股票市场融资集中度对创新程度与技术进步的影响——基于跨国面板数据的研究

The Impact of Stock Market Concentration on Innovativeness and Technical Progress:A Study Based on Cross-country Panel Data

既有研究主要采用发展规模类指标探讨金融发展所产生的经济后果,但规模不等于效率,金融发展水平与金融规模不一定相称。基于1988—2019年55个国家和地区样本,运用固定效应模型检验股票市场融资集中度对创新程度和技术进步的影响。研究发现:①较高的股市融资集中度会降低专利申请数和三方同族专利数,并对全要素生产率产生负面影响,这种影响对高收入国家更显著;②排除特殊年份、替换解释变量、采取工具变量法以及增加控制变量后,结论依然成立;③对外贸易开放程度和外商直接投资能够缓解较高的股市融资集中度对创新程度的负面影响;④控制银行集中度后,股市融资集中度与创新程度和技术进步仍然负相关,银行集中度也会对两者产生负面影响,且较高的股市融资集中度可从根源上降低创业活跃度。

Innovation and technological progress have become important engines of world economic growth.China has put forward the long-term goal of 2035 to enter the forefront of innovative countries.Previous studies have discussed innovation and technological progress from the perspective of financial development,and focused on the total size of the financial system.The expansion of a country's financial system,especially the expansion of the banking sector,is believed to significantly promote economic growth.However,some studies have found that the total size of the stock market,as measured by the ratio of the total market value to GDP,has no significant relationship with economic growth,capital accumulation and productivity improvement.In addition,the size of financial market is not equal to efficiency,and the level of financial development is not necessarily commensurate with its size.There are certain limitations in measuring the level of financial development only by the size of financial market.In order to measure the financial development,this paper collects a sample of 55 countries(regions)from 1988 to 2019 and employs the fixed effect model to study the impact of stock market financing concentration which refers to the ratio of the market value of the top ten domestic listed companies in a country to the total market value of the domestic listed companies in that country on innovation and technological progress.When the funds are excessively concentrated in large companies with a high concentration of stock market financing,emerging start-ups are difficult to obtain financing from the stock market,which may hinder a country's innovation and technological progress.Higher stock market financing concentration is found to have a negative impact on a country's innovation,reducing patent applications per capita and triadic patents per capita.The improvement of foreign trade openness and foreign direct investment(FDI)can effectively alleviate the negative effect of stock market financing concentration on innovation.The high concentration of stock market financing also hinders technological progress and has a negative effect on total factor productivity.Compared with low and middle-income countries,the negative impact of stock market financing concentration on innovation and technological progress is more significant for high-income countries.With the control of the influence of bank concentration,the stock market financing concentration is still significantly negatively correlated with innovation and technological progress;higher bank concentration will also have a negative impact on innovation and technological progress.Furthermore,the high concentration of stock market financing indicates that it is difficult for start-ups to obtain financing from the stock market,and thus the national entrepreneurial activity is hindered.The results of this study show that the high concentration of stock market financing has a negative impact on innovation,technological progress and entrepreneurial activity,and this impact is more significant for high-income countries than low-income countries.Meanwhile in terms of providing financial support for corporate innovations,equity financing from the stock market is better than debt financing from the banking sector.With the economic development,China's financial system will gradually change from a bank-based financial system to a stock market-based financial system.Therefore,the capital allocation efficiency in the stock market deserves increasing attention.This study focuses on the impact of a new measure of financial development,that is,the stock market financing concentration,on innovation and technological progress.It provides a new research perspective and enriches the study on financial development.Besides,the financing concentration of the stock market is a new indicator of micro financial structure that the previous literature of new structural finance theory has not paid attention to.Thus,it expands the theoretical framework of new structural finance.Future research can be conducted based on a longer sample period and more sample countries,and examine whether the impacts of stock market financing concentration on innovation and technological progress are various in different periods with the change of global macro environment.