金融发展与区域创新的交互影响

Interaction Between Financial Development and Regional Innovation and the Spatial Spillover Effects

基于2008—2017年长三角地区41个地级市的数据,通过构建联立方程模型,考察金融发展与区域创新之间的交互影响,探讨两者的空间溢出效应与地区交互影响。研究发现:金融发展对区域创新的正向促进作用不受时间跨度影响,但区域创新对金融发展的影响存在时间跨度异质性,短期内区域创新对金融发展影响不确定,而长期内区域创新反向促进金融发展,忽略这种反向影响会显著高估金融发展对区域创新的促进作用;区域创新与金融发展均存在正向空间外溢性,临近地区金融发展促进本地区的区域创新,但临近地区区域创新对本地区的金融发展作用并不显著。金融发展与区域创新应当融合联动,互利共生,实现双赢。

Based on the data of 41 prefecture-level cities in the Yangtze River Delta from 2008 to 2017,this paper constructs a simultaneous equation model to examine the interactive effects of financial development and regional innovation,and to explore the spatial spillover effects.The study found that the positive promotion effect of financial development on regional innovation is not affected by time span,but the impact of regional innovation on financial development is heterogeneous in time span.The impact of regional innovation on financial development is uncertain in short terms,while in the long term,regional innovation has a negative effect on financial development.Ignoring this negative impact will result in significant overestimate of the role of financial development in promoting regional innovation.Both regional innovation and financial development have positive spatial spillovers.Financial development in nearby regions promotes regional innovation,but regional innovation in nearby regions has no significant effect on the financial development of the region.We believe that financial development and regional innovation can be integrated and linked to achieve a win-win situation,on the basis of a new pattern of mutually beneficial financial development and regional innovation.