金融结构对科技金融耦合系统脆弱性的影响  

The Impact of Financial Structure on the Vulnerability of theTechnology-finance Coupling System

作　　者：王仁祥[1] 刘孟飞 Wang Renxiang;Liu Mengfei(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：《科技进步与对策》2024年第1期13-23,共11页Science & Technology Progress and Policy

基　　金：国家社会科学基金项目(21BJY253)。

摘　　要：随着科技与金融耦合的不断深入,对其负向作用及脆弱性的研究不容忽视。运用熵值法对我国2006—2020年省际科技金融耦合系统脆弱性指数进行测算,在此基础上引入金融结构,检验金融结构对科技金融耦合系统脆弱性影响的本地效应及空间溢出效应。研究发现:(1)各地区金融结构市场化程度呈上升趋势;(2)总体而言,金融结构市场化水平提高有利于改善系统脆弱性;(3)不同经济发展水平、金融结构对系统脆弱性的影响效果不同;(4)全国层面,金融结构正向空间溢出效应会加剧周边地区系统脆弱性,分地区层面,东部地区金融市场占比增加会带动相邻省份系统脆弱性改善,而中西部地区反而起到加剧作用。因此,应推动金融市场发展、完善银行中介服务。The interaction and coordination of the coupling of science and technology and finance plays an important role in promoting the economic development.However,with the continuous progress of the coupling between science and technology and finance,certain negative effects appear,such as the frequent occurrence of macroeconomic financial crises and scientific and technological financial risks in recent years,highlighting the vulnerability of the coupling system.The lack of rational allocation of resources is the root cause of the vulnerability of the technology-finance coupling system,and the financial structure adjusts the relative ratio between the banks and the financial market to meet the different needs of the coupling system subjects,promote the efficient allocation of resources and reduce the vulnerability of the system.Considering the adaptive adjustment of the financial structure with the changes of regional factor endowments,this paper aims to explore the relationship between financial structure and the vulnerability of the technology-finance coupling system from the perspective of regional factor endowment heterogeneity,and study how to achieve the accurate docking of the long-term development of the financial structure and the coupling system,so as to help the sustained growth of the economy.To this end,this study first theoretically analyzes the influence mechanism of financial structure on the vulnerability of the technology-finance coupling system,and then the entropy method is used to measure the vulnerability index of China's interprovincial technology-finance coupling system from 2006 to 2020.A dynamic GMM model and a spatial Dubin model are constructed to study the impact of financial structure on the vulnerability of the technology-finance coupling system.The vulnerability of China's technology-finance coupling system shows a fluctuating trend with regional differences.In general,the improvement of the marketization level of the financial structure satisfies the high-risk characteristics of the in

关 键 词：金融结构 银行中介 金融市场 科技金融耦合系统 脆弱性 

分 类 号：F832.5[经济管理—金融学]