金融结构调整、金融功能完善与制造业自主创新——基于中国24个制造行业的实证研究  

Financial Structure Adjustment,Financial Function Improvement and Independent Innovation of Manufacturing Industry——An Empirical Study Based on 24 Manufacturing Industries in China

作　　者：高志[1] 

机构地区：[1]安徽财经大学金融学院,安徽蚌埠233000

出　　处：《华东经济管理》2017年第9期118-128,共11页East China Economic Management

基　　金：国家社会科学基金项目(12CJY045)

摘　　要：文章在区分两个层次自主创新活动的基础上,运用系统GMM估计方法与门槛效应分析,研究我国金融结构调整对制造业自主创新的影响,并进一步基于风险分散、公司外部治理两类金融功能考察其作用机制。研究发现,随着直接融资规模的快速扩张,我国金融结构调整通过缓解企业研发融资约束总体上对我国制造业自主创新具有显著的促进作用,但这一作用开始呈现边际效应递减趋势。进一步细分自主创新层次后发现,金融结构调整通过完善金融体系的风险分散功能显著促进了制造业"发明专利导向"层次的自主创新,但尚未通过改善公司外部治理功能有效监督、激励制造业企业积极开展更高层次的"市场导向型"自主创新。This paper, on the basis of differentiating two levels of independent innovation activities, applies the system GMM estimation method and the threshold effect analysis to study the impact of China＇ s financial structure adjustment on the independent innovation of manufacturing industry, and further investigates its mechanism based on two kinds of financial functions, namely, risk diversification and corporate external governance. The study finds that： With the rapid expansion of the scale of direct financing, China＇s financial structure adjustment has significantly promoted the independent innovation of manufacturing industry by easing the financing constraints of corpo- rate R＆D, but this impact begins to present the marginal effect decreasing trend. The paper, after further subdividing the levels of indepen- dent innovation, finds that the financial structure adjustment has significantly promoted the independent innovation of manufacturing in- dustry at the level of ＂invention patent oriented＂ by improving the risk dispersing function of the financial system, however, it has not yet effectively supervised and encouraged manufacturing enterprises to actively carry out a higher level of ＂market oriented＂ independent in- novation bv improving coruorate external governance function.

关 键 词：自主创新 金融结构 金融功能 

分 类 号：F124.3[经济管理—世界经济]