本文基于中国31个省市2000-2011年的面板数据,依次运用面板数据的单位根检验、协整检验和因果有向无环图(DAG)等分析方法,旨在探讨金融发展、技术创新与经济增长之间的影响关系。研究结果表明:金融发展、技术创新与经济增长两两之间存在长期均衡的协整关系;金融发展是引致技术创新的直接原因,即国内金融发展和R&D投入之间具有很强正向关系,但以银行主导的金融发展结构不利于R&D投资;技术创新是显著促进经济增长的直接原因;金融发展是引致经济增长的直接原因,也是间接原因,一方面,在发展水平较低的国家内,银行主导的金融结构对经济增长具有显著的正向作用,而金融发展规模对经济增长具有显著且直接的负向作用,但它可以通过促进R&D投入来间接地促进经济增长。
The purpose of this paper is to explore the relationships among financial development, technological innovation and economic growth, by the unit root test, co-integration test, vector auto-regression (VAR) and causal directed acyclic graphs (DAG), and based on the panel data of China's 31 provinces and cities from 2000 to 2011,which is from the related statistical yearbook and statistical bulletin.This study shows that: firstly, a long equilibrium co-integration relationship between any two of financial development, technological innovation and economic growth is proved.Secondly, technological innovation is directly caused by financial development, that is, there is a strong positive relationship between domestic financial development and R&D investment, while the bank-dominated financial development is not conducive to R&D investment.Thirdly, economic growth is significantly promoted and directly caused by technological innovation.Finally, financial development is the direct and indirect reason of economic growth. The structure of financial development has a significantly positive effect on economic growth in the low level of development countries, while the scale of financial development has a significantly and directly negative effect on economic growth, and it also can indirectly promote economic growth by the promotion of R&D investment.
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