Has Financial Marketization Reform Promoted Innovation? — An Empirical Test Based on Mediation Effect

摘要

Under the background of promoting the implementation of innovation-driven strategy in China, this paper uses the panel data of 30 provincial administrative regions in mainland China from 2000 to 2016 to measure the level of financial marketization in each region from the perspective of market-oriented credit fund allocation, and empirically examines the impact of financial marketization reform on regional enterprises’ technological innovation based on the intermediary effect model. It is found that during the period of investigation, the level of financial marketization in all regions of China has increased obviously, but there are great differences among regions, and the level of financial marketization in the eastern region is higher. The improvement of the level of financial marketization is conducive to increasing R&D support within enterprises, and then promoting the improvement of innovation capability of enterprises. That is, financial marketization promotes enterprise innovation, and R & D expenditure within enterprises plays an intermediary role in this process. In exchange for different measures, this result is still robust. Therefore, we should further promote the process of market-oriented reform of the financial sector and help the implementation of the national innovation-driven strategy.