外部融资与高技术产业创新——基于空间溢出效应视角的研究  

External Financing and High-Tech Industrial Innovation——An Empirical Study Based on Spatial Spillover Perspective

作　　者：高扬[1,2] 李云海 Gao Yang;Li Yunhai(School of Economics and Management,Beijing University of Technology,Beijing 100124,China;Research Base of Beijing Modern Manufacturing Development,Beijing 100124,China)

机构地区：[1]北京工业大学经济与管理学院,北京100124 [2]北京现代制造业发展研究基地,北京100124

出　　处：《中国科技论坛》2020年第11期56-65,共10页Forum on Science and Technology in China

基　　金：北京市社会科学基金研究基地项目(17JDGLB018)。

摘　　要：本文以高技术产业为研究对象,基于中国30个省份(西藏除外)2005—2016年的面板数据,通过空间杜宾模型(SDM)分析银行信贷、股市融资和风险投资3种外部融资方式对高技术产业创新能力的空间溢出效应。实证结果表明,直接效应方面,当前银行信贷对高技术产业创新的作用不显著。相比之下,股市融资和风险投资对高技术产业创新具有显著促进作用。间接效应方面,银行信贷、股市融资和风险投资均表现出显著的正向空间溢出效应,且溢出效应将受到高技术产业创新能力差异的影响,高技术产业创新能力越强,不同融资方式的空间溢出效应将更加显著。The paper takes the high-tech industry as the research object,uses panel data from 2005 to 2016 in 30 provinces in China(excluding Tibet),analyzes the spatial spillover effect of three types of external financing(bank credit,stock market financing and venture capital)on the innovation capability of high-tech industries through Spatial Dubin Model(SDM).The results show that bank credit is not significant enough for the innovation of high-tech industry in the aspect of direct effect.In contrast,stock market financing and venture capital have a significant role in promoting the innovation of high-tech industry.In terms of indirect effect,bank credit,stock market financing and venture capital all show significant positive spatial spillover effect,and the spillover effect will be affected by the difference of innovation ability of high-tech industry,which is showed that the stronger the innovation ability of high-tech industry is,the more significant the spatial spillover effect of different financing methods will be.

关 键 词：高技术产业 金融要素扭曲 融资约束 空间溢出效应 

分 类 号：F429.9[经济管理—产业经济]