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科技金融发展能否促进R&D资本存量与主要素生产率
引用本文:郭子增,王龑.科技金融发展能否促进R&D资本存量与主要素生产率[J].科技进步与对策,2018,35(7):125-132.
作者姓名:郭子增  王龑
作者单位:东北财经大学 应用金融研究中心和金融学院,辽宁 大连 116025
摘    要:基于我国2005-2015年省级面板数据,利用固定效应、系统GMM和面板门槛回归模型,研究了各省科技金融发展水平对R&D资本存量和全要素生产率(TFP)的影响。实证结果显示:科技金融对R&D资本存量和TFP具有正向促进作用,且存在门槛效应,当科技金融指数高于门槛值时,科技金融对R&D资本存量和TFP的促进作用更强。基于《十三五国家科技创新规划》的政策指示,进一步研究发现:发展互联网金融有利于科技金融促进R&D资本存量和TFP;传统金融越发达,科技金融对R&D资本存量和TFP的促进作用越大;民间资本越发达,科技金融对R&D资本存量和TFP的促进作用越大;建设多层次资本市场,有利于科技金融促进R&D资本存量和TFP;加强专利保护,有利于科技金融促进R&D资本存量和TFP。

关 键 词:科技金融  R&D  TFP  科技政策  

Do Technological Finance Promote the R&D and TFP?
Abstract:In this paper, it selects provincial panel data of China as sample from 2005 to 2015. It explores the effects of technological finance on R&D and TFP. The results show that technological finance have a significant positive effect on R&D and TFP, as a results of threshold effect, the marginal effect of technological finance is increase. Based on the 13th Five Year National Science and Technology Innovation Plan, it gets the conclusions:development of internet finance raise the positive effect from technological finance to R&D and TFP; traditional finance is beneficial for technological finance raise R&D and TFP; private finance is beneficial for technological finance raise R&D and TFP; building a multi level capital market raise the positive effect from technological finance to R&D and TFP; strengthen patent protection raise the positive effect from technological finance to R&D and TFP.
Keywords:Technological Finance  R&D  TFP  Science Policy  
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