科技金融、人力资本与科技创新关系研究——来自中国省级面板数据的证据
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摘要
科技金融与科技创新的关系一直是学者们研究的热点问题。本文从理论上分析了科技金融、人力资本与科技创新之间的作用关系,提出了相关假设,并运用2001～2016年中国30个省份的平衡面板数据,构建了固定效应模型,实证检验了基于人力资本的中介视角下科技金融与科技创新之间的相关假设。研究发现:科技金融和地区经济水平都能够有效显著的推动科技创新能力的提升,地区经济开放,地区开放程度和城镇化不能促进科技创新能力的提升,但是地区开放程度没有通过显著性检验;人力资本水平在科技金融与科技创新之间起到部分中介作用,随着人力资本水平的提升,地区科研氛围对于科技创新能力的促进作用更强。基于上述结论,提出了促进我国科技创新的相关政策建议。
The relationship between Sci-tech Finance and Sci-tech Innovation is always a hotspot issue for scholars.The paper theoretically reveals the functional relationship of Sci-tech Finance,Human Capital andSci-tech Innovation,and proposes the relevant hypotheses.Based on the balance panel data of 30 provinces in China from 2001 to 2016, The paper constructs fixed effect models to test the hypothesis between Sci-tech Finance, Human Capital and Sci-tech Innovation.The research shows that:Sci-tech Finance, Sci-tech Atmosphere and Economic Level can effectively and significantly improve the ability of Sci-tech Innovation, Urbanization and Economic Openness cannot promote the improvement of Sci-tech Innovation, But Economic Openness didn't pass the significance test; Human Capital plays a part of the intermediary role in the Sci-tech Finance and Sci-tech Innovation.With the improvement of human capital level, Sci-tech Atmosphere has been more effective in promoting Sci-tech Innovation. Based on the above conclusions, The paper puts forward some policy Suggestions for promoting Sci-tech Innovation.
The relationship between Sci-tech Finance and Sci-tech Innovation is always a hotspot issue for scholars.The paper theoretically reveals the functional relationship of Sci-tech Finance,Human Capital andSci-tech Innovation,and proposes the relevant hypotheses.Based on the balance panel data of 30 provinces in China from 2001 to 2016, The paper constructs fixed effect models to test the hypothesis between Sci-tech Finance, Human Capital and Sci-tech Innovation.The research shows that:Sci-tech Finance, Sci-tech Atmosphere and Economic Level can effectively and significantly improve the ability of Sci-tech Innovation, Urbanization and Economic Openness cannot promote the improvement of Sci-tech Innovation, But Economic Openness didn't pass the significance test; Human Capital plays a part of the intermediary role in the Sci-tech Finance and Sci-tech Innovation.With the improvement of human capital level, Sci-tech Atmosphere has been more effective in promoting Sci-tech Innovation. Based on the above conclusions, The paper puts forward some policy Suggestions for promoting Sci-tech Innovation.
引文
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[25]戚湧,郭逸.江苏科技金融与科技创新互动发展研究[J].科技进步与对策,2018,35(01):41-49.
[26]张玉喜,赵丽丽.中国科技金融投入对科技创新的作用效果--基于静态和动态面板数据模型的实证研究[J].科学学研究,2015,33(02):177-184+214.
[27]李林汉,王宏艳,田卫民.基于三阶段DEA-Tobit模型的省际科技金融效率及其影响因素研究[J].科技管理研究,2018,38(02):231-238.
[28]徐玉莲,王宏起.科技金融对技术创新的支持作用:基于Bootstrap方法的实证分析[J].科技进步与对策,2012,29(03):1-4.
[29]芮雪琴,李环耐,牛冲槐,任耀.科技人才聚集与区域创新能力互动关系实证研究--基于2001-2010年省际面板数据[J].科技进步与对策,2014,31(06):23-28.
[30]王云魁,李浩翔.金融发展与人力资本增长--基于我国省际面板数据模型的实证分析[J].金融发展评论,2017(04):130-137.
[31]张玉明,刘德胜.企业文化、人力资源与中小型科技企业成长关系研究[J].科技进步与对策,2010,27(05):82-89.
[32]朱有为,徐康宁.中国高技术产业研发效率的实证研究[J].中国工业经济,2006(11):38-45.
[33]Chava S,Purnanandam A.CEOs versus CFOs:Incentives and corporate policies[J].Journal of Financial Economics,2010,97(2):263-278.
[34]葛涛,李金叶.城镇化、教育投入的经济增长效应研究[J].工业技术经济,2018(2):137-145.
[35]王宏起,徐玉莲.科技创新与科技金融协同度模型及其应用研究[J].中国软科学,2012(06):129-138.
[36]詹新宇.市场化、人力资本与经济增长效应──来自中国省际面板数据的证据[J].中国软科学,2012(08):166-177.
[2]SAINT-PAUL,G.Technological Choice,Financial Markets and Economic Development[J].European Economic,1992,36(4):763-781.
[3]RAJAN,R,G.Insiders and Outsiders:The Choice between Informed and Arm's-Length Debt[J].Journal of Finance,1992,47(4):1367-1440.
[4]BERGER,A,N.The Economic Effects of Technological Progress:Evidence from the Banking Industry[J].Journal of Money,Credit,and Banking,2003,35(2):141-176.
[5]SCHINCKUS,C.The Financial Simulacrum:The Consequences of the Symbolization and the Computerization of the Financial Market[J].Journal of Socio-Economics,2008,37(3):1076-1089.
[6]AGBOLADE,O,K.Information and Communication Technology and Banks Profitability in Nigeria[J].Australian Journal of Business and Management Research,2011,1(4):102-107.
[7]PEREZ,C.Technology Revolution and Finance Capital[M].London:Edward Elgar,2002.50-60.
[8]徐玉莲,王玉冬.区域科技创新与科技金融系统协同发展运行机理分析[J].科技进步与对策,2013,30(20):25-29.
[9]Po-Hsuan Hsu,Xuan Tian,Yan Xu.Financial development and innovation:Cross-country evidence[J].Journal of Financial Economics,2014,112(1):116-135.
[10]CZARNITZKI,D,LOPES,BENTO,C.Value for money?New micro-econometric evidence on public R&D grants in Flanders[J].Research Policy,2013,42(1):76-89
[11]徐玉莲,王宏起.我国金融发展对技术创新作用的实证分析[J].统计与决策,2011(21):144-146.
[12]芦锋,韩尚容.我国科技金融对科技创新的影响研究--基于面板模型的分析[J].中国软科学,2015(06):139-147.
[13]Hasan I,Malkam?ki M,Schmiedel H.Technology,automation,and productivity of stock exchanges:International evidence[J].Journal of Banking&Finance,2003,27(9):1743-1773.
[14]Schinckus C.The financial simulacrum:The consequences of the symbolization and the computerization of the financial market[J].The Journal of Socio-Economics,2008,37(3):1076-1089.
[15]徐玉莲,于浪,王玉冬.区域科技创新与科技金融系统协同演化的序参量分析[J].科技管理研究,2017,37(15):15-20.
[16]徐玉莲,王玉冬,林艳.区域科技创新与科技金融耦合协调度评价研究[J].科学学与科学技术管理,2011,32(12):116-122.
[17]Hyytinen A,Toivanen O.Do financial constraints hold back innovation and growth?:Evidence on the role of public policy[J].Research Policy,2005,34(9):1385-1403.
[18]Leleux B,Surlemont B.Public versus private venture capital:seeding or crowding out?A pan-European analysis[J].Journal of Business Venturing,2003,18(1):81-104.
[19]闻岳春,梁悦敏.支持技术创新发展的政府主导型风险投资机制设计[J].上海金融,2008(10):15-19.
[20]黄国平,孔欣欣.金融促进科技创新政策和制度分析[J].中国软科学,2009(2):28-37.
[21]华玉燕,赵纳.基于DEA方法的科技金融结合效率研究--以安徽省为例[J].金融教育研究,2013,(03):46-49.
[22]张宗益,周勇,钱灿,赖德林.基于SFA模型的我国区域技术创新效率的实证研究[J].软科学,2006,(02):125-128.
[23]韩威.基于DEA-Tobit模型的科技金融结合效率实证分析--以河南省为例[J].金融发展研究,2015,(09):36-40.
[24]张明龙.我国金融支持科技创新的效率评价--基于超效率DEA与Malmquist指数方法[J].金融发展研究,2015,(06):18-25.
[25]戚湧,郭逸.江苏科技金融与科技创新互动发展研究[J].科技进步与对策,2018,35(01):41-49.
[26]张玉喜,赵丽丽.中国科技金融投入对科技创新的作用效果--基于静态和动态面板数据模型的实证研究[J].科学学研究,2015,33(02):177-184+214.
[27]李林汉,王宏艳,田卫民.基于三阶段DEA-Tobit模型的省际科技金融效率及其影响因素研究[J].科技管理研究,2018,38(02):231-238.
[28]徐玉莲,王宏起.科技金融对技术创新的支持作用:基于Bootstrap方法的实证分析[J].科技进步与对策,2012,29(03):1-4.
[29]芮雪琴,李环耐,牛冲槐,任耀.科技人才聚集与区域创新能力互动关系实证研究--基于2001-2010年省际面板数据[J].科技进步与对策,2014,31(06):23-28.
[30]王云魁,李浩翔.金融发展与人力资本增长--基于我国省际面板数据模型的实证分析[J].金融发展评论,2017(04):130-137.
[31]张玉明,刘德胜.企业文化、人力资源与中小型科技企业成长关系研究[J].科技进步与对策,2010,27(05):82-89.
[32]朱有为,徐康宁.中国高技术产业研发效率的实证研究[J].中国工业经济,2006(11):38-45.
[33]Chava S,Purnanandam A.CEOs versus CFOs:Incentives and corporate policies[J].Journal of Financial Economics,2010,97(2):263-278.
[34]葛涛,李金叶.城镇化、教育投入的经济增长效应研究[J].工业技术经济,2018(2):137-145.
[35]王宏起,徐玉莲.科技创新与科技金融协同度模型及其应用研究[J].中国软科学,2012(06):129-138.
[36]詹新宇.市场化、人力资本与经济增长效应──来自中国省际面板数据的证据[J].中国软科学,2012(08):166-177.