金融深化与区域创新效率--基于跨国面板数据的分析  

Financial deepening and regional innovation efficiency:Analysis based on cross-border panel data

作　　者：冉茂盛[1] 陈俞君 陈亮[1] RAN Maosheng;CHEN Yujun;CHEN Liang(School of Economics and Business Administration,Chongqing University,Chongqing 400044,P.R.China)

机构地区：[1]重庆大学经济与工商管理学院,重庆400044

出　　处：《重庆大学学报（社会科学版）》2023年第4期62-76,共15页Journal of Chongqing University(Social Science Edition)

基　　金：国家社会科学基金项目“要素禀赋变化与产业转型升级的协同机制研究”(19BJY038)。

摘　　要：创新是引领发展的第一动力,是牵动经济社会发展全局的“牛鼻子”,区域创新效率用创新的投入产出比衡量了一个地区的综合创新绩效,其影响因素存在多个方面。金融深化是衡量金融发展水平的重要指标。为研究各国金融深化与区域创新效率之间相互影响及其内在作用机制,作者首先借鉴多投入与多产出的DEA方法测算了80个国家的区域创新效率,然后使用Tobit模型对2011—2018年80个跨国面板数据进行实证分析。研究发现:金融深化与区域创新效率之间存在显著的“U”型曲线关系,即随着金融深化的提升,其对区域创新效率的影响将从“抑制”效应向“促进”效应转变。这是因为金融深化较低时,风险贷款和信用贷款发展滞后、风险投资渠道不完善以及金融结构和金融市场不健全导致多层次、立体化企业融资融券功能落后,从而抑制企业的创新效率。而金融深化较高时,风险投资渠道逐步完善、企业融资成本低、金融市场和金融结构完善,从而促进企业创新效率。研究还发现,各国经济水平的不同也会导致各国金融深化和区域创新效率有显著差异。作者将国家按照经济发展水平分为发达组和欠发达组,分组研究发现,金融深化对区域创新效率具有选择效应,即金融深化对欠发达国家创新效率具有“U”型曲线特征,而在发达组则不存在这种效应。原因在于:发达国家经济发展水平较高,金融结构和金融市场完善,风险投资渠道畅通无阻,金融深化提升区域创效率的影响不再呈现“抑制”效应。而在欠发达国家,经济发展水平较低,金融结构和金融市场发展水平正处于发展和完善的阶段。对于完善的金融市场和金融结构的部分,金融深化对区域创新效率的影响是“促进”效应,而对于不完善的部分,金融深化对区域创新效率的影响是“抑制”效应。为检验研究结果�Innovation is the first driving force for development,and it is the“bull’s nose”that affects the overall economic and social development.Regional innovation efficiency measures a region’s comprehensive innovation performance with the input-output ratio of innovation,and its influencing factors exist in many aspects.Financial deepening is an important indicator to measure the level of financial development.In order to study the interaction between financial deepening and regional innovation efficiency in various countries and its internal mechanism,the authors first use DEA method of multi-input and multi-output to measure the regional innovation efficiency of 80 countries,and then use Tobit model to make an empirical analysis of 80 transnational panel data from 2011 to 2018.It is found that there is a significant U-shaped curve relationship between financial deepening and regional innovation efficiency,that is,with the promotion of financial deepening,its influence on regional innovation efficiency will change from“inhibition”effect to“promotion”effect.This is because when the financial deepening is low,the development of venture loans and credit loans lags behind,the venture capital channels are imperfect,and the financial structure and market are imperfect,which leads to the backward financing and securities lending functions of multi-level and three-dimensional enterprises,thus inhibiting the innovation efficiency of enterprises.When the financial deepening is high,the venture capital channel is gradually improved,the financing cost of enterprises is low,and the financial market and financial structure are perfect,thus promoting the innovation efficiency of enterprises.The authors also find that different economic levels of different countries will also lead to significant differences in financial deepening and regional innovation efficiency.In this paper,countries are divided into developed groups and underdeveloped groups according to their economic development levels.Grouping research shows

关 键 词：金融深化 区域创新效率 “U”型曲线 选择效应 

分 类 号：F061.5[经济管理—政治经济学] F830