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金融是国家创新能力的关键支撑要素之一。作为金融体系基本特征之一的结构特征对国家创新能力产生何种影响,目前缺乏相应的系统分析。文章从各金融渠道的运行特征和功能差异入手,分析了金融结构影响国家创新能力提升的机理,并运用32个国家10年期面板数据实证检验了金融结构对国家创新能力的实际影响。研究结果显示,两类权益性金融渠道的发展对国家创新能力的提升产生了正向影响,而银行信贷扩张则表现为负向影响。这对我国通过金融结构优化提升金融对创新的支撑有所裨益。
Finance is one of the key supporting elements of national innovation capacity. As one of the basic characteristics of the financial system, structural characteristics have an impact on the national innovation capability. At present, there is no corresponding systematic analysis. Starting with the differences in operational characteristics and functions of various financial channels, the article analyzes the mechanism that financial structure affects the improvement of national innovation capability and empirically tests the actual impact of financial structure on national innovation capability by using 10-year panel data from 32 countries. The results show that the development of two types of equity financing channels has a positive impact on the improvement of national innovation capability, while the bank credit expansion has a negative impact. This is beneficial to our country through the financial structure optimization to enhance the financial support for innovation.