金融发展对高新技术产业影响的非线性效应——基于面板平滑转换模型的实证研究

Nonlinear effect of financial development on high-tech industry: an empirical study based on panel smooth transition model

利用面板平滑转换模型将金融发展对高新技术产业的作用机制分为两种体制,并运用一个连续的状态将这两种极端情况联系起来,以此考察金融发展对高新技术产业影响的非线性特征。研究表明,低体制下金融发展对高新技术产业有显著地促进作用;高体制下金融发展对高新技术产业存在抑制作用;金融发展规模与高新技术产业发展之间存在双重门槛特征,金融发展规模应该控制在[0.553,0.840]内;金融发展水平与高新技术产业发展之间存在单重门槛特征,金融发展水平应该控制在0.756以内。

We use the panel smooth transition model to divide the influencing mechanism of financial development on high-tech industry into two systems,which can be connected with a continuous state,so as to study the nonlinear influence of financial development on the high technology industry. The research indicates that the financial development in low system can promote the high-tech industry,and the financial development in high system can inhibit the high-tech industry; that there exist double threshold characteristics between financial development scale and the development of high-tech industry,so the financial development scale should be controlled within[0. 553,0. 840]; and that there exist single threshold characteristics between financial development level and the development of high technology industry,so the financial development level should be controlled within 0. 756.