科技金融能够促进创新型城市发展吗？——基于SYS-GMM的动态分析

Can Technology Finance Promote the Development of Innovative Cities?——Dynamic Analysis Based on SYS-GMM

摘要:

本文基于我国17个创新型城市试点2010—2017年面板数据，采用因子分析与熵值法测算了科技金融指数与创新型城市发展指数，通过动态面板系统广义矩估计的方法实证探究科技金融、科技金融投入、科技金融产出及其各维度对创新型城市发展的影响。实证结果表明：（1）科技金融、科技金融投入以及科技金融产出对创新型城市的发展均具有显著的正向促进作用，其中科技金融产出影响程度更深。（2）科技金融各维度对创新型城市发展均具有显著的正向促进作用，但影响程度有明显不同，其中资本市场投入?专利产出?技术合同产出?人力资源投入?企业研发投入?政府创新投入。

Abstract:

Abstract: Based on panel data of 17 innovative cities in China from 2010 to 2017, this paper calculates technological financial index and innovative city development index by factor analysis and entropy method, and uses SYS-GMM method to empirically explore the impact of technology and finance, technological financial input, technological financial output and dimensions of technology finance on the development of innovative cities. The main conclusions are as follows:（1）Technology finance, technological financial input and technological financial output all have significant positive effects on the development of innovative cities, among them technological financial output has a deeper impact.（2）Each dimension of technology finance has a significant positive role in promoting the development of innovative cities, but the degree of impact is significantly different .The order is as follows: capital market input > patent output > technology contract output > human resources input> enterprise R&D input > government innovation input.