金融网络何以推动创新扩散  

The Impact of Financial Networks on Innovation Diffusion

作　　者：谢佳松 才国伟[2] XIE Jiasong;CAI Guowei(Dongbei University of Finance&Economics,116025;Sun Yat-Sen University,510275)

机构地区：[1]东北财经大学经济学院,116025 [2]中山大学岭南学院,510275

出　　处：《财贸经济》2025年第1期99-115,共17页Finance & Trade Economics

基　　金：国家社会科学基金重大项目“统筹推进教育、科技、人才高质量发展的财税政策体系研究”(23&ZD062);国家自然科学基金青年项目“数字经济时代下创新扩散的阻碍因素与突破路径:专利文本测度、隐性壁垒识别与数据驱动机制研究”(72403030);教育部人文社会科学研究青年基金项目“公共数据要素如何赋能企业创新边界拓展:理论框架、测度方法与机制路径研究”(24YJC790199)。

摘　　要：推动创新要素在区域间自由流动是实现区域协调发展和经济高质量发展的重要举措。基于中国专利引用大数据,本文探讨了商业银行设立异地分支机构这一金融网络空间扩张行为对区域间创新扩散的影响及其作用机制。研究表明,商业银行设立异地分支机构显著促进了创新从银行总部所在城市向分支机构所在城市的扩散,其中投资机制发挥了重要作用。进一步分析显示,金融网络对创新扩散的影响呈现“偏向性模式”,即这种影响主要发生在产业结构、技术空间相似以及技术前沿距离相近的城市之间。此外,在市场需求旺盛、交通基础设施完善及人力资本水平较高地区,金融网络对创新扩散的推动效应更为显著。同时,创新扩散仍受到传统行政边界及文化差异等壁垒的阻碍。本文为金融发展如何促进经济增长给予了新的解释与经验证据,并从创新要素端为进一步畅通国内大循环、建设统一大市场提供了重要参考。The value of innovation lies not only in its initial creation but also in its diffusion across sectors,industries,and regions.Promoting regional innovation diffusion is crucial for achieving coordinated and high-quality regional economic growth.In today's world,increased friction in cross-border innovation diffusion—driven by Western technological blockades,trade conflicts,and geopolitical tensions—has shifted the primary drivers of economic growth from cross-border resource allocation and innovation to domestic optimized resource allocation and regional innovation diffusion.Therefore,fostering innovation diffusion within regions has become increasingly crucial,necessitating a deeper understanding of its underlying mechanisms.This study uses full-scale patent citation data in China to measure regional innovation diffusion and examines the impact of financial network expansion,specifically through the establishment of non-local bank branches.The findings reveal that non-local bank branches significantly enhance innovation diffusion from headquarters cities to branch cities,primarily through increased investments by firms from the former in the latter.Further analysis highlights three key findings.First,the effect is most pronounced between cities with similar industrial and technological structures and comparable technological frontiers.Second,larger market sizes amplify the positive impact of financial networks on innovation diffusion.Third,welldeveloped transportation infrastructure and higher levels of human capital further strengthen this effect.Lastly,traditional administrative boundaries and cultural differences remain implicit barriers to fully realizing innovation diffusion across regions.This study makes three key contributions.First,it provides novel micro-level evidence on how financial networks drive economic development through inter-city interactions.Second,it introduces a formal institutional framework to explain innovation diffusion from the perspective of financial networks.Third,it underscore

关 键 词：创新扩散 金融网络 统一大市场 

分 类 号：F832[经济管理—金融学]