同的衡量指标之后,这一结果仍然具有稳健性。因此,中国应进一步深入推进金融体系的市场化改革进程,提高金融发展水平,助力国家创新驱动战略的实施。

The improvement of technological innovation capabilities requires a sound financial system as support.In the context of the in-depth implementation of the innovation-driven development strategy,this paper uses panel data from my country’s 30 provincial administrative regions from 2000 to 2018 to calculate the level of financial development in each region from the perspective of marketization of financial resource allocation,and is based on the intermediary effect model Empirically examines the impact of financial development on technological innovation of regional enterprises.The study found that during the sample period,the level of financial development in various regions of China showed a clear upward trend,and the rate of increase has accelerated after 2008;the improvement of the level of financial development is conducive to alleviating the financing constraints of enterprises,thereby increasing enterprises’R&D expenditures and promoting enterprises The improvement of innovation ability.After changing different measurement indicators,this result is still robust.Therefore,it is necessary to further promote the market-oriented reform process of the financial system,improve the level of financial development,and help the implementation of the national innovation-driven strategy.