| 金融发展对研发投入强度的阶段性非对称影响 |
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| 引用本文： | 金融发展对研发投入强度的阶段性非对称影响.金融发展对研发投入强度的阶段性非对称影响[J].科学学研究,2018,36(12):2179-2190. |
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| 作者姓名： | 金融发展对研发投入强度的阶段性非对称影响 |
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| 作者单位： | 1. 浙江理工大学经济管理学院
2. 上海市科学学研究所
3. 浙江工业大学 |
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| 基金项目： | 浙江省哲学社会科学规划一般项目;浙江省自然科学基金青年项目;浙江省教育厅一般科研项目 |
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| 摘 要： | 利用中国30个省市1998-2014年的面板数据，分经济周期阶段考察金融发展对研发投入强度的非对称影响。实证结果表明，经济扩张期，金融效率提高与信贷期限结构改善可有效促进研发投入强度提高，其中，前者促进作用更强；但在经济紧缩期，由于存在固定资产投资对研发投入的挤占效应，金融效率提高与信贷期限结构改善对研发投入强度有负向影响，且后者影响力度更大；分区域研究后发现，该挤占效应在东部区域最强。此外，金融规模增大在经济扩张期不利于提高研发投入强度，而在经济紧缩期对研发投入强度的提高作用有限，该现象在东、西部区域尤为突出。因此，针对不同周期阶段为各区域合理定位科技金融政策，并着力规避固定资产投资对研发投入的挤占效应，是有效利用金融手段促进创新投入的关键。
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| 收稿时间： | 2017-12-06 |
The periodically asymmetric impact of financial development on R&D intensity of China |
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| Abstract: | This paper examines the periodically asymmetric impact of financial development on R&D intensity by using panel data of 30 provinces and cities in China during the period of 1998-2014. The empirical results show that: in the period of economic expansion, improving financial efficiency and financial structure can effectively promote R&D intensity, among them, the former is more conducive to boost R&D intensity; but in the period of recession, due to the crowding out effect of fixed-assets investment on R&D expenditure, improving financial efficiency and financial structure has a negative impact on R&D intensity, and the latter has greater negative influence. After investigation into each region, we found that such crowding out effect is stronger in eastern region. In addition, increasing financial scale in the period of economic expansion will reduce China's R&D intensity, while in the period of economic recession, its impact is limited. This phenomenon is particularly prominent in the eastern and western regions. Therefore, in order to effectively employ the financial method to promote innovation, China should strive to avoid the crowding out effect of fixed-assets investment on R&D expenditure and form diverse mix of technological and financial policy for each region concerning certain stage of business cycle. |
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