论不同金融结构对技术创新的影响

从金融功能出发，分析了不同金融结构——以金融市场为主的金融结构与银行中介为主的金融结构对技术创新的影响。由于银行中介的风险内部化，且在信息处理上不能反映存款人的不同观点，使其不适合为高风险、高收益的高科技产业融资；而金融市场有利于投资者通过资产组合分散风险，且能提供表达不同投资者不同意见的机制，使其更能支持技术创新。这一结论已为发达国家产业发展所证实。在此基础上，解释了我国科技型中小企业融资难的金融制度原因，并提出了有关的对策建议。

THE EFFECTS OF DIFFERENT FINANCIAL STRUCTURE ON TECHNIQUE INNOVATION

This article mainly analyses the different financial structures-focusing on financial market or bank medium effects on technique innovation on the basis of financial functions. Risk internalization in bank medium and its incapability to reflect depositor's different views make it not suitable for high -tech industry financing with the characteristic of high-risk and rich-return. But financial market can fill the gap. Financial market enables investors to reduce risks by assets combination. At the meanwhile, it can supply a system expressing the investors' different views therefore sustain technique innovation. This conclusion has already been approved by developed countries. So this article gives financial system reasons of the difficulties of medium and small-sized technique enterprises in our country, and gives some relevant advices.