基于中国1995-2013年省级面板数据,本文利用门槛面板模型检验了金融发展水平与海归回流知识溢出效应的关系。结果发现:海归回流知识溢出与技术进步的联系显著依赖于各省市金融发展水平,只有当金融发展水平越过一定门槛值之后,海归回流才会对回流国产生显著的技术进步正效应;当金融发展水平跨越第二个门槛值时,东、中、西部地区的海归回流对技术进步的影响效应均为正,且东部地区的海归回流对东部地区技术进步的影响存在明显的"加速、跃升"正效应,但西部地区海归回流对该区的技术进步效应产生的促进作用较为有限。本文认为受金融发展水平门槛限制,我国金融发展水平相对低下的省份还不能为释放更多的海归知识溢出效应提供必要的金融环境支持。
Based on China's 1995- 2013 provincial panel data,this paper examines the relationship between the financial development level and returnees reflux knowledge spillovers. The results showed that the linkages of returnees reflux knowledge spillovers with technological progress significant depends on the financial development levels of provinces. Only when financial development level surpasses a certain threshold,Returnees reflux will have a significant effect on the technological progress of the home country. When the financial development level surpasses the second threshold value,the eastern,central and western regions of returnees reflux will have a positive effect on technological progress. And the returnees reflux in the eastern region will have an obvious"accelerated,jumped"positive effect on knowledge spillover,but the returnees reflux in the western regions will have a relatively limited effect on knowledge spillovers. Restricted by the financial development threshold level,the relatively low level of financial development in China's provinces still cannot provide the necessary financial environment support to release of more returnees' knowledge spillovers.