金融结构对高技术产业发展的影响——基于上海市的数据

运用SVAR模型,选取1995—2012年上海金融结构与高技术产业发展的时间序列数据,使用脉冲响应和方差分解对金融结构与高技术产业发展各指标动态关系进行实证分析,结果表明：上海市直接融资（市场导向型金融结构）和间接融资（银行导向型金融结构）对高技术产业发展的影响具有滞后性,二者均没有起到长期稳定的支持作用;在时滞期内,直接融资虽然最终具有正向作用,但整体来看其负向作用要大于正向作用,间接融资则一直具有正向作用。

A Study of the Influence of Financial Structure on the Development of High-tech Industry：Based on the Data of Shanghai City

With the method of SVAR, this paper selects Shanghai City＇s financial structure and time-series data of measuring the development of high-tech industry from 1995 to 2012, and uses the impulse response and variance decomposition to make an empirical analysis on the dynamic relationship between financial structure and the development of high-tech industry. The results show that, there exists time-delay for direct financing （Shanghai City＇s market-oriented financial structure） and indirect financing （bank-oriented financial structure） on the development of high-tech industry in Shanghai City, and both of them do not play a role in long-term stable support. In the delay period, the direct financing ultimately has a positive effect, but overall the negative effect is greater than the positive effect while the indirect financing has a positive effect all the time.