The mechanism of financial development promoting technological innovation in strategic emerging industries

发表日期：2021-10-11

期刊：Technology Analysis & Strategic Management

作者：Yang Fei; Wang Chunchen

单位：Economics and Management School, Wuhan University, Wuhan, People’s Republic of China;School of Information Management, Jiangxi University of Finance and Economics, Nanchang, People’s Republic of China

摘要：This paper starts with the Cobb Douglas function, introduces financial development as an influencing factor of technological innovation in strategic emerging industries into the production function, and then incorporates the transfer function into the linear model, further deepens the linear model into a nonlinear model, and chooses to use financial development scale and financial development efficiency as conversion variables. The panel smooth conversion model (PSTR) is used to study the nonlinear effects of financial development and technological innovation and find the best interval for financial development to promote technological innovation in strategic emerging industries. We introduce the economic and human capital spatial weight matrix in the spatial lag, spatial error, and spatial Durbin model. Finally, we verify the spatial spillover effect of financial development in promoting technological innovation in strategic emerging industries. The research results provide empirical evidence for the government to formulate policies for the long-term development of strategic emerging industries and technological innovation in strategic emerging industries.

关键词：Technological innovation;PSTR;financial development;Cobb Douglas;strategic emerging industries

链接：The mechanism of financial development promoting technological innovation in strategic emerging industries