金融发展模式、制度质量与科技成果转化  

Financial Development Mode,Institutional Quality and Transformation of Scientific and Technological Achievements

作　　者：乔翠霞[1] 马一森 王晨光 QIAO Cuixia;MA Yisen;WANG Chenguang(School of Economics,Shandong Normal University,250358)

机构地区：[1]山东师范大学经济学院,山东省济南市250358

出　　处：《制度经济学研究》2022年第4期92-118,共27页Research on Institutional Economics

基　　金：国家社会科学基金项目“国际技术转移与我国工业结构升级”(18FJY015);山东省社科规划研究项目“金融投资类企业助力‘一带一路’建设研究”(21CWTJ34)的资助

摘　　要：科技成果转化是实现科技成果迈向市场价值的关键一跃,决定了科技创新活动的最终价值和对经济社会的贡献。然而我国偏低的科技成果转化率不仅导致科研支出的低效浪费和技术创新效率的损失,也在一定程度上限制了经济增长的动力。文章基于2000~2018年世界范围内68个经济体的面板数据考察了不同金融发展模式对科技成果转化的影响。研究发现:股票市场发展显著提高了经济体的科技成果转化率,而银行信贷市场发展对其影响则不显著,进行一系列稳健性检验后上述结论仍成立。文章基于制度质量的分析表明,政府对经济活动直接干预越少、政府治理水平越高、知识产权保护程度越高,股票市场发展对于科技成果转化的促进作用越大。本文的发现为政策部门制定科技创新政策,提升科技成果转化率,提供了有益的经验参考。The transformation of scientific and technological achievements is a key step to realize the market value,which determines the final value of scientific and technological innovation activities and its contribution to the economy and society.However,the low conversion rate of scientific and technological achievements in China not only leads to the inefficient waste of scientific research expenditure and the loss of technological innovation efficiency,but also limits the power of economic growth to a certain extent.Based on the panel data of 68 economies in the world from 2000 to 2018,the article examines the impact of different financial development models on the transformation of scientific and technological achievements.The research finds that the development of the stock market has significantly improved the transformation rate of scientfic and technological achievements of the economy,but the development of the bank credit market has no significant impact on it.After a series of robustness tests,the above conclusion is still tenable.The.analysis based on the quality of the system shows that the less direct government intervention in economic activities,the higher the level of government governance,and the higher the degree of intellectual property protection,the greater the role of the development of the stock market in promoting the transformation of scientific and technological achievements.The findings of this paper provide useful experience for policy departments to formulate scientific and technological innovation policies and improve the transformation rate of scientific and technological achievements.

关 键 词：金融发展 制度质量 科技成果转化 股票市场 银行信贷市场 

分 类 号：F831[经济管理—金融学] F113.2