金融发展与区域创新绩效的非线性关系--基于面板平滑转换回归模型

摘要

文章使用面板平滑转换回归模型研究金融发展对区域创新绩效的影响，研究发现以金融相关比率和金融市场化衡量的金融发展对区域创新绩效存在显著的非线性影响。该影响依赖于各省区的知识产权保护力度、对外开放程度、基础设施和人力资本水平，存在门槛效应；且随着转换变量的取值变化，在高低区制之间平滑转换。金融相关比率和金融市场化均在知识产权保护力度较强、对外开放程度较高、基础设施和人力资本水平较高的地区对区域创新绩效的弹性系数较大。据此，文章提出了相关的政策建议。%This article uses panel smooth transition regression model to study the financial development impact on the performance of regional innovation.It is found that financial development measured by the finan-cial ratios and financial marketization has significant nonlinear effect to the regional innovation performance. The effect relies on the inter-provincial intellectual property rights protection,the degree of opening,infra-structure and human capital level,and it has the threshold effect.And with the transition variable values change,there is smooth transition between high and low regime.The elastic coefficient of financial ratios and financial marketization to the regional innovation performance are bigger in the regions with the stronger intel-lectual property protection,higher degree of opening,higher infrastructure and human capital level.This arti-cle puts forward relevant policy suggestions accordingly.