价值链视角下金融深度、金融宽度与区域创新效率 ——基于DEA-Tobit两阶段模型

Finance depth、Finance width and Regional Innovation Efficiency in the view of Innovation Value Chain ——based on the DEA-Tobit model

摘要:

本文根据创新价值链理论，将技术创新划分为科技研发、成果转化两个相互关联的子过程。利用2005-2015年中国30个省份的面板数据，使用DEA模型，测算了各地区在两个阶段的创新效率。在此基础上，使用面板Tobit回归，实证检验了金融发展的两种模式，即金融宽化、金融深化与不同阶段技术创新效率的关系。研究发现：金融深度和金融宽度都能够提高技术创新效率。但在科技研发阶段，金融深度对区域创新效率的影响更加显著。在成果转化阶段，金融宽度的作用更加明显。

Abstract:

Taking the perspective of innovation value chain, we divided the technology innovation into two interrelated processes, the R&D process and the industrialization process. Then we measured the regional innovation efficiency of each process using 2005-2015 panel data of 30 provinces in China by DEA method. Furthermore, we tested the relationship of financial development and regional innovation efficiency by panel Tobit model. The study found that: the financial depth and financial width can both improve the innovation efficiency; In the R&D process, the financial depth has a more significant effect on the regional innovation efficiency.In the industrialization process, the financial width can improve the innovation efficiency much more compared with financial depth.