金融集聚、技术创新与高技术产业升级

Financial Agglomeration, Technological Innovation and High-tech Industry Upgrading

分析金融集聚实现高技术产业升级的影响机理,即通过促进高技术企业形成外部规模经济效应推动技术创新的作用机制,以及通过降低高技术企业交易成本推动高技术创新的作用机制,并运用2001—2019年我国31个省份的面板数据,采用动态面板广义矩估计(GMM)方法探索这一影响机理。研究表明:(1)金融集聚显著促进了高技术产业升级;(2)变更高技术产业高级化替换变量、金融集聚替换变量,这一影响效果依然稳健;(3)金融集聚均通过显著提高高技术企业规模效应和显著降低高技术企业交易成本进而实现技术创新;(4)金融集聚也通过显著提高技术创新实现高技术产业升级。研究结论的政策启示包括:持续深化金融供给侧结构性改革,有力推动高技术产业集聚;推动金融集聚为高技术产业专业化、多样化聚集模式提供资金支持;不断提升高技术企业生产效率以及培养高层次技术发明人才和技术创新团队。

This paper analyzes the impact mechanism of financial agglomeration to achieve high-tech industrial upgrading, that is, the role mechanism of promoting technological innovation by promoting high-tech enterprises to form the external scale economy effect, and the role mechanism of promoting high-tech innovation by reducing the transaction cost of high-tech enterprises, and uses the panel data of 31 provinces in China from 2001 to 2019,explores this influence mechanism by dynamic panel GMM estimation method. The results show that:(1) Financial agglomeration has significantly promoted the upgrading of high-tech industries.(2) The effect of changing high-tech industry advanced substitution variables and financial agglomeration substitution variables is still robust.(3) Financial agglomeration achieves technological innovation by significantly increasing the scale effect of high-tech enterprises and significantly reducing the transaction costs of high-tech enterprises.(4) Financial agglomeration has also achieved hightech industrial upgrades by significantly improving technological innovation. The policy implications of the research conclusions include: continuously deepening financial supply-side structural reform, effectively promote high-tech industrial agglomeration;promoting financial agglomeration to provide professional and diversified aggregation mode of high-tec industries;continuously improve the production efficiency of high-tech enterprises and cultivate high-level technical inventors and technical innovation team.