金融要素错配对中部六省高技术产业创新水平影响的实证研究  

An Empirical Study on the Impact of Financial Factor Mismatch on the Innovation Level of High-tech Industries in Six Provinces in Central China

作　　者：杜鹏飞 DU Peng-fei(School of Finance and Economics,Jiangsu University,Zhenjiang 212013,China)

机构地区：[1]江苏大学财经学院

出　　处：《技术与创新管理》2020年第1期18-23,共6页Technology and Innovation Management

基　　金：镇江市软科学“镇、宁、苏、扬四市技术引进与创新绩效分析——基于空间异质性研究”(RK2018009)

摘　　要：研究以中部河南、山西等六省高技术产业2008—2014年的样本数据为研究对象,通过构建面板回归模型,研究区域内金融要素错配对高技术产业创新水平的影响。此外,实证部分进一步构建了GMM回归模型,进一步深入探究存在外部融资约束条件下,金融要素错配对高技术产业创新水平的影响。结论表明:金融要素错配与产业创新水平之间存在显著的负向关系。区域经济的外部融资依赖程度越高,金融要素扭曲对高技术产业创新水平的抑制效果越显著。其他解释变量中,企业规模正向促进高技术产业创新水平;盈利能力对高技术创新水平并没有起到重要的影响作用;地区对外开放水平对高技术产业创新水平的影响较大;人力资本水平对高技术产业创新水平的提升有着更为显著的正向影响。提出改善中部六省金融要素错配现状,提升高技术产业创新水平的对策建议。This study took the sample data of high-tech industries in such six provinces as Henan and Shanxi in central China from 2008 to 2014 as the research object.By constructing panel regression model,this paper studied the impact of financial mismatch on the innovation level of high-tech industries in the region.In addition,the empirical part further constructed the GMM regression model,and further explored the impact of financial factor mismatch on the innovation level of high-tech industry under external financing constraints.The conclusion shows that:there is a significant negative relationship between the mismatch of financial factorss and the level of industrial innovation.The higher the dependence of regional economy on external financing,the more significant the restraint effect of financial factors distortion on the level of high-tech industrial innovation.Among other explanatory variables,firm size positively promotes the innovation level of high-tech industry;profitability does not play an important role in the innovation level of high-tech industry;regional opening-up level has a greater impact on the innovation level of high-tech industry;and human capital level has a more significant positive impact on the improvement of the innovation level of high-tech industry.Finally,based on the research conclusions,the paper put forward some countermeasures and suggestions to improve the current situation of financial factor mismatch in the six provinces of central China and to enhance the innovation level of high-tech industries.

关 键 词：金融要素错配 高技术产业 创新水平 中部六省 外部融资依赖 

分 类 号：F276.44[经济管理—企业管理]