渐进性抑或颠覆性：金融集聚的创新激励效应研究

Incremental or disruptive: The innovation Incentive effect of financial agglomeration

摘要:

基于2009-2019年中国省际面板数据,采用SYS-GMM模型、中介效应模型、空间计量模型和面板门槛模型等方法,系统考察了金融集聚的创新激励效应。结果显示,金融集聚发展能够有效提升颠覆性创新和渐进性创新,且这种提升效应因地理区位和集聚程度的不同而存在异质特征。通过中介效应模型进行机制检验后发现,金融集聚可以通过缓解资本要素扭曲和劳动力要素扭曲两种途径间接促进技术创新,且在金融集聚对颠覆性创新的激励效应中发挥主要作用的是资本要素扭曲缓解,而在对渐进性创新的激励效应中劳动力要素扭曲缓解是主要路径。在空间特征方面,由于金融集聚存在明显的“虹吸效应”,对颠覆性和渐进性创新的提升作用只在本地区体现,并存在负向的空间溢出效应抑制临近地区技术创新。在非线性特征方面,金融集聚对颠覆性创新和渐进性创新的影响程度和方向都存在着明显的差异,在经济发展和产权结构门槛的约束下,金融集聚发展的驱动功效呈现边际递增态势；但只有在适度的政府引导和对外开放条件下,金融集聚才能更好的发挥创新激励效应,提升技术创新。

Abstract:

Based on China"s provincial panel data from 2009 to 2019, this paper systematically examines the innovation incentive effect of financial agglomeration by using syS-GMM model, mediation effect model, spatial econometric model and panel threshold model. The results show that the development of financial agglomeration can effectively promote disruptive innovation and incremental innovation, and this promotion effect has heterogeneous characteristics due to different geographical location and agglomeration degree. Mechanism through the intermediary effect model after the inspection, found that financial agglomeration can ease the capital elements of twisted and distorted two ways of indirect labor elements to promote technology innovation, and the financial agglomeration incentive effects of disruptive innovation capital element distortion is play a major role in relief, and the labor force in the incentive effects of incremental innovation elements distortion mitigation is the main path. In terms of spatial characteristics, due to the obvious "siphon effect" of financial agglomeration, the promotion of disruptive and incremental innovation is only reflected in the local area, and there is a negative spatial spillover effect to inhibit the technological innovation in nearby areas. In terms of nonlinear characteristics, there are significant differences in the degree and direction of financial agglomeration"s impact on disruptive innovation and incremental innovation. Under the constraints of economic development and the threshold of property rights structure, the driving effect of financial agglomeration"s development presents a marginal increasing trend. However, only under the condition of moderate government guidance and opening to the outside world, financial agglomeration can better play the incentive effect of innovation and promote technological innovation.