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理论上金融是国家创新能力关键支撑要素之一,但其实际作用尚未得到直接检验,更未曾有过跨国比较。文章借鉴Antzoulatos(2008)等学者的多维分类方法,将27个经合组织国家的金融体系区分为三个类型,通过比较研究探索在不同金融体系背景下,金融整体发展、具体金融渠道发展对国家创新能力提升的实际作用及其差异。实证结果表明:一是金融发展对国家创新能力提升存在非线性的促进作用,这种促进作用在金融欠发达国家和市场主导型金融发达国家更为明显;二是在具体金融渠道中,金融发达国家股市对创新的促进作用优于银行信贷,尤其是在市场主导型金融发达国家中。
In theory, finance is one of the key supporting elements of national innovation capability. However, its actual role has not been directly tested yet, nor has it ever been compared across borders. This paper draws on the multidimensional classification method of scholars such as Antzoulatos (2008), divides the financial system of 27 OECD countries into three types, and explores the overall financial development in different financial system contexts through the comparative study. The development of specific financial channels to countries The Practical Effects and Differences of Innovation Capacity Enhancement. The empirical results show that: First, the financial development has a non-linear promotion effect on the improvement of national innovation ability, which is more obvious in the financially underdeveloped countries and the market-dominated financially-developed countries; secondly, in the specific financial channels, the financial developed The role of national stock markets in promoting innovation is better than bank credit, especially in market-oriented financially-developed countries.