金融市场化对区域创新能力的非线性影响研究  

Research on the Nonlinear Impact of Financial Marketization on Regional Innovation Capability

作　　者：张宝文 王西[2] 韩磊 Zhang Baowen;Wang Xi;Han Lei

机构地区：[1]济南大学,济南250022 [2]吉林省社会科学院,长春130033 [3]山东交通学院,济南250357

出　　处：《经济问题探索》2021年第7期71-87,共17页Inquiry Into Economic Issues

基　　金：2020年吉林省社会科学院委托项目“吉林省金融业发展水平评价及对策研究”(202006JLSK),项目负责人:王西;2020年吉林省科技发展计划项目“吉林省科技成果转移转化现状、问题及对策研究”(20200101008FG),项目负责人:王西;吉林省哲学社会科学智库基金委托招标项目“培育壮大新业态新模式促进吉林省新型消费加快发展研究”(智库,202030JLZK),项目负责人:王西。

摘　　要：利用省级面板数据,实证研究金融市场化对区域创新能力的影响效应。结果表明:首先,金融市场化对区域创新能力的影响存在U型关系。这揭示金融市场化达临界值后,才对区域创新能力产生“挤入”效应,否则造成“挤出”效应。其次,所有制结构异质性研究表明,国有经济比重高的地区囿于金融市场化的激励和非国有经济溢出效应导致U型关系的产生。最后,机制研究表明,金融市场化程度低的地区,“非国有经济发展渠道”对区域创新能力产生正向效应;金融市场化程度高的地区,除“非国有经济发展渠道”以外,“政府干预渠道”也对区域创新能力产生正向效应。提升区域创新能力需深入推进金融市场化改革,注重金融市场化改革与其他制度的耦合。Using provincial panel data to empirically study the impact of financial marketization on regional innovation capabilities.The results show that:First of all,there is a U-shaped relationship in the influence of financial marketization on regional innovation capabilities.This reveals that only after the financial marketization reaches a critical value can it produce a“crowding in”effect on regional innovation capabilities,otherwise it will cause a“crowding out”effect.Secondly,research on the heterogeneity of ownership structure shows that regions with a high proportion of state-owned economy are constrained by the incentives of financial marketization and the spillover effect of non-state-owned economy,which leads to the emergence of U-shaped relationships.Finally,mechanism research shows that in areas with low levels of financial marketization,“non-state-owned economic development channels”have a positive effect on regional innovation capabilities;areas with high levels of financial marketization,except for“non-state-owned economic development channels,”government“Intervention channels”also have a positive effect on regional innovation capabilities.Improving regional innovation capabilities requires in-depth promotion of financial market-oriented reforms,focusing on the coupling of financial market-oriented reforms with other systems.

关 键 词：金融市场化 区域创新能力 U型关系 调节效应 

分 类 号：F832[经济管理—金融学]