金融发展、技术创新与经济增长的关系研究——基于中国的省市面板数据

doi:10.16381/j.cnki.issn1003-207x.2015.02.020

Abstract

Abstract: The purpose of this paper is to explore the relationships among financial development, technological innovation and economic growth, by the unit root test, co-integration test, vector auto-regression (VAR) and causal directed acyclic graphs (DAG), and based on the panel data of China's 31 provinces and cities from 2000 to 2011,which is from the related statistical yearbook and statistical bulletin.This study shows that: firstly, a long equilibrium co-integration relationship between any two of financial development, technological innovation and economic growth is proved.Secondly, technological innovation is directly caused by financial development, that is, there is a strong positive relationship between domestic financial development and R&D investment, while the bank-dominated financial development is not conducive to R&D investment.Thirdly, economic growth is significantly promoted and directly caused by technological innovation.Finally, financial development is the direct and indirect reason of economic growth. The structure of financial development has a significantly positive effect on economic growth in the low level of development countries, while the scale of financial development has a significantly and directly negative effect on economic growth, and it also can indirectly promote economic growth by the promotion of R&D investment.

Key words: financial development, technological innovation, economic growth, directed acyclic graphs

CLC Number:

LI Miao-miao, XIAO Hong-jun, ZHAO Shuang. Studyon the Relationship among the Financial Development, Technological Innovation and Economic Growth Based on China's Provincial Panel Data[J]. Chinese Journal of Management Science, 2015, 23(2): 162-169.

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Studyon the Relationship among the Financial Development, Technological Innovation and Economic Growth Based on China's Provincial Panel Data

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