金融改革与区域创新能力——基于国家金融综合改革试验区设立的准自然实验

Financial Reform and Regional Innovation Ability:A Quasi Natural Experiment Based on the Establishment of the National Comprehensive Financial Reform Experimental Zone

文章以国家设立金融综合改革试验区为准自然实验,基于2005—2019年中国283个地级市面板数据,采用双重差分模型考察了金融改革对城市创新水平的影响。研究表明:金融改革有助于促进城市创新水平提升,经过一系列稳健性检验之后,结论依然成立;进一步分析发现,金融改革对城市创新的促进作用主要存在于中西部、创新水平较低、市场化程度较低的地区;机制检验发现,金融改革可以通过优化金融资源配置效率促进区域创新水平。

Based on the panel data of 283 prefecture-level cities in China from 2005 to 2019,this paper examines the impact of financial reform on the level of urban innovation using a DID model.The results show that financial reform can promote the level of urban innovation,and after a series of robustness tests,the result is still valid;further analysis shows that the promotion effect of financial reform on urban innovation mainly exists in the central and western regions with low innovation level and low marketization degree;the mechanism test shows that financial reform can promote regional innovation level by optimizing the efficiency of financial resource allocation.