金融结构对技术创新的影响研究

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Abstract Using the provincial panel data from 2006 to 2016,this paper analyzes the relationship between financial structure and technological innovation based on the dynamic panel GMM estimation method and dynamic threshold model from the perspective of economic development stage and technological innovation type.The research results show that:①From the national level,there is a significant inverted U-shaped relationship between financial structure and technological innovation,and there is an optimal financial structure that matches technological innovation.②Based on different types of technological innovation,the capital market is more conducive to high-quality original technological innovation,while the bank-dominated credit market is more conducive to parasitic technological innovation.③From different levels of economic development,bank-dominated financial structure is more effective in promoting underdeveloped areas' technological innovation.Further research,there exists an economic development level's threshold effect between technological innovation and financial structure based on the dynamic threshold model.When the economic development level exceeds the threshold value,the technical innovation effect of financial structure will gradually weaken.In the true context of China's bank-dominated financial structure,strengthening the relative importance of the capital market in the financial system will promote technological innovation.

Key words： Financial structure Technological innovation Dynamic GMM Dynamic threshold model

Received: 17 September 2018

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F830

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	Articles by authors
	Hu Shancheng
	Jin Laiqun
	Liu Huihong

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Hu Shancheng,Jin Laiqun,Liu Huihong. Empirical Analysis of the Impact of Financial Structure on Technological Innovation[J]. , 2019, 0(10): 33-42.

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http://www.zgkjlt.org.cn/EN/ OR http://www.zgkjlt.org.cn/EN/Y2019/V0/I10/33

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