本文从创新价值链出发，采用随机前沿分析模型研究不同金融发展模式下金融结构对科技创新产出及效率的影响。研究结果显示：（1）控制金融规模前提下，银行体系和金融总指数发展对科技创新研发成果和转化成果均起了显著正向影响，且存在着最佳的银行规模，金融市场显著促进科技创新研发成果，但对转化成果没有显著性影响。（2）不同金融发展模式下，金融结构对科技创新研发和转化效率的影响都不显著。银行和金融市场是互补关系，需重点发挥其满足不同类型科技创新融资需求的比较优势。（3）不同金融发展模式下科技创新转化和研发效率差异性不明显，且我国科技创新转化效率要明显低于研发效率。本文研究为创新驱动发展战略下科技创新效率提升和金融结构优化提供理论基础和实践经验。

Based on the innovation value chain, this paper studies the impact of financial structure on the output and efficiency of scientific and technological innovation under different financial development modes by using stochastic frontier analysis model. The results show that: firstly, under the premise of controlling the financial scale, the development of banking system and financial index have a positive impact on the research and transformation achievements of scientific and technological innovation, and there is an optimal bank size. The financial market promotes the research achievements of scientific and technological innovation, and has no significant impact on the transformation achievements of scientific and technological innovation; Secondly, under different financial development patterns, the influence of financial structure on the efficiency of scientific and technological innovation is not significant. Banks and financial markets are complementary, focusing on the comparative advantages of banks and financial markets in meeting the financing needs of different types of technological innovation. Thirdly, under different financial development patterns, there is no significant difference in the transformation efficiency and research efficiency, and the transformation efficiency of scientific and technological innovation is obviously lower than that of research efficiency. This study provides theoretical basis and practical experience for improving the efficiency of scientific and technological innovation and optimizing the financial structure under the innovation-driven development strategy.

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国家自然科学《国际金融危机传染的时空机制及对策研究》(批准号:41801115)；河北省社会科学《空间视角下河北省县域经济发展不平衡不充分的动态监测体系与实证研究》(HB19TJ003)。