何种金融结构有利于技术创新——理论解构、实践导向与启示

发布时间：2018-05-11 06:23

本文选题：银行 + 资本市场　；参考：《经济学家》2017年10期

【摘要】：最优金融结构理论基于经济发展不同阶段要素禀赋结构差异内生出的金融需求不同之分析框架,缓和了长期以来"金融结构与技术创新之关系"的争论,但对同一发展阶段不同国家金融结构出现差异的原因的解释力略显不足。本文基于主流文献梳理基础上的理论解构以及经济发展的实践导向,以不同类型和性质的技术创新对金融需求的差异为切入点,从横向维度和微观角度对金融结构之于技术创新的关系作出尝试性探讨。本文认为,不同国家发展模式和产业技术的类型特征决定了对金融结构的需求差异。原创性技术创新及关联产业和寄生性技术创新及关联产业对金融结构的偏好和需求差异值得重视。不同金融结构均可以有效促进技术创新。银行和资本市场重在各尽其职,履行各自分工职能和提供专业化金融服务,匹配不同性质和类型的技术创新,以最大化金融体系的效率。中小高新技术企业不同成长阶段的金融需求也有所不同,尤其在种子期和初创期需要政府资本的扶持和引导以克服市场失灵。
[Abstract]:The theory of optimal financial structure is based on the different analysis framework of financial demand arising from the difference of factor endowment structure in different stages of economic development, which alleviates the long-held debate on "the relationship between financial structure and technological innovation". However, the explanation of the differences in financial structure in different countries at the same stage is somewhat insufficient. Based on the theoretical deconstruction of mainstream literature and the practical orientation of economic development, this paper focuses on the difference of financial demand from different types and nature of technological innovation. This paper tries to discuss the relationship between financial structure and technological innovation from the perspective of horizontal dimension and microcosmic. This paper argues that the development patterns and the type of industrial technology of different countries determine the difference of demand for financial structure. The differences of original technological innovation, related industry and parasitic technology innovation and the preference and demand of related industry to financial structure should be paid more attention to. Different financial structures can effectively promote technological innovation. Banks and capital markets focus on doing their jobs, performing their respective functions of division of labor and providing specialized financial services, matching different nature and types of technological innovation to maximize the efficiency of the financial system. The financial needs of small and medium-sized high-tech enterprises are different in different growth stages, especially in the seed period and the initial stage, which need the support and guidance of the government capital to overcome the market failure.
【作者单位】：暨南大学经济学院;(美国)内布拉斯加大学奥马哈分校;
【基金】：国家自然科学基金面上项目“税制结构与可持续经济增长:基于地方政府行为的研究”(71573106)
【分类号】：F273.1;F831

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