有形与无形之手能否协同激发城市创新活力——基于中国275个城市数据的分析

Can the Visible and Invisible Hands Cooperate to Stimulate the Urban Innovation Vitality?An Analysis Based on Data from 275 Cities in China

基于2012-2020年我国275个城市面板数据,分析财政科技支出、数字普惠金融对城市创新的影响机制,并检验空间效应的有效性。研究发现:①财政科技支出、数字普惠金融均可提升本地创新水平;②财政科技支出、数字普惠金融对城市创新均产生显著的空间溢出效应,但二者存在一定的抵消,财政科技支出在推动本地创新的同时也能够带动其它关联地区的创新发展,数字金融的普惠性发展虽然可激励本地创新,但对其它关联城市的创新发展有一定抑制性;③数字普惠金融发展弱化了财政科技资金的创新效应,即财政科技支出和数字普惠金融二者对城市创新的驱动作用存在替代效应,且替代效应具有明显的地区差异。基于此,有针对性地提出政策建议,为激发城市创新活力提供有益参考。

As an important factor of urban innovation and development,capital is faced with differences in spatial alloca-tion,which leads to regional differences in innovation output.The sources of funds for innovation mainly include enter-prise owned funds,subsidies from government and financial institutions.Because of its strong attributes of public goods,the government attaches great importance to R&D,especially fundamental research,and fiscal investment is essential.However,some studies have also pointed out that fiscal science and technology funds will cause the loss of innovation effi-ciency.By contrast,in recent years,thanks to the development of digital inclusive finance,the efficiency of digital eco-nomic service entities has been improved.Digital inclusive finance provides more market participants access to innovative financing channels,improve the efficiency of financial resource allocation,and promote innovative output.Since the alloca-tion of funds is constrained by the visible hand of the government and the invisible hand of the market,which force does the improvement of urban innovation vitality come from?Can the integration effect of urban innovation be realized,or can the innovation driving effects of the two replace each other?There are some problems untouched in the existing research.First,the existing studies mostly focus on the spatial independence,and do not involve whether fiscal science and technology expenditure and the development of digital inclu-sive finance show innovative spillover effects.Second,the existing studies mostly discuss the impact of fiscal science and technology expenditure and digital inclusive finance on urban innovation and development from a single perspective,and do not integrate them into an analytical framework.Third,it does not answer if development of digital finance lead to the re-duction of innovation's dependence on fiscal science and technology funds.In view of the source of funds for innovative sectors,fiscal science and technology expenditure is the most direct way for the government to regulate economic development,and in recent years,the substitution effect of digital inclusive finan-cial development on traditional finance has become increasingly significant.The use of fiscal science and technology ex-penditure is taken as the proxy variable of the government's tangible hand and the development of digital inclusive finance is the proxy variable of the invisible hand of the market,and then the impact and mechanism of fiscal science and technolo-gy expenditure and the development of digital inclusive finance on urban innovation are analyzed based on the panel data of 275 cities in China from 2012-2020,and the effectiveness of spatial effect is tested.This study constructs a benchmark re-gression model of fiscal science and technology expenditure,digital inclusive finance and urban innovation.Given the spa-tial characteristics of fiscal science and technology expenditure and digital inclusive financial performance,this paper intro-duces the spatial factors on the basis of benchmark regression model to build a spatial measurement model of the relation-ship between them and urban innovation for identification.It is found that financial science and technology expenditure and digital inclusive finance can improve the level of local innovation;fiscal expenditure on science and technology and digital inclusive finance have a significant spatial spillover effect on urban innovation,but there is a certain offset.Fiscal spending on science and technology can promote local inno-vation and also drive innovation development in other related regions.Although the inclusive development of digital finance can encourage innovation in the region,the innovation and development of other related cities are somewhat inhibitory;the development of digital inclusive finance weakens the innovation effect of financial science and technology funds,that is,the driving effect of fiscal science and technology expenditure and digital inclusive finance have an alternative effect on urban innovation,and there are obvious regional differences in the substitution effects.By introducing spatial effect and exploring the innovation spillover effect of fiscal science and technology expenditure and digital inclusive finance,this study analyzes the local neighbor effect of tangible hand and intangible hand,and pro-vides new empirical evidence for regional innovation effect.It further combines the two most important moderator varia-bles in urban scientific and technological innovation to discuss whether their innovation driving effects are synergistic inter-action or mutual substitution,expanding the interpretation of the internal mechanism affecting innovation.