外部融资与高技术产业创新——基于空间溢出效应视角的研究

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Abstract The paper takes the high-tech industry as the research object,uses panel data from 2005 to 2016 in 30 provinces in China(excluding Tibet),analyzes the spatial spillover effect of three types of external financing(bank credit,stock market financing and venture capital)on the innovation capability of high-tech industries through Spatial Dubin Model(SDM).The results show that bank credit is not significant enough for the innovation of high-tech industry in the aspect of direct effect.In contrast,stock market financing and venture capital have a significant role in promoting the innovation of high-tech industry.In terms of indirect effect,bank credit,stock market financing and venture capital all show significant positive spatial spillover effect,and the spillover effect will be affected by the difference of innovation ability of high-tech industry,which is showed that the stronger the innovation ability of high-tech industry is,the more significant the spatial spillover effect of different financing methods will be.

Key words： High-tech industry Financial factor distortion Financing constraint Space spillover effect

Received: 28 February 2020

PACS:

F429.9

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	Gao Yang
	Li Yunhai

Cite this article:

Gao Yang,Li Yunhai. External Financing and High-Tech Industrial Innovation——An Empirical Study Based on Spatial Spillover Perspective[J]. , 2020, 1(11): 56-65.

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http://www.zgkjlt.org.cn/EN/ OR http://www.zgkjlt.org.cn/EN/Y2020/V1/I11/56

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