金融开放与技术创新:理论与实证  

Financial Openness and Technological Innovation:A Theoretical and Empirical Study

作　　者：庄毓敏[1] 储青青 Zhuang Yumin;Chu Qingqing(School of Finance,Renmin University of China;International Banking Department,Industrial and Commercial Bank of China)

机构地区：[1]中国人民大学财政金融学院 [2]中国工商银行总行国际业务部

出　　处：《国际金融研究》2023年第9期16-28,共13页Studies of International Finance

基　　金：中国人民大学重大规划项目“关于金融支持新经济的信用配给与信用风险问题研究”(18XNLG10)资助。

摘　　要：本文拓展了Howitt&Aghion(1998)提出的创造性毁灭模型,发现金融开放对经济体的技术创新存在积极影响,且主要通过以下两个渠道实现:一是助力国内金融体系深化发展,帮助本国企业拓宽融资渠道、降低生产成本,减少创新项目投资过程中的资源损耗,促成技术创新活动;二是增强本土创新主体对海外创新资源和市场的利用,提高其创新能力。基于67个经济体1997—2017年面板数据的实证分析证明了理论模型的基本结论,并检验了金融开放影响技术创新的两个渠道,为理解金融开放如何影响创新提供了新的视角和证据,对于分析金融开放的经济影响具有一定的参考价值。For a long time,innovation has been considered as the main guarantee for technological progress and sustain⁃able economic growth,but how to effectively encourage R&D and enhance innovation capacity is still a problem.Many studies have discussed the role of finance in supporting R&D and innovation from the perspectives of bank development,financial mar⁃ket development,and financial structure.However,few studies have systematically examined the impact and mechanism of fi⁃nancial openness on economic technological innovation.In recent years,China has accelerated its financial opening,leading to deeper integration with the international financial market.Understanding how financial openness affects local technological in⁃novation is of great reference value for assessing its economic effects and guiding China′s financial reform and innovative growth.For this purpose,this paper extends the creative destruction model proposed by Howitt&Aghion(1998),deducing that fi⁃nancial openness has a positive impact on technological innovation of an economy,which can be realized through the following two channels.Firstly,it promotes the development of domestic financial system,helps expand financing channels and lower pro⁃duction costs for domestic enterprises,and reduces resource loss in the process of innovation project investment,thus contribut⁃ing to the realization of technological innovation.Secondly,it enhances the utilization of overseas innovation resources and mar⁃kets by local innovation subjects,which improves their innovation ability.Based on the panel data of 67 economies from 1997 to 2017,the empirical tests confirm the conclusion of theoretical analysis and the two channels that financial openness affects technological innovation.In comparison to existing studies,this paper offers several distinctive contributions.Firstly,it investigates the impact of fi⁃nancial openness on technological innovation through both theoretical modeling and empirical analysis.Secondly,it conducts channel analysis and t

关 键 词：金融开放 技术创新 金融发展 海外专利申请 

分 类 号：F831[经济管理—金融学]