金融发展与企业创新产出——基于不同融资模式对比视角

Journal of Financial Research

2017, Vol. 450

Issue (12): 127-142 DOI:

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Financial Development and Firm-level Innovation Output:A Perspective of Comparing Different Financing Patterns

ZHONG Teng, WANG Changyun

School of Banking and Finance, University of International Business and Economics;
China Financial Policy Research Center, Renmin University of China

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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.

Key words： Financial Development Innovation Output Firm Value Financing Pattern Intellectual Property Protection

Received: 09 December 2016 Published: 02 April 2018

JEL分类号:	G3
	O1
	O3

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ZHONG Teng,WANG Changyun. Financial Development and Firm-level Innovation Output:A Perspective of Comparing Different Financing Patterns[J]. Journal of Financial Research, 2017, 450(12): 127-142.

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http://www.jryj.org.cn/EN/ OR http://www.jryj.org.cn/EN/Y2017/V450/I12/127

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