融资渠道与中国区域技术创新

运用2011-2016年中国内地31个省份面板数据，通过固定效应模型检验不同融资渠道对全国以及东中西部地区技术创新的影响。结果表明：①债权融资在整体上对技术创新影响不显著，分地区看，其在东部地区发挥了促进作用，而在中西部地区则起到抑制作用；②从整体及中西部地区看，股权融资对技术创新的影响不显著，且抑制了东部地区技术创新；③对股市板块进行细分后，整体上股权融资中只有创业板股权融资显著促进了技术创新水平提升，主板和中小板的作用均不显著。

Financing Channels and China's Regional Technical Innovation

Based on panel data of 31 provinces in China from 2011 to 2016, this paper establishes fixed effect model to examine the influence of different financing channels on the nation and on the eastern, middle and western regions of China. The study shows:①the overall impact of debit financing is not unified, but after dividing into different regions, the debit financing promotes technical innovation in the eastern regions while suppresses technical innovation in the middle and western regions;②the effect of equity financing is not significant as a whole nor in the middle and western regions, and even suppresses technical innovation in the eastern regions; ③through further research on the individual segments of stock market, the growth enterprises market is the only one that facilitates the regional technical innovation, and the effect of main board and medium & small board is not significant.