金融服务开放对企业自主创新的影响与效应研究  

Research on the Impact and Effect of Financial Services Openness to Enterprise Independent Innovation

作　　者：王世杰[1] 黄启才[2] Wang Shi-jie;Huang Qi-cai

机构地区：[1]广东金融学院,广州521520 [2]福建社会科学院亚太研究所,福州350001

出　　处：《亚太经济》2022年第2期29-38,共10页Asia-Pacific Economic Review

基　　金：国家社科基金项目“基于自然利率的地方政府专项债定价机制研究”(20BJY253);教育部人文社科基金项目“服务业开放与中国制造业出口高质量发展研究:理论机制与实证检验”(19YJC790011);广州市社科规划项目“信贷市场化缓解广州民营企业融资难问题研究”(2019GZGJ110)。

摘　　要：在理论上探索了金融服务开放促进自主创新能力提升的作用机理后,采用动态门槛模型,实证分析了全球76个国家1999—2017年期间资本账户开放和跨境资本流入对企业自主创新的影响。研究发现:金融服务开放在人力资本、金融发展和通胀率上的门槛效应显著。进一步比较跨境资本流入门槛及影响作用大小时发现,初始可按FDI流入、股票组合投资流入和债券组合投资流入的顺序开放;扩大开放后,可按债券组合投资流入、股票组合投资流入和FDI流入的顺序管控。This paper theoretically explores the mechanism of financial openness promoting the improvement of independent innovation ability,and analyzes the impact of capital account opening and cross-border capital inflow on enterprise independent innovation with dynamic threshold model in 76 countries from 1999 to 2017.The results show that financial openness has a significant threshold effect on human capital,financial development and inflation rate.Further comparing the threshold and impact of cross-border capital inflows,initially,it can be opened in the order of FDI inflow,stock portfolio investment inflow and bond portfolio investment inflow.And After the expansion of opening up,it can be controlled in the order of bond portfolio investment inflow,stock portfolio investment inflow and FDI inflow.

关 键 词：资本账户开放 跨境资本流入 企业自主创新 

分 类 号：F832[经济管理—金融学]