中部地区金融发展影响技术创新的实证研究——基于省级面板数据的系统GMM估计

发布时间：2019-01-10 14:13

【摘要】：基于中部地区6个省份1997—2013年的面板数据,运用系统GMM估计方法,实证考察股票市场与信贷市场发展对以专利授权度量的技术创新的影响。基本估计结果显示,股票市场的发展会促进技术创新,而信贷市场的发展则阻碍技术创新。在将内生性或因果倒置问题纳入考虑后,Granger因果检验表明,前期的金融发展会影响其后的技术创新,而前期的技术创新与其后的金融发展没有实质联系。进一步,使用中国省级层面经济发展异质性分组面板数据来检验金融发展对技术创新的影响,研究发现,在经济发展相对落后的地区,股票市场、信贷市场发展对技术创新的推动或阻碍作用更为显著。此外,对技术创新代理变量(技术市场交易额增长的基本估计结果也是稳健的。
[Abstract]:Based on the panel data of six provinces in central China from 1997 to 2013, this paper makes an empirical study of the impact of the development of stock market and credit market on the technological innovation measured by patent authorization using the systematic GMM estimation method. The results show that the development of stock market will promote technological innovation, while the development of credit market will hinder technological innovation. After taking the endogenous or causal inversion into account, the Granger causality test shows that the financial development in the early stage will affect the subsequent technological innovation, while the technological innovation in the earlier period has no substantive relationship with the subsequent financial development. Furthermore, using the panel data of economic development heterogeneity at the provincial level in China to test the impact of financial development on technological innovation, the study found that in regions with relatively backward economic development, the stock market, Credit market development to promote or hinder the role of technological innovation is more significant. In addition, the basic estimate of the technological innovation agent variable (technology market turnover growth) is also robust.
【作者单位】：武汉大学经济发展研究中心;
【基金】：教育部哲学社会科学研究重大课题攻关项目“后金融危机时期我国经济发展方式研究”(10JZD0016) 国家社会科学基金重点项目“金融发展与科技创新:理论和中国的经验”(13AJL005)
【分类号】：F832.7

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