Along with the changes in China's development stage and internal and external conditions,sci-techinnovation has become the core driving force for China's high-quality economic development in the new era.From t...Along with the changes in China's development stage and internal and external conditions,sci-techinnovation has become the core driving force for China's high-quality economic development in the new era.From the perspective of financedriven technological progress,this paper constructs an endogenous growth DSGE model to analyze the relationship between financial resource allocation,technological progress,and economic growth.This study proves the counter-cyclicality of technological innovation in China,and finds that the allocation of financial resources between enterprises'productive investment and innovation investment can affect economic growth by changing the scale of factor inputs and technological progress rate,and that there is a see-saw relationship between these two effects,with thelatter dominant.On that basis,this paper explains the dynamic transmission mechanism among finance,technology and economy.During theeeconomic expansion period,enterprises expand their production scale,financial resources providemoreesupport to productive investment,with less support to innovation investment,thus the technological progress rate goes down;and during the economic contraction period,enterprises reduce their production scale,ffinancial resources cut support to productive investmentand turn to innovation investment,SO technologicalpl rogress rategoes up.The implications of this study on policy are as follows:when faced with new contradictions and challenges in the current development stage,China should get a grip on the new development pattern,seize new opportunities,further deepen financial reforms,optimize the financial resource allocation mechanism,encourage innovation investment,and give full play to the role ofequity markets in supporting corporate R&D and innovation.Meanwhile,coupling with prudent and moderate macro-control policies,China should provide a positive macroenvironment for corporate innovation,stimulate corporate on innovation demand,promote technological progress,andboost high-quality economic development.展开更多
文摘Along with the changes in China's development stage and internal and external conditions,sci-techinnovation has become the core driving force for China's high-quality economic development in the new era.From the perspective of financedriven technological progress,this paper constructs an endogenous growth DSGE model to analyze the relationship between financial resource allocation,technological progress,and economic growth.This study proves the counter-cyclicality of technological innovation in China,and finds that the allocation of financial resources between enterprises'productive investment and innovation investment can affect economic growth by changing the scale of factor inputs and technological progress rate,and that there is a see-saw relationship between these two effects,with thelatter dominant.On that basis,this paper explains the dynamic transmission mechanism among finance,technology and economy.During theeeconomic expansion period,enterprises expand their production scale,financial resources providemoreesupport to productive investment,with less support to innovation investment,thus the technological progress rate goes down;and during the economic contraction period,enterprises reduce their production scale,ffinancial resources cut support to productive investmentand turn to innovation investment,SO technologicalpl rogress rategoes up.The implications of this study on policy are as follows:when faced with new contradictions and challenges in the current development stage,China should get a grip on the new development pattern,seize new opportunities,further deepen financial reforms,optimize the financial resource allocation mechanism,encourage innovation investment,and give full play to the role ofequity markets in supporting corporate R&D and innovation.Meanwhile,coupling with prudent and moderate macro-control policies,China should provide a positive macroenvironment for corporate innovation,stimulate corporate on innovation demand,promote technological progress,andboost high-quality economic development.
