区域金融能力对技术创新的影响机制研究  

The Influence Mechanism of Financial Capability on Technological Innovation

作　　者：千慧雄[1] QIAN Hui-xiong(Institute of Economics, Jiangsu Provincial Academy of Social Sciences, Nanjing 210004, China)

机构地区：[1]江苏省社会科学院经济研究所,江苏南京210004

出　　处：《商业经济与管理》2019年第4期86-96,共11页Journal of Business Economics

基　　金：国家自然科学基金项目"技术溢出效应的多维测度与中国创新模式的优化策略"(71273128)

摘　　要：金融部门对实体经济技术创新存在着主体功能和攫取两个方向的双重作用。主体功能作用通过甄别机制、监督机制、风险分散机制、人力资本积累机制等促进技术创新;攫取则是金融部门瓜分实体经济发展成果的过程,这对技术创新将会产生一定的阻碍作用。文章通过对中国省域数据的实证分析发现:金融资源动员能力和配置能力主要体现了金融的主体功能能力,金融机构的微观盈利能力则体现了金融部门的攫取能力;金融资源动员能力的提高会增强金融系统对高风险创新活动的包容性,金融机构攫取能力的提高对低端创新活动的抑制作用更显著,金融资源配置能力的提高则会使金融系统倾向于支持低风险技术创新。另外,东部地区虽然有充足的金融资源,但金融部门市场势力也更强大,对实体经济的攫取能力也更强;中西部地区则由于金融资源稀缺,金融基础设施薄弱,金融主体功能能力仍处在边际报酬递增的阶段。因此,中西部地区的金融体系建设应着重金融基础设施投资,提高金融系统的主体功能能力;东部地区则应强调市场改革,适当削弱金融机构的市场势力,抑制其攫取能力。This paper investigates how the finance sector affects the innovation of the real economy sector.Firstly we build a mathematical model to analyze the influence mechanism of the finance sector on the innovation sector.Then we use the provincial datum to test the theory results.The model shows:the finance sector has main body function effect and grabbing effect which are two opposite influences on the real economy.The main body function effect can improve technological innovation with the screening mechanism, monitoring mechanism, risk diversifying mechanism, etc.The grabbing effect may impede innovation by partitioning the interest of the real economy.The test of the provincial datum shows:the mobilizing capability and allocating capability of the finance resource reflect the main body function capability, profitability of financial institution reflects the grabbing capability.The rise of the mobilizing capability of the finance resource may improve the risk inclusion of the finance system, the grabbing capability of financial institution may significantly hinder the low level innovation activities, and the rise of the allocating capability may lead more support to low risk innovation.The research also finds:the East China has sufficient finance resource, while the finance sector has more market power and more grabbing capability.However, the finance resource is scarce and the financial infrastructure is weak in Midwest China, so the marginal return of the main body function capability is in the increasing phase.To construct the finance system in Midwest China we should emphasize infrastructure investment and improve the main body function capability.Yet in East China we should emphasize market reform, properly weaken the market power of finance institutions and restrain their grabbing capability.

关 键 词：金融能力 主体功能能力 攫取能力 技术创新 技术创新结构 

分 类 号：F062.4[经济管理—政治经济学]