金融发展与创新:来自中国的证据与解释
发布时间：2018-10-22 19:23
【摘要】：金融发展如何影响创新,已经成为关系中国经济可持续发展的重要研究命题。在选用研发投入和专利存量这两种普遍采用的创新代理指标基础上,全景式地检验金融发展的规模、效率以及金融市场化这三者对创新的作用效应。主要发现是:金融发展的规模扩张对外部融资依赖行业的研发投入、发明专利和实用新型专利存量产生了一定程度的促进效应;金融发展的效率提升对外部融资依赖行业的研发投入、发明专利和实用新型专利存量并未产生显著作用,只对外观设计专利存量造成促进效应;金融市场化对外部融资依赖行业的研发投入、发明专利和实用新型专利存量产生了抑制效应,特别是信贷资金分配的市场化对研发投入、发明专利和实用新型专利存量产生了显著抑制效应。这些经验事实说明,中国当前的金融体系并未对创新形成有效的支撑和激励作用,相反,信贷市场竞争的加剧对创新起到了一定程度的阻碍作用。由此为中国金融体系实施全面改革的方向提供了有价值的政策参考依据。
[Abstract]:How financial development affects innovation has become an important research topic related to the sustainable development of Chinese economy. On the basis of selecting R & D investment and patent stock, this paper tests the effect of financial development scale, efficiency and financial marketization on innovation in a panoramic way. The main findings are as follows: the scale expansion of financial development depends on the R & D investment of external financing industry, invention patent and utility model patent stock have a certain degree of promotion effect; The efficiency improvement of financial development depends on the R & D investment of external financing industry. The invention patent and utility model patent stock do not play a significant role, but only on the external design patent stock to promote the effect; The financial marketization depends on the R & D investment of the external financing industry, and the stock of invention patents and utility model patents has a restraining effect, especially the marketization of the distribution of credit funds to the R & D investment. The stock of invention patents and utility model patents has a significant inhibitory effect. These empirical facts show that China's current financial system does not provide an effective support and incentive to innovation, on the contrary, the intensification of competition in the credit market hinders innovation to a certain extent. This provides a valuable policy reference for the direction of comprehensive reform of China's financial system.
【作者单位】： 中国人民大学中国经济改革与发展研究院;
【基金】：教育部人文社会科学重点研究基地重大项目(15JJD790035)
【分类号】：F832
本文编号：2288084
[Abstract]:How financial development affects innovation has become an important research topic related to the sustainable development of Chinese economy. On the basis of selecting R & D investment and patent stock, this paper tests the effect of financial development scale, efficiency and financial marketization on innovation in a panoramic way. The main findings are as follows: the scale expansion of financial development depends on the R & D investment of external financing industry, invention patent and utility model patent stock have a certain degree of promotion effect; The efficiency improvement of financial development depends on the R & D investment of external financing industry. The invention patent and utility model patent stock do not play a significant role, but only on the external design patent stock to promote the effect; The financial marketization depends on the R & D investment of the external financing industry, and the stock of invention patents and utility model patents has a restraining effect, especially the marketization of the distribution of credit funds to the R & D investment. The stock of invention patents and utility model patents has a significant inhibitory effect. These empirical facts show that China's current financial system does not provide an effective support and incentive to innovation, on the contrary, the intensification of competition in the credit market hinders innovation to a certain extent. This provides a valuable policy reference for the direction of comprehensive reform of China's financial system.
【作者单位】： 中国人民大学中国经济改革与发展研究院;
【基金】：教育部人文社会科学重点研究基地重大项目(15JJD790035)
【分类号】：F832
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