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科学学研究  2018, Vol. 36 Issue (3): 558-568    DOI:
技术创新与制度创新 最新目录 | 下期目录 | 过刊浏览 | 高级检索 Previous Articles  |  Next Articles  
金融要素扭曲的创新效应及其地区差异
李晓龙1,冉光和1,郑威2,2
1. 重庆大学经济与工商管理学院
2.
The effect and regional difference of financial factor distortion on innovation investment: An empirical analysis of China's high-tech industries
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摘要 本文基于中国金融市场化改革滞后性的典型事实,利用金融要素扭曲指数及中国高技术产业1999-2009年省际面板数据,采用GMM动态面板方法,实证检验了金融要素扭曲对企业创新投资的影响及地区差异。研究表明,金融要素扭曲显著抑制了中国高技术企业创新投资的增长,且这种创新抑制效应在金融要素扭曲程度越高的地区越发明显。进一步运用面板门槛模型研究发现,在地区经济发展水平、产权结构状况、财政收入水平与对外开放程度的不同门槛值区间,金融要素扭曲对高技术企业创新投资的影响程度和方向都存在着明显的差异。本文结论不仅从金融要素扭曲的视角,解释了转型时期中国地区高技术企业普遍面临的创新活动融资困境,而且为理解金融要素扭曲抑制企业创新投资的微观传导路径提供了经验证据。
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李晓龙 冉光和 郑威
关键词:   
Abstract: Based on the typical facts of the lag of financial market reform in China, this paper utilizes the index of financial factor distortion and the inter-provincial panel data of China's high-tech industries during the period of 1999 to 2009, and constructed a GMM dynamic panel to make an empirical study of financial factors distortion influence on the enterprise innovation investment. The study shows that financial factors distortion significantly inhibits the growth of innovation investment of high-tech enterprises in China, and the effect of this innovation inhibition is more obvious in the areas where the degree of financial factors distortion is higher. Further study using panel threshold model found that the level of economic development, the structure of property rights, the level of fiscal revenue and the degree of openness of different threshold interval in different regions, the effects degree and direction of financial factors distortion on enterprise innovation investment are obviously different. The conclusion of this paper not only explains the financing difficulties of innovation activities generally faced by China's high-tech enterprises during the transitional period from the perspective of financial factors distortion, but also provides empirical evidence for understanding the micro transmission path of financial factors distortion influence on the enterprise innovation investment.
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收稿日期: 2017-02-13; 出版日期: 2018-03-15
基金资助:

国家社会科学基金重大项目“金融产业经济学研究”;国家社会科学基金青年项目“金融服务创新促进新型农业经营主体发展的长效机制研究”

通讯作者: 李晓龙     E-mail: venjolj@163.com
引用本文:   
李晓龙 冉光和 郑威. 金融要素扭曲的创新效应及其地区差异[J]. 科学学研究, 2018, 36(3): 558-568.
$author.xingMing_EN. The effect and regional difference of financial factor distortion on innovation investment: An empirical analysis of China's high-tech industries[J]. Studies in Science of Science, 2018, 36(3): 558-568.
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