金融科技发展、金融结构调整与企业研发创新

金融体系对企业研发创新的激励是我国实现经济高质量发展转型的关键。系统分析不同金融体系结构与企业创新绩效之间的关系,结果表明:市场主导型金融体系的创新激励效应随着企业创新流程的不断深化呈上升趋势,而银行主导型金融体系的创新激励效应呈现“倒U型”趋势,整体上来看,市场主导型金融体系的创新激励效应优于银行主导型金融体系;但金融体系结构调整显著存在门槛效应,唯市场导向的结构调整并不代表最优金融结构。从金融生态环境角度进一步探究金融科技发展与不同金融结构创新激励效应之间的关系,结果发现:金融科技发展明显提升了不同金融结构的创新激励效应,在金融科技的调节作用下,银行主导型体系的创新边际贡献随着创新流程的深化呈现上升趋势,而金融市场的边际贡献却在成果转化阶段呈现下降趋势。我国金融结构调整应根据外部金融环境的变化进行动态调整,不能盲目追求市场化;重视金融科技创新的作用,鼓励企业根据创新价值流程匹配多元化融资,确保实现金融资本高效服务实体企业创新的目标。

Development of Fintech,Adjustment of Financial Structure and Performance of Enterprise Innovation

The role of financial system in stimulating enterprises’R&D innovation is the key for China to realize economic development and transportation with high quality.The authors systematically analyze the relationship between financial structure and enterprise innovation performance.The research results show that the incentive effect of financial market innovation is on the rise with the deepening of enterprise innovation process.The innovation incentive effect of the banking system shows an inverted u-shaped trend.On the whole,the innovation incentive effect of financial market is better than that of banking system.However,the threshold effect exists in the adjustment of financial structure.Therefore,the authors further explore the relationship between the financial ecological environment represented by Fintech index and the innovation incentive effect of financial structure.It is found that the development of Fintech significantly improves the innovation incentive effect of financial structure,but the innovation incentive effect of banking system shows an upward trend with the deepening of innovation process.However,financial markets showed a slight downward trend during the period of achievement transformation.So,China's financial structure adjustment should be dynamically adjusted according to the changes of external financial environment,rather than blindly pursuing marketization.At the same time,enterprises need to carry out matching diversified financing according to the enterprise innovation value chain,so as to realize the goal of financial capital efficiently serving the innovation of entity enterprises.