中国科技金融效率的地区异质性与灰色关联度——基于面板SFA的实证

Regional Heterogeneity and Grey Correlation Degree of Science and Technology Financial Efficiency in China——An Empirical Study based on Panel SFA

增强对科技创新的金融支持对金融供给侧改革和经济高质量发展均至关重要。但现有针对科技金融效率的研究在实证方法和研究结论上均有分歧。基于修正的“四分量”面板随机前沿模型,运用中国2013—2017年的省际面板数据,对中国的区域科技金融效率进行整体测算和结构分解,并结合灰色关联分析搜索相关联动因素。研究显示:第一,忽略地区异质性影响会显著高估区域科技金融效率水平,但简单将所有不随时间而变化的地区异质性都假设为无效率项又会造成区域科技金融效率水平的明显低估,指标选择、模型设计与异质性控制是当前各种测算结果分歧广泛的根源;第二,中国科技金融效率的区际差异主要由地区固定效应和持续无效率项所主导,并依托于整体经济社会文化环境,短期政策刺激或单一政策扶持的作用相对有限;第三,提升科技金融效率的长效机制需要立足于经济社会文化的配套改革,其中文化氛围、经济增速和开放程度三个要素最为关键。因此,推动中国科技金融效率的整体提升和区际平衡,既要避免“一刀切”倾向,又要在政策设计上立足长短结合,并致力于稳增长、促开放和塑文化的配套性改革。

Strengthening financial support for scientific and technological innovation is crucial to financial supply-side reform and high-quality economic development.However,the existing research on the efficiency of science and technology finance has wide differences in empirical methods and research conclusions.Based on the revised“four-component”panel stochastic frontier model,using China’s provincial-level panel data from 2013 to 2017,the overall measurement and structural decomposition of regional science and technology financial efficiency in China,combined with gray correlation analysis to search for relevant linkage factors.The research shows that:Firstly ignoring the influence of regional heterogeneity will significantly overestimate the level of regional sci-tech finance efficiency,but simply assuming all regional heterogeneity that does not change with time as inefficiency will lead to significant underestimation of the level of regional sci-tech finance efficiency.Index selection,model design and heterogeneity control are the root causes of the wide divergence of current measurement results.Scondly the inter-regional differences in China’s science and technology financial efficiency are mainly dominated by regional fixed effects and persistent inefficiency,and rely on The overall economic,social and cultural environment,the role of short-term policy stimulus or single policy support is relatively limited.Thirdly the long-term mechanism to improve the efficiency of science and technology finance needs to be based on the supporting reform of economy,society and culture,among which the cultural atmosphere,economic growth rate and openness degree are the most critical elements.Therefore,to promote the overall improvement and inter-regional balance of China’s technology and finance efficiency,we should not only avoid the tendency of“one size fits all”,but also base on the combination of long and short in policy design,and commit to the supporting reform of stable growth,promoting opening up and shaping culture.