Abstract:
Using three dimensions of financial development measures—stock market size, banking sector size and banking sector marketization, we find that the stock market development has a larger impact on innovation than the banking sector variables, especially on the number of invention patents. The mechanism behind the finance-innovation nexus is that the stock market development mitigates external financial constraints and increases the innovation output of high-tech firms. This positive impact is stronger in regions with higher intellectual property protection. Further analysis shows that technological innovation could significantly increase firm value in the next five years. The policy implication is that the direct financing together with proper intellectual property protection helps promote innovation and enhance firm value.
钟腾, 汪昌云. 金融发展与企业创新产出——基于不同融资模式对比视角[J]. 金融研究, 2017, 450(12): 127-142.
ZHONG Teng, WANG Changyun. Financial Development and Firm-level Innovation Output:A Perspective of Comparing Different Financing Patterns. Journal of Financial Research, 2017, 450(12): 127-142.
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