长三角城市群金融扭曲对技术创新的影响  

Research on the Impact of Financial Distortion on Technological Innovation in the Yangtze River Delta Urban Agglomeration

作　　者：周正柱 戴大鹏 吕频捷 ZHOU Zheng-zhu;DAI Da-peng;LYU Pin-jie(School of Economics and Management,Shanghai University of Applied Sciences,Shanghai 201418,China;Shanghai Bochu Electronic Technology Co.,Shanghai 200241,China)

机构地区：[1]上海应用技术大学经济与管理学院,上海201418 [2]上海柏楚电子科技股份有限公司,上海200241

出　　处：《苏州大学学报(哲学社会科学版)》2025年第2期42-54,共13页Journal of Soochow University(Philosophy & Social Science Edition)

基　　金：国家社会科学基金项目“长三角城市群市场一体化多维测度与经济增长效应路径研究”(项目编号:20BJY059)的阶段性成果。

摘　　要：以长三角城市群为研究对象,借助城市群2010—2020年的面板数据,运用多重固定效应模型,实证检验金融扭曲对区域技术创新的影响及作用机制,结果表明:(1)金融扭曲现象会抑制区域技术创新能力;(2)机制检验发现,金融扭曲会通过抑制制度环境、投资情绪以及社会化福利水平进而抑制区域技术创新能力的提高;(3)进一步检验发现,制度环境、投资情绪和社会化福利水平通过影响创新环境、研发投资以及人才集聚发挥链式中介作用;(4)异质性检验发现,金融扭曲在经济发展水平较高、金融自由水平较低的地区对区域技术创新的抑制效应更加明显。本研究有助于揭示金融扭曲现象所带来的宏观效应对区域技术创新的影响,为长三角城市群乃至全国识别并缓解金融扭曲及提升区域技术创新能力提供决策参考。This paper takes the Yangtze River Delta urban agglomeration as the research object,with the panel data of the urban agglomeration from 2010 to 2020,and empirically tests the impact of financial distortion on regional technological innovation and the mechanism of its action by using the multiple fixed effects model.The results show that:(1)financial distortions inhibit regional technological innovation;(2)the mechanism test shows that financial distortions inhibit the improvement of regional technological innovation by inhibiting the institutional environment,investment sentiment,and the level of socialized welfare;(3)further tests show that the institutional environment,investment sentiment,and the level of socialized welfare play a chain-mediated role in influencing the innovation environment,R&D investment,and talent concentration.(4)Heterogeneity test shows that financial distortion has a more obvious inhibiting effect on regional technological innovation in regions with higher economic development level and lower financial freedom level.This study helps to reveal the macro effects of financial distortion on regional technological innovation,provides decision guidance for identifying and reducing financial distortion and improving regional technological innovation ability in the Yangtze River Delta metropolitan area and the country.

关 键 词：金融扭曲 区域技术创新 制度环境 投资情绪 社会福利 

分 类 号：F832.7[经济管理—金融学] F293.1[文化科学] G305