金融结构对技术创新效率的影响效应 ——不同金融发展模式对比分析

以技术创新阶段细分为研究基点，利用2009—2018年省级面板数据，构建超越对数随机前沿分析模型，实证检验技术研发阶段和创新市场化阶段不同金融发展模式下金融结构对创新产出与技术创新效率的影响效应。结果发现：在创新增量方面，银行体系发展对创新产出的正向激励效应显著优于股票市场发展，银行主导型金融结构对创新产出发挥着重要支撑作用。在创新增效方面，股票市场发展对技术创新效率的正向激励效应尤为显著，银行体系发展对技术创新效率产生抑制效应，造成较大程度的技术效率损失。结果表明，技术创新量高多产、提质增效依赖于金融结构持续优化和金融发展模式优势互补。

Research on the Effect of Financial Structure on Technological Innovation Efficiency

This paper takes the stage segmentation of technological innovation as the research basis, Uses the provincial panel data from 2009 to 2018 to construct the transcendental logarithmic stochastic frontier analysis model, and empirically examines the impact of financial structure on the innovation output and the efficiency of technological innovation under different financial development modes in technological R&D and innovation marketing stages.It is found that:in terms of innovation increment, the positive incentive effect of the development of the banking system on innovation output is significantly better than that of the stock market, and the bank-led financial structure plays an important role in supporting and promoting innovation output. In terms of innovation efficiency enhancement, the development of stock market has a particularly significant positive incentive effect on technology innovation efficiency, while the development of banking system has a restraining effect on technology innovation efficiency, resulting in a large degree of technical efficiency loss.The conclusion of this paper indicates that, the increase of innovation output and the improvement of technological innovation efficiency depend on the continuous optimization of financial structure and complement each other's advantages of financial development model.