文章着眼企业微观层面,从直接和间接两方面构建了金融创新促进技术创新的作用路径。选用我国高技术产业5类亚产品,测算出2002-2013年高技术产业的出口复杂度,并选用省际面板数据进行总体、分时间段、分区域层面的实证分析。结果表明金融创新提高了金融市场的资源配置效率,可直接降低企业经营流动性风险和融资成本,有利于提高技术创新的初始意愿;也可间接通过促进外资的技术外溢和人力资本积累,从而提高技术创新成功的可能性。
Focusing on the micro-level enterprises, this paper builds the path of financial innovation's effect on technological innovation directly and indirectly. It calculates the export sophistication of the high-tech industry in 2002-2013, and then makes an empirical analysis with the panel data of 31 provinces. The result finds that financial innovation can improve the efficiency of financial resource. Reducing financing costs and liquidity risk directly, financial innovation can improve the intention of technological innovation. In the indirect path, financial innovation can improve the rate of success of technological innovation.