【作者】 郭建万；

【导师】 钟阳胜；

【作者基本信息】 暨南大学 ， 产业经济学， 2010， 博士

【摘要】 技术进步是经济长期增长的最主要动力,金融是现代经济的核心,两者的有机结合将会极大地提高科技成果转化为现实生产力的速度与效率。在资源稀缺性的约束下,一个国家要实现经济的可持续发展,就必须不断地借助于技术进步与金融成长。随着社会经济的发展,金融对技术进步的促进越来越重要。基于此,为推进技术进步,着眼于我国技术进步金融体系建设的要求,在金融发展理论和经济增长理论的框架下,本文对金融发展促进我国技术进步功能、作用机理、体系完善等问题进行了研究。文章首先分析了技术进步的特征以及对金融服务的需求。技术进步的动力来源于主体需要。由于技术进步过程中具有很大的不确定性,高风险性,强信息不对称特征,且不同类型的企业在不同的发展阶段所面临的风险、对资金的需求规模以及所能承担的融资成本等都具有不同的特点,一般的个人投资者不愿意将资金投向技术进步项目,需要金融体系提供不同的融资形式和机制予以支持以促进技术进步。本文研究了金融发展对技术进步关系的作用机制。从信息处理、风险分散、项目监控与治理激励等方面分析金融发展对技术进步的功能机制,并从资源配置、FDI溢出效应和人力资本积累三方面来探讨金融发展对技术进步的实现机制。本文认为东道国金融发展效率的提高会降低居民自主创业门槛从而促进外资企业对国内企业的技术外溢效应,而低效率的金融发展,则可能会阻碍东道国对FDI技术外溢的吸收。金融发展可通过发挥吸收储蓄资金、缓解信贷约束、消除流动性风险、分散物质资本和人力资本投资风险等功能,增加人力资本投入、提高人力资本生产效率和物质资本投资对人力资本存在正外部性等途径,促进人力资本积累与经济增长。运用中国省际面板数据的实证检验表明：虽然我国外商直接投资具有明显增加,金融业规模得到发展,技术进步效果明显,但金融发展存在一定的功能缺陷,且一定程度上抑制了FDI技术溢出和人力资本积累,未能充分发挥促进技术进步功能。针对研究结论,为了促进技术进步的顺利进行,必须调整和优化促进技术进步的金融体系,全面扩展和提升金融功能。改善和优化技术进步的金融生态系统；健全多层次资本市场体系,完善市场化的金融中介体系,提升金融体系的功能；创新促进技术进步的金融业务,如设立技术创新投资基金、发展技术创新贷款、发行科技创新债券、科技金融工具创新为技术进步提供资金支持。更多还原

【Abstract】 Technological Progress is the main source of long-run economic growth, while finance is the core of modern economy. Connecting financial development and technological progress will greatly enhance the speed and efficiency of transforming scientific and technological achievements. In view of the constraints of environmental and resources, it is necessary to rely on technological progress and financial development to make sustainable growth. Along with deepening of social economic development, financial system is of vital importance for technological progress. With a view to promote technology progress and the reconstruction of function oriented financial system, this dissertation expounds on the theoretic questions such as the technological progress oriented functions of financial system, mechanism and system design.This dissertation uses the theories of financial development and economic growth to make both theoretical and empirical investigation on the functions and mechanism how financial system affects technological progress, makes suggestions on the financial system reconstruction based on the expansion and enhancement of function on technological progress.Firstly, this dissertation analyzes the characters of technological progress and its need for finance services. The coupling of subject’s demand and technology is the dynamics of technological progress. For the great uncertainty, high-risky, information asymmetry, different enterprises in stage with different risks and different demand for capital, common investors won’t invest on the technological progress projects. So it is of great need for the financial system to provide financing service to promote technological progress.Secondly, this dissertation constructs a theory framework to analyze the relation between financial development and technological progress. Considering the functional role of producing information and allocating capital, risk amelioration, monitoring firms and exerting corporate governance, the paper constructs a functional mechanism that financial system affects technological progress and innovation. This dissertation also sheds lights on financial system, foreign direct investment and technological progress in economic growth model, to make clear how financial system affects technological progress by affecting FDI spillover and human capital accumulation. Based on the research of Alfaro(2003),Chou and Chin(2001),this paper constructs the macro-mechanism that financial system affects technological progress and innovation. And the conclusions of this framework are:the higher the efficiency of the financial system in the host country is, more FDI spillover, highly efficient financial system would affiliate the establishment of new local firms, and hence the absorption of the technology spillover from foreign firms. Financial system affects human capital accumulation by mobilizing savings, releasing credit constraints, risk amelioration.Based on the theoretical mechanism, this dissertation applies to investigate Chinese financial development and technological progress since 1978. Using total factor productivity method and the panel data since 1978, this dissertation measures the technological progress index in China and makes empirical study on how financial system affects technological progress. The conclusion of the empirical study is though the scale efficiency of finance system is improved, more and more FDI flows into China, great progress in technology, the financial system is malfunctioned in some degree, and prevents the FDI spillover and human capital accumulation from promoting technological progress.To conclude, this dissertation suggests that it is necessary to adjust and optimize the financial system, with the expansion and enhancement of the functional role of technological progress. Policies should be made to:improve and optimize the financial ecosystem to technological progress; multi-layered capital markets, trading system and exchanges, reconstruct the functions of financial system; market-oriented financial intermediaries including formal and informal financial networks; financial innovation products concerning technological progress such as technology innovation investment funds, technological progress loans, technological progress bonds and other financial derivatives.更多还原