研发资金投入渠道的差异对科技创新的影响分析——基于偏最小二乘法的实证研究  

The Analysis on the Impact of Different R&D Input Channels on the Scientific and Technological Innovation: An Empirical Research Based on the Partial Least Square Method

作　　者：孙杨[1] 许承明[1] 夏锐[1] 

机构地区：[1]南京财经大学,南京210046

出　　处：《金融研究》2009年第9期165-174,共10页Journal of Financial Research

基　　金：国家自然科学基金面上项目"民间资本参与与我国风险投资业的发展:理论与实证"(批准号:70873056);科技部国家软科学项目"长三角科技自主创新与金融支持体系实证研究"(批准号:2007GXS3D084)的阶段性成果

摘　　要：内生增长理论表明只有科技水平不断提高,经济增长才具有可持续性。然而科技发展水平与研究与试验发展(R&D)投入密切相关,投入渠道的差异也会显著影响科技创新的能力。本文运用偏最小二乘法,研究了我国R&D投入渠道的差异对科技创新水平的影响。实证结果表明政府资助、企业自主筹资以及R&D的支出等均对科技创新有积极的影响。但是,不同的资金投入渠道对科技创新具有不同的作用。因此,只有构建多层次的金融支持体系,充分发挥我国民间资本的优势,才能推动我国科技创新持续发展。The Endogenous Growth Theory has shown that the economy can maintain a sustainable growth only if the science and technology level has been continuously improving. However, the level of scientific and technological development is closely related to the R＆D input, and different input channels can affect the ability of scientific and technological innovation obviously. This paper assesses the impact of different R＆D input channels on the scientific and technological innovation using the partial least square method： the funding of government, the self-financing of enterprises, as well as R＆D expenditure has positive effect on the scientific and technological innovation, in addition, different input channels result in different levels of scientific and technological innovation, which completely coincides with the fact. As a result, constructing the multi-level financial support system and making good use of the advantage of China＇s private capital ultimately underwrite China＇s scientific and technological innovation of sustainable development.

关 键 词：科技创新 R&D投入 金融支持体系 偏最小二乘法 

分 类 号：F273.1[经济管理—企业管理] F224[经济管理—国民经济]