金融效率、环境规制与R&D创新――基于价值链理论的2阶段分析
The Financial Efficiency,Environmental Regulation and R&D Innovation――Based on the Analysis of Two Phase Theory of Value Chain

基于价值链理论将R&D创新过程分解为R&D创新开发和R&D创新转化2个阶段,利用中国29个省市1995―2013年的数据,建立动态面板数据模型,分析金融效率、环境规制与R&D创新之间的关系,并分析金融机构效率、股票市场效率对环境规制作用于R&D创新的溢出效应.结果显示:股票市场效率能促进R&D创新开发与转化,并存在正向溢出效应; 金融机构效率、环境规制能够促进R&D创新开发,且金融机构效率存在正向溢出效应,但金融机构效率不利于R&D创新转化,环境规制对R&D创新转化的作用具有不确定性; 人力资本能够有效促进R&D创新开发,市场化程度能够促进R&D创新转化.
Based on value chain theory,the R&D innovation procedures are divided into two stages,including R&D innovation development and transformation.A dynamic panel data model is constructed to analyze the relationship among financial efficiency, environmental regulation and R&D innovation by using the panel data of 29 regions of China during the period of 1995 to 2013.The results show that efficiency of stock market can promote the R&D innovation development and transformation,and has positive spillover effect.Efficiency of financial institutions and environmental regulation both can promote R&D innovation development,and efficiency of financial institutions has positive spillover effects.But the efficiency of financial institutions are not good at promoting the transfer of R&D innovation,and the role of environmental regulation on development of R&D innovation is uncertain.Human capital can effectively promote the development of R&D innovation,and marketization can promote the transformation of R&D innovation