【摘要】：金融發(fā)展如何影響創(chuàng)新,已經(jīng)成為關(guān)系中國(guó)經(jīng)濟(jì)可持續(xù)發(fā)展的重要研究命題。在選用研發(fā)投入和專利存量這兩種普遍采用的創(chuàng)新代理指標(biāo)基礎(chǔ)上,全景式地檢驗(yàn)金融發(fā)展的規(guī)模、效率以及金融市場(chǎng)化這三者對(duì)創(chuàng)新的作用效應(yīng)。主要發(fā)現(xiàn)是:金融發(fā)展的規(guī)模擴(kuò)張對(duì)外部融資依賴行業(yè)的研發(fā)投入、發(fā)明專利和實(shí)用新型專利存量產(chǎn)生了一定程度的促進(jìn)效應(yīng);金融發(fā)展的效率提升對(duì)外部融資依賴行業(yè)的研發(fā)投入、發(fā)明專利和實(shí)用新型專利存量并未產(chǎn)生顯著作用,只對(duì)外觀設(shè)計(jì)專利存量造成促進(jìn)效應(yīng);金融市場(chǎng)化對(duì)外部融資依賴行業(yè)的研發(fā)投入、發(fā)明專利和實(shí)用新型專利存量產(chǎn)生了抑制效應(yīng),特別是信貸資金分配的市場(chǎng)化對(duì)研發(fā)投入、發(fā)明專利和實(shí)用新型專利存量產(chǎn)生了顯著抑制效應(yīng)。這些經(jīng)驗(yàn)事實(shí)說明,中國(guó)當(dāng)前的金融體系并未對(duì)創(chuàng)新形成有效的支撐和激勵(lì)作用,相反,信貸市場(chǎng)競(jìng)爭(zhēng)的加劇對(duì)創(chuàng)新起到了一定程度的阻礙作用。由此為中國(guó)金融體系實(shí)施全面改革的方向提供了有價(jià)值的政策參考依據(jù)。
[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.
【作者單位】： 中國(guó)人民大學(xué)中國(guó)經(jīng)濟(jì)改革與發(fā)展研究院;
【基金】：教育部人文社會(huì)科學(xué)重點(diǎn)研究基地重大項(xiàng)目(15JJD790035)
【分類號(hào)】：F832

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