中国制造业创新模式转换与金融结构转型——来自中国省级面板数据的经验证据
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摘要
基于创新模式差异视角,采用2007—2016年中国30个省份的制造业数据构建动态面板模型,考察了金融结构与技术创新的关系。研究发现:不同风险-收益特征的技术创新模式会内生出差异化的金融结构;银行体系对于低风险、可预测、收益稳定的引进模仿创新具有显著的促进作用,且这一促进作用不受市场环境的约束;在良好的市场环境下,金融结构中市场导向越强越有利于推动高风险、不可预测、收益不确定的自主创新。因此,为实现中国制造业创新模式由引进模仿向自主创新的顺利转换,需要推动金融结构的适时转型,并全面营造有利于金融市场发展的市场环境。
From the perspective of innovation mode differences,this paper uses the manufacturing data of 30 provinces in China from2007 to 2014 to build a dynamic panel model,and examines the relationship between financial structure and innovation. The findings are: 1) Different risk-return characteristics of the technological innovation mode will generate a differentiated financial structure. 2)The banking system has a significant role in the promotion of imitation innovation with low risk,predictability and stable returns,and this promotion is free from market constraints. 3) Under a good market condition,the stronger the market orientation in the financial structure is,the more favorable it is to promote independent innovation with higher risk,unpredictability and uncertain returns. Therefore,in order to realize the smooth transition of China's manufacturing innovation mode from imported imitation to independent innovation,it is necessary to promote timely transformation of the financial structure and to create a market environment conducive to the development of the financial market.
From the perspective of innovation mode differences,this paper uses the manufacturing data of 30 provinces in China from2007 to 2014 to build a dynamic panel model,and examines the relationship between financial structure and innovation. The findings are: 1) Different risk-return characteristics of the technological innovation mode will generate a differentiated financial structure. 2)The banking system has a significant role in the promotion of imitation innovation with low risk,predictability and stable returns,and this promotion is free from market constraints. 3) Under a good market condition,the stronger the market orientation in the financial structure is,the more favorable it is to promote independent innovation with higher risk,unpredictability and uncertain returns. Therefore,in order to realize the smooth transition of China's manufacturing innovation mode from imported imitation to independent innovation,it is necessary to promote timely transformation of the financial structure and to create a market environment conducive to the development of the financial market.
引文
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HSU P H,TIAN X,XU Y.2014.Financial development and innovation:cross-country evidence[J].Journal of Financial Economics,112(1):116-135.
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MERTON R,BODIE Z.1995.A conceptual framework for analyzing the financial environment[M].Boston:Harvard Business School Press.
RAJAN R G,ZINGALES L.1998.Which capitalism?Lessons from the east Asian crisis[J].Journal of Applied Corporate Finance,11(3):40-48.
VANDENBUSSCHE J,AGHION P,MEGHIR C.2006.Growth,distance to frontier and composition of human capital[J].Journal of Economic Growth,11(2):97-127.
龚强,张一林,林毅夫.2014.产业结构、风险特征与最优金融结构[J].经济研究(4):4-16.
李兵,岳云嵩,陈婷.2016.出口与企业自主技术创新:来自企业专利数据的经验研究[J].世界经济(12):72-94.
林毅夫,孙希芳,姜烨.2009.经济发展中的最优金融结构理论初探[J].经济研究(8):4-17.
林毅夫.2012.新结构经济学:反思经济发展与政策的理论框架[M].北京:北京大学出版社.
孙伍琴,王培.2013.中国金融发展促进技术创新研究[J].管理世界(6):172-173.
唐未兵,傅元海,王展祥.2014.技术创新、技术引进与经济增长方式转变[J].经济研究(7):31-43.
王小鲁,樊纲,余静文.2017.中国分省份市场化指数报告(2016)[M].北京:社会科学文献出版社.
谢家智,王文涛,江源.2014.制造业金融化、政府控制与技术创新[J].经济学动态(11):78-88.
徐明,刘金山.2017.何种金融结构有利于技术创新---理论结构、实践导向与启示[J].经济学家(10):54-64.
俞立平,方建新,孙建红.2015.中国不同创新模式绩效的总体测度及关系研究[J].经济经纬(2):81-86.
张一林,龚强,荣昭.2016.技术创新、股权融资与金融结构转型[J].管理世界(11):65-80.
张永旺,宋林.2018.中国制造业要素结构升级与贸易结构转型[J].经济经纬(1):47-54.
BENMELECH E,BERGMAN N K.2009.Collateral pricing[J].Journal of Financial Economics,91(3):339-360.
BLUNDELL R,BOND S.1998.Initial conditions and moment restrictions in dynamic panel data models[J].Journal of Econometrics,87(2):115-143.
BLUNDELL R,BOND S.2000.GMM estimation with persistent panel data:an application to production functions[J].Econometrics Reviews,19(3):321-340.
BROWN J R,MARTINSSON G,PETERSEN B C.2013.Law,stock markets and innovation[J].Journal of Finance,68(4):1517-1549.
DEMIRG-KUNT A,FEYEN E,LEVINE R.2011.Optimal financial structures and development:The evolving importance of banks and markets[C].Washington,DC:World Bank.
HSU P H,TIAN X,XU Y.2014.Financial development and innovation:cross-country evidence[J].Journal of Financial Economics,112(1):116-135.
KING R G,LEVINE R.1993.Finance,entrepreneurship and growth:theory and evidence[J].Journal of Monetary Economics,32(3):513-542.
LA PORTA R,LOPEZ-DE-SILANES F,SHLEIFER A,et al.1997.Legal determinants of external finance[J].Journal of Finance,52(3):1131-1150.
LIN J Y.2009.Economic development and transition:Thought,strategy,and viability[M].New York:Cambridge University Press.
MERTON R,BODIE Z.1995.A conceptual framework for analyzing the financial environment[M].Boston:Harvard Business School Press.
RAJAN R G,ZINGALES L.1998.Which capitalism?Lessons from the east Asian crisis[J].Journal of Applied Corporate Finance,11(3):40-48.
VANDENBUSSCHE J,AGHION P,MEGHIR C.2006.Growth,distance to frontier and composition of human capital[J].Journal of Economic Growth,11(2):97-127.