【作者】 孙玮； 王九云；

【Author】 SUN Wei~1,WANG Jiu-yun~2 (School of Economic and Management,Harbin Institute of technology,Harbin 150001,China)

【机构】 哈尔滨工业大学经济与管理学院；

【摘要】 基于国外发达金融体系的实证研究发现金融对产业增长的促进作用与产业外部融资的依赖程度正向相关,这种关系在金融体系不健全的中国是否同样适用却尚不明了。本文借鉴Rajan和Zingales对金融与产业增长之间关系分析的思路,利用中国电子及通讯设备制造业1996-2007年的面板数据,构建了反映国内金融体系与电子及通讯设备制造业技术创新之间关系的模型,集中分析了银行贷款和资本市场中的股权融资、风险投资对电子及通讯设备制造业技术创新的影响。结果表明:我国金融体系对产业创新存在双向影响但与产业外源融资依赖程度关系不大。其中风险投资对中国电子及通讯设备制造业自主创新的作用最为显著,银行信贷次之,资本市场股权融资作用不明显。进一步地从增强产业技术创新角度给出了相应的对策建议。更多还原

【Abstract】 Empirical researches find that financial system plays a promoting role in industries which depend more on external financing,based on the developed countries of the financial system.However,whether this positive relationship between financial system and industries exist in China still unknowns.This paper constructs a model to analyze financial influence on industries innovation which first learned form the respect of Zingales and Rajan in the research of the relationship between financial and industries growth,based on the panel date of Chinese electronic product manufacturing during 1996 to 2007.The result indicates that the degree of financial system promotion on industries innovation has no relationship with outside financing dependence,which was different from developed market.The greatest influence of financial intermediaries is venture capital investment,and then bank system.To our surprise,capital equity plays no promoting effect on industries innovation.At the same time,some suggestions from the aspect of strengthen industrial technology innovation are put forward.更多还原