金融结构对不同技术创新的影响效应分析——基于省域面板数据

An Analysis of the Effect of Financial Structure on Technological Innovation——Based on Provincial Panel Data

新常态下技术创新在实现经济长期的可持续发展中变得至为关键,创新已成为一个国家核心竞争力的根本体现。理论研究和实践表明,金融发展和金融结构对创新的作用和影响日益突出,已成为决定一国(地区)技术进步与创新的重要因素。该文使用2000-2019年期间全国的各省专利数据以及金融统计相关数据,应用静态面板数据,由于各变量在不同省份不均衡发展,因而为识别金融结构与技术创新的关系提供了横截面维度的变化。研究表明差异化的融资方式会有不同的应用场景,目前中国的金融结构主要是信贷市场为主,这种金融结构有利于促进模仿创新,而不利于自主创新的产出,以资本市场为主导的融资类型在很大程度上为自主技术创新创造了适宜的生长和发展环境;而金融发展效率在短期内虽不利于地区的经济增长,但有助于加速地区技术创新水平的提升,长此以往地成为经济增长的引擎。该文建议加快中西部地区的金融服务体系,将资本市场和信贷市场的作用发挥到最大,开辟多元化的渠道融资,提升资源配置效率,激发技术产业的自主创新,带动企业的技术创新蓬勃发展。

Under the new normal, technological innovation has become the key to realize the long-term sustainable development of economy. Innovation has become the fundamental embodiment of a country’s core competitiveness. Theoretical research and practice show that the role and influence of financial development and financial structure on innovation is increasingly prominent, which has become an important factor in determining the technological progress and innovation of a country(region). This paper uses the patent data and financial statistics data of all provinces in China from 2000 to 2019, and applies the static panel data. Due to the unbalanced development of each variable in different provinces, it provides a cross-sectional dimension change for identifying the relationship between financial structure and technological innovation. The research shows that different financing methods will have different application scenarios. At present, China’s financial structure is mainly credit market, which is conducive to promoting imitation innovation, but not to the output of independent innovation. The financing type dominated by capital market creates a suitable growth and development environment for independent technological innovation to a large extent;and financial development efficiency in the short term, it is not conducive to regional economic growth, but it is conducive to accelerating the level of regional technological innovation, and it will become the engine of economic growth in the long run. This paper proposes to speed up the financial service system in the central and western regions, maximize the role of capital market and credit market, open up diversified channels for financing, improve the efficiency of resource allocation, and stimulate the independent innovation of technology industry to drive enterprises.