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| Financial Development, Corporation Innovation and Economic Growth:Empirical Analysis from the Patent Perspective |
| JIA Junsheng, LUN Xiaobo, LIN Shu
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| School of Business, Nanjing University |
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Abstract The patent variables are lead up to the growth model. Furthermore, we examine the effect of financial development using financial data and patent data of listed companies and clarify the innovation output channel that financial development promotes growth. Empirical studies show that credit market access indeed plays a positive role in innovation. The financing imperfection of the capital market limits its role. Innovation is an important way that financial development affects growth, which provides beneficial thinking about how financial development adapts transformation and upgrading of economic structure.
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Received: 23 May 2016
Published: 18 January 2018
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