摘要
企业技术创新需要金融市场提供有力的服务器、加速器等功能性支持,然而处在浅短状态下的金融市场无法完成这一任务。金融深化,尤其是中国情景下金融深化推动企业技术创新的机理缺乏系统性的理论研究。基于此,本研究将D-S方法纳入R&D竞争框架,构建金融深化对企业技术创新影响机制的理论模型,系统阐释金融深化对企业技术创新的影响机制,同时使用中国省域面板数据进行实证分析。研究表明:金融市场厚度增加、金融市场宽度扩展与金融市场自由度提高三个维度的金融深化能够促进企业技术创新。金融深化对企业技术创新的推动作用是通过融资约束缓解机制、融资成本降低机制和融资效率提高机制三种主要传导渠道实现,且三种传导渠道基本畅通;各种所有制经济的创新行为以及与金融市场的关系存在显著差异。因此,未来政策上要深入推进金融深化,以金融强国育化科技强国,同时要加强普惠金融建设,为中小企业技术创新,乃至大众创业创新提供充足的金融支持。
Technology innovation needs the support of finance market as a server and an accelerator, but the shallow finance market could not complete this task. How financial deepening, especially Chinese financial deepening influence technology innovation is lack of systematic research. This paper builds a model which puts D-S method into R&D competition framework. This model could systematically explain the effect of financial deepening to technology innovation. At the same time this paper does empirical analysis using the panel data of Chinese provinces. The result shows: finance market thickening, finance market widening, and finance market freeing could promote technology innovation;the promoting effect is realized through relieving mechanism of finance constraint, lowering mechanism of finance cost, and increasing mechanism of finance efficiency;the three transmission mechanisms are basically smooth;the technology innovation behavior of enterprise and the relationship between the enterprise and finance market are significantly different. So in the future the government should deepen the finance market, making powerful science and technology country through powerful finance;the government should also construct inclusive finance which could provide substantial financial sustainment for medium and small enterprises, as well as mass entrepreneurship and innovation.
作者
千慧雄
安同良
Qian Huixiong;An Tongliang
出处
《南京社会科学》
CSSCI
北大核心
2022年第7期50-60,共11页
Nanjing Journal of Social Sciences
基金
教育部首批新文科研究与改革实践项目“面向新时代、新经济、新文科的经济学专业改革与实践探索”(2021050040)的阶段性成果。
关键词
金融深化
技术创新
金融市场厚度
金融市场宽度
金融市场自由度
financial deepening
technology innovation
thickness of finance market
width of finance market
freedom of finance market
