科技金融投入对制造业创新效率影响的实证研究——基于中国省级面板数据
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摘要
创新是我国制造业转型升级的关键,创新能力的提升离不开金融的有力支持。基于此,本文选择2007～2017年相关数据作为样本,使用DEA方法测算了我国不同地区的制造业创新效率,并进一步使用系统广义矩估计实证分析了科技金融对于制造业创新效率的影响。主要结论如下:(1)我国整体制造业创新效率有所提升,其中东部地区制造业的创新效率最高,西部地区次之,中部地区最低;(2)企业自主创新和科技信贷可对制造业创新效率产生显著正向影响,政府支持和风投支持对制造业创新效率的影响不显著。科技金融对于制造业创新效率的影响存在显著的区域差异;(3)科技劳动力水平和外资可对制造业创新效率产生显著正向影响。最后针对本文结论提出了相关建议。
Innovation is the key to the transformation and upgrading of China's manufacturing industry. The promotion of innovation level can't be separated from the strong financial support. Then,based on China's provincial panel data of 2007 ～ 2017,we measure the efficiency of manufacturing innovation in different regions of China by DEA,and analyze the impact of science and technology finance on the efficiency of manufacturing innovation by SYS-GMM. The main conclusions are as follows: firstly,the overall efficiency of manufacturing innovation in China has been improved. The eastern region has the highest efficiency of manufacturing innovation,followed by the western region and the central region has the lowest efficiency. Secondly,enterprise independent innovation and technology credit can have a significant positive impact on the efficiency of manufacturing innovation,while government support and venture capital support have no significant impact on the efficiency of manufacturing innovation. There are significant regional differences in the impact of technology finance on manufacturing innovation efficiency. Third,the level of technology labor and FDI has a significant positive impact on the innovation efficiency of manufacturing industry. At the end of this paper,some advisable suggestions for this articles research result are offered.
Innovation is the key to the transformation and upgrading of China's manufacturing industry. The promotion of innovation level can't be separated from the strong financial support. Then,based on China's provincial panel data of 2007 ～ 2017,we measure the efficiency of manufacturing innovation in different regions of China by DEA,and analyze the impact of science and technology finance on the efficiency of manufacturing innovation by SYS-GMM. The main conclusions are as follows: firstly,the overall efficiency of manufacturing innovation in China has been improved. The eastern region has the highest efficiency of manufacturing innovation,followed by the western region and the central region has the lowest efficiency. Secondly,enterprise independent innovation and technology credit can have a significant positive impact on the efficiency of manufacturing innovation,while government support and venture capital support have no significant impact on the efficiency of manufacturing innovation. There are significant regional differences in the impact of technology finance on manufacturing innovation efficiency. Third,the level of technology labor and FDI has a significant positive impact on the innovation efficiency of manufacturing industry. At the end of this paper,some advisable suggestions for this articles research result are offered.
引文
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[12]郑磊,张伟科.科技金融对科技创新的非线性影响——一种U型关系[J].软科学,2018,(7):16~20.
[13]张紫璇,赵丽萍.各省科技金融发展、技术创新水平与经济增长的门限效应分析——基于2000~2015年的省际面板数据[J].科技管理研究,2018,(5):93~98.
[14]曹文芳.科技金融支持科技创新的实证检验[J].统计与决策,2018,(13):160~163.
[15]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,(6):129~138.
[16]马强,孙佃亮.中国不同省份金融结构转变与产业结构升级关系的实证研究[J].工业技术经济,2016,(6):103~110.
[17]肖文,林高榜.政府支持、研发管理与技术创新效率——基于中国工业行业的实证分析[J].管理世界,2014,(4):71~80.
[18]武巧珍.风险投资支持高新技术产业自主创新的路径分析[J].管理世界,2009,(7):174~175.
[19]杜传忠,郭美晨. 20世纪末美国互联网泡沫及其对中国互联网产业发展的启示[J].河北学刊,2017,(6):147~153.
[2]赵昌文.创新型企业的金融解决方案:2011中国科技金融案例研究报告:2011 Cases Study[M].北京:清华大学出版社,2012:15~17.
[3] King R G,Levine R. Finance and Growth:Schumpeter Might Be Right[J]. Quarterly Journal of Economics, 1993, 108(3):717~737.
[4] George G,Prabhu G N. Developmental Financial Institutions As Technology Policy Instruments:Implications for Innovation and Entrepreneurship in Emerging Economies[J]. Research Policy,2003,32(1):89~108.
[5] Weber B,Weber C. Corporate Venture Capital As a Means of Radical Innovation:Relational Fit, Social Capital, and Knowledge Transfer[J]. Journal of Engineering&Technology Management,2007,24(1):11~35.
[6] Sasidharan S,Lukose P J J,Komera S. Financing Constraints and Investments in R&D:Evidence from Indian Manufacturing Firms[J]. Quarterly Review of Economics&Finance,2015,55:28~39.
[7] Po-Hsuan Hsu,Xuan Tian,Yan Xu. Financial Development and Innovation:Cross-country Evidence[J]. Journal of Financial Economics,2014,112(1):116~135.
[8]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,(6):139~147.
[9]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,(2):177~184,214.
[10]李俊霞,张哲,温小霓.科技金融支持高新技术产业发展的实证研究——基于系统动力学方法[J].中国管理科学,2016,(S1):751~757.
[11]钱水土,张宇.科技金融发展对企业研发投入的影响研究[J].科学学研究,2017,(9):1320~1325.
[12]郑磊,张伟科.科技金融对科技创新的非线性影响——一种U型关系[J].软科学,2018,(7):16~20.
[13]张紫璇,赵丽萍.各省科技金融发展、技术创新水平与经济增长的门限效应分析——基于2000~2015年的省际面板数据[J].科技管理研究,2018,(5):93~98.
[14]曹文芳.科技金融支持科技创新的实证检验[J].统计与决策,2018,(13):160~163.
[15]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,(6):129~138.
[16]马强,孙佃亮.中国不同省份金融结构转变与产业结构升级关系的实证研究[J].工业技术经济,2016,(6):103~110.
[17]肖文,林高榜.政府支持、研发管理与技术创新效率——基于中国工业行业的实证分析[J].管理世界,2014,(4):71~80.
[18]武巧珍.风险投资支持高新技术产业自主创新的路径分析[J].管理世界,2009,(7):174~175.
[19]杜传忠,郭美晨. 20世纪末美国互联网泡沫及其对中国互联网产业发展的启示[J].河北学刊,2017,(6):147~153.