科技创新与金融创新耦合系统脆弱性及政府干预

从理论上论述了政府干预科技创新与金融创新耦合系统脆弱性的必要性、途径及作用机制。基于以耦合系统内部结构为表征的实体子系统脆弱性和以公共创新环境、耦合系统综合效益为测评工具的虚像子系统脆弱性3个维度构建耦合系统脆弱性指数，分别采用静态面板固定效应回归及动态面板两阶段系统GMM回归，实证检验了我国政府干预对耦合系统脆弱性的实质影响。研究表明：在各类干预举措中，政府采购政策与知识产权保护政策效应明显，特别是知识产权保护政策效应潜力巨大；财政政策领域明显存在过度干预现象，其它政策效应或不显著或有违初衷，亟待调整与完善。

Technology Innovation and Financial Innovation Coupling System Vulnerability and Government Intervention

The necessity and mechanisms of how government intervention impacts on the technology innovation and financial innovation coupling system vulnerability are theoretically discussed. Based on the coupling system vulnerability index, which is divided into the vulnerability of entity subsystem characterized by coupling system internal structure and the vulnerability of virtual subsystem measured by public innovation environment and the comprehensive benefits of coupling systems, this paper figures out the facture effects of government intervention on the coupling system vulnerability, using static panel fixed effect regression and dynamic panel two step system GMM regression respectively. The results show that: among all kinds of interventions, the effects of government procurement policy and intellectual property rights protection policy are obvious, especially the great potential effect of intellectual property rights protection policy; fiscal policy is obviously over-intervened; others’ effect is either insignificant or against the original purpose, desiderating adjustment and perfection.