政府科技投入、资本扭曲与“科技-金融”耦合系统效率:基于市场化程度的调节作用机制  

Government Investment in Science and Technology,Capital Distortion,and the Efficiency of"Technology-Finance"Coupling System:the Moderating Mechanism Based on Marketization Degree

作　　者：王仁祥[1] 赖金椰 Wang Renxiang;Lai Jinye(School of Economics,Wuhan University of Technology,Wuhan 430070,China)

机构地区：[1]武汉理工大学经济学院,湖北武汉430070

出　　处：《科技管理研究》2023年第16期1-10,共10页Science and Technology Management Research

基　　金：国家自然科学基金项目“团队心理资本、知识协同及创新绩效:以重大科研项目团队为对象”(71372014)。

摘　　要：为进一步厘清政府科技投入对“科技-金融”耦合系统效率的作用机制、促进耦合系统效率提升,鉴于目前缺乏将政府科技投入、资本扭曲、市场化程度与“科技-金融”耦合系统效率置于同一研究框架且缺乏变量间内部作用机制的讨论,因此在分析政府科技投入对“科技-金融”耦合系统效率作用机制中考虑资本扭曲的中介作用以及市场化程度的调节作用,以中国30个省份相关面板数据为样本,基于非期望产出超效率SBM模型测算耦合系统效率,并采用固定效应模型和有调节的中介模型进行实证分析。结果表明:政府科技投入与“科技-金融”耦合系统效率之间存在倒“U”型影响关系,政府科技投入能够缓解资本扭曲提升耦合系统效率;随着市场化程度的提升,政府科技投入在其直接作用路径中,对耦合系统效率的促进作用减弱,在由资本扭曲中介过程的后半路径中,资本扭曲对耦合系统效率的抑制作用减弱。最后,根据理论分析和实证结果,为促进我国“科技-金融”耦合系统效率提升,从厘清市场和政府的边界、防范过度政府科技投入,加快推进金融体制深化改革、促进金融业务多元化,以及完善基础设施建设、主动吸收先进技术和推动产业结构优化升级等三大方面提出相关对策建议。In order to further clarify the mechanism of government investment in science and technology on the efficiency of the technology-finance coupling system,and promote the improvement of the coupling system efficiency,considering the current lack of government investment in science and technology,capital distortion,marketization degree and the efficiency of the technology-finance coupling system within the same research framework and the lack of discussion on the internal mechanism of interaction between variables,therefore,in analyzing the mechanism of government investment in science and technology on the efficiency of the technology-finance coupling system,the mediating effect of capital distortion and the marketization are considered.Using panel data from 30 provinces in China as samples,the efficiency of the coupling system is calculated based on the unexpected output super efficiency SBM model,and empirical analysis is conducted by using fixed effect models and moderated mediation model.The results indicate that there is an inverted inverted U-shaped impact relationship between government investment in science and technology and the efficiency of the technology-finance coupling system,government investment in science and technology can alleviate capital distortion and improve the efficiency of the coupling system;as the marketization degree increases,the promoting effect of government investment in science and technology on the efficiency of the coupling system weakens in its direct action path,while the inhibitory effect of capital distortion on the efficiency of the coupling system weakens in the latter half of the path with the intermediary process of capital distortion.Finally,based on theoretical analysis and empirical results,for promoting the improvement of China’s technology-finance coupling system efficiency,relevant countermeasures and suggestions are proposed from three aspects:clarifying the boundary between the market and the government,preventing excessive government investment in science and t

关 键 词：“科技-金融”耦合系统效率 政府科技投入 资本扭曲 市场化程度 超效率SBM模型 有调节的中介模型 

分 类 号：F830[经济管理—金融学] F224.2[文化科学] G301