金融发展与技术创新的内在关联性——基于金融结构视角的实证分析

发布时间：2018-03-25 09:19

本文选题：金融发展　切入点：技术创新　出处：《山东大学学报(哲学社会科学版)》2017年06期

【摘要】：本文以52个国家1998-2014年的相关面板数据为样本,对金融发展与技术创新之间的关系进行了实证检验。文章区分了两种不同的金融发展结构,分别对它们对发达国家与发展中国家技术创新的影响进行了实证检验,研究结果显示:对于处于不同经济阶段的国家,金融发展与技术创新的相关程度是不同的。对于发达国家,股票市场对技术创新具有明显的促进作用,而银行信贷的扩张则会抑制技术创新的形成;然而对于发展中国家而言,股票市场与技术创新之间的相关性较低,银行信贷是促进技术创新形成的主要渠道。出现这种结果的原因在于发展中国家与发达国家的创新模式具有一定程度上的差异,发达国家的技术进步更多是"原创型",而发展中国家的技术进步则更多的是"追赶型"。此外,在促进技术创新发展上,股票市场与银行信贷之间并不是替代关系,而是互补关系,在不同的发展阶段,两种金融发展模式的侧重点也可能不同。最后,金融开放程度并不是越高越有利于技术创新,特别是对于发展中国家来说,金融开放的步伐不能太快,否则会带来较大的负面影响。
[Abstract]:Based on the relevant panel data from 52 countries from 1998 to 2014, this paper empirically tests the relationship between financial development and technological innovation. An empirical test of their impact on technological innovation in both developed and developing countries has been carried out. The results show that: for countries at different economic stages, The degree of correlation between financial development and technological innovation is different. For developed countries, the stock market has a significant role in promoting technological innovation, while the expansion of bank credit will inhibit the formation of technological innovation; however, for developing countries, The correlation between stock market and technological innovation is low, and bank credit is the main channel to promote the formation of technological innovation. The reason for this result is that the innovation modes of developing and developed countries are different to a certain extent. Technological progress in developed countries is more "original", while technological progress in developing countries is more "catch-up". Moreover, there is no substitute relationship between the stock market and bank credit in promoting technological innovation. The emphasis of the two financial development models may also be different at different stages of development. Finally, the higher the degree of financial openness is, the more conducive to technological innovation, especially for developing countries. The pace of financial opening should not be too fast, otherwise it will bring greater negative impact.
【作者单位】：吉林大学数量经济研究中心;吉林大学商学院;
【基金】：国家社会科学基金重大项目“引领经济发展新常态的市场基础、体制机制和发展方式研究”(15ZDC006);国家社会科学基金重点项目“中国经济发展新常态的形成机理、趋势性特征及经济政策取向研究”(15AZD001) 文化名家暨“四个一批”人才工程项目资助
【分类号】：F113.2;F831

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