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在研究提升以知识生产衡量的技术创新水平时引入研发投入的外部融资情况是十分有意义的。本文在罗默内生增长模型中引入金融发展变量,分析地区金融发展程度对技术创新发展的影响。研究表明,1997—2010年间金融发展对中国技术创新作用显著,其四大金融发展衡量指标中金融结构、金融市场监管力度、开放程度明显促进了地区技术创新水平,而金融信贷干预显著地降低了地区的技术创新水平;地区开放程度对技术创新的作用最大,金融信贷干预对地区技术创新水平的影响最小。同时研究还发现,金融发展对中国技术创新水平存在门槛效应,其中,金融结构、地区开放程度与地区技术创新之间呈现“倒U型”关系,金融信贷干预程度、金融市场监管力度与地区技术创新之间呈现“U型”关系。由此,提出相应的金融发展政策建议。
It is significant to introduce external financing for R & D investment in research to improve the level of technological innovation measured in knowledge production. This paper introduces the financial development variables in the Romer endogenous growth model and analyzes the impact of regional financial development on technological innovation and development. The research shows that the financial development played a significant role in China’s technological innovation during 1997-2010. The financial structure, financial market supervision and openness of the four major indicators of financial development significantly promoted the level of technological innovation in the region, and the financial credit intervention significantly reduced The level of technological innovation in the region; the degree of regional openness has the greatest effect on technological innovation, and the impact of financial credit intervention on regional technological innovation has the least impact. At the same time, the study also found that the financial development has a threshold effect on the level of technological innovation in China. Among them, there are “inverted U-shaped” relationship between financial structure, regional openness and regional technological innovation, financial credit intervention, financial market supervision and Regional technological innovation shows a “U-shaped” relationship. As a result, the proposed financial development policy recommendations.