金融要素扭曲、地方政府行为与创新效率缺失

基于熵值法和随机前沿模型对中国省际金融要素扭曲程度和创新效率进行测度,构建面板Tobit模型实证考察金融要素扭曲对区域创新效率的影响.研究发现:整体而言,金融要素扭曲具有创新故率抑制效应,但金融危机冲击会弱化其负向影响致果;分区域而言,金融要素担曲在中部地区的抑制效应最大,西部次之,东部最小;机制检验结果发现,企业R&D投入挤占故应与寻租激励故应是金融要素扭曲抑制区域创新故率的重要渠道;此外,引入地方政府行为变量的门槛检验发现,金融要素扭曲对区域创新故率的影响存在结构性变化,政府干预程度与政府R&D资助力度的加大,能够强化金融要素扭曲的创新效率抑制故应.因此,全面推进金融市场化改革、健全财政分权体制和政府行为内外部监管机制是降低金融要素担曲程度、优化创新环境,进而提升区域创新效率的重要路径.

Financial Factor Distortion,Local Government Behavior and Innovation Efficiency Loss

Based on the entropy method and stochastic frontier model,this paper measures the financial factor distortion and innovation efficiency of China’s province.Then,it examines the impact of financial factor distortion on regional innovation efficiency by constructing a panel Tobit model.The results show that,overall,financial factor distortion has the inhibiting function on innovation efficiency,but the impact of financial crisis weakens such negative effect.Regionally,financial factor distortion plays the most important role in the central region,followed by the western region and the eastern region;The results of mechanism test show that R&D crowding-out effect and rent-seeking incentive effect are the main channels of financial factor distortion restraining regional innovation efficiency;In addition,threshold tests by introducing local government behavior variables show that the impact of financial factor distortion on regional innovation efficiency has structural changes.That is,with the increasing of government intervention and government R&D funding,the impact of financial factor distortion on regional innovation efficiency is strengthened.Therefore,promoting the reform of financial market,improving the fiscal decentralization system and the internal and external supervision mechanism of government behavior are the main paths to reduce financial factor distortion,optimize the innovation environment so as to improve the efficiency of regional innovation.