金融市场化、配置效率与地区研发创新

研发创新是决定长期经济增长的关键因素。研究与开发结果的不确定性和收益回报周期长特点,使其高度依赖于外部融资,因而需要金融市场有效发挥要素配置功能。有效率的金融市场是影响研发的重要因素。利用中国分省企业经营环境指数和中国省级宏观数据研究金融市场化对地区自主研发创新的影响,是一个新尝试。研究结果表明,金融市场化通过改善外部融资环境有效地提高了地区研发创新水平,平均而言,正规金融融资便利化程度提高1个标准差,人均专利申请量和人均专利批准量分别提高19.23%和16.39%;民间金融便利化程度提高1个标准差,人均专利申请量和人均专利批准量分别提高25.84%和21.05%。

Financial Marketization,Allocation Efficiency and Regional Research and Innovation

Research and innovation is one of the most important elements playing in long- run economic growth. Because research and development has great uncertainty and long return cycle,it relies most on the external financing,which implies that the financial market should function efficiently and thus provide a favorable financing environment. This paper attempts to use the provincial index for enterprises＇ operation environment in China and regional macro- data to investigate the influence of financial marketization on regional research and innovation. The empirical results reveal that on average,one standard error increase of formal financing index will raise patent application quantity per capita 19. 23% and patent approval amount per capita 16. 39% respectively. Furthermore,one standard error increase of informal financing index will raise patent application quantity per capita 25. 84% and patent approval amount per capita 21. 05% respectively.