中国科技金融效率的结构异质性与空间分布特征：基于二维产出视角

管理评论 ›› 2022, Vol. 34 ›› Issue (9): 35-46.

中国科技金融效率的结构异质性与空间分布特征：基于二维产出视角

王韧^1,2, 李志伟²

1. 首都经济贸易大学金融学院, 北京 100070;
2. 重庆工商大学金融学院, 重庆 400067

收稿日期:2019-10-14 出版日期:2022-09-28 发布日期:2022-10-28
通讯作者: 李志伟(通讯作者),重庆工商大学金融学院硕士研究生
作者简介:王韧,首都经济贸易大学金融学院、重庆工商大学金融学院教授,博士。
基金资助:
国家社会科学基金一般项目（21BTJ025）。

Structural Heterogeneity and Spatial Distribution Characteristics of China’s Technology Finance Efficiency: Based on Two-dimensional Output Perspective

Wang Ren^1,2, Li Zhiwei²

1. School of Finance, Capital University of Economic and Business, Beijing 100070;
2. School of Finance, Chongqing Technology and Business University, Chongqing 400067

Received:2019-10-14 Online:2022-09-28 Published:2022-10-28

摘要/Abstract

摘要： 通过金融支持来提升科技创新效率，对于中国经济转型和应对国际竞争均至关重要。但在科技金融效率的概念框架下，现有文献在投入产出指标选择、测算模型与方法设定方面仍存在广泛争议，由此形成的测算结果差异也对科技金融的政策实践形成了困扰。基于国内外文献评述，构建一个“四投入、两产出”的指标体系，同时借鉴“四分量”面板随机前沿模型，通过商业产出和科技产出的二维视角以及持续效率和时变效率的结构分解，对中国2013—2017年省域科技金融效率的历史演变、空间分布和结构异质性进行了系统梳理和评价，发现：（1）中国省域科技金融效率水平整体偏低，且变化趋势与近年来科技金融资源投入力度的加大存在一定背离；（2）科技金融效率的时空演变主要由持久效率部分所主导，即更多受制于整体经济社会环境，而对短期政策刺激的反应相对有限；（3）无论在科技产出还是商业产出维度，时变效率还是持久效率层面，各省份之间都存在着广泛而复杂的区际差异。由此，中国的科技创新体系建设不能局限于短期政策刺激，而必须更多立足于全局性和长效性机制安排；同时必须充分关注不同地区科技创新与发展过程中的结构异质性，因地制宜探索区域性、差异化的科技金融效率提升方案。

关键词: 科技产出, 商业产出, 时变效率, 持久效率

Abstract: Enhancing the input-output efficiency of the science and technology system through financial resources support is crucial to China’s technological development, economic transformation and international competition. However, the corresponding literature about technology finance efficiency has wide controversy over the input-output indicators, technical route and measurement model, which therefore constrain the establishment of research benchmarks and actual policies. Based on the “four-input, two-output” index system constructed through literature reviewing, the “four-component” panel stochastic frontier model for two-dimensional output evaluation, and the structural differentiation of long-lasting efficiency and time-varying efficiency, this paper measures the two-dimensional technology finance efficiency from a provincial perspective since 2013 to 2017, and analyzes systematically its structural heterogeneity and spatial distribution characteristics. The research reveals that: Firstly, China’s provincial technology finance efficiency level is generally low, and the trend of change is contrary to the increasing input in technology finance resources in recent years; Secondly, the spatial and temporal evolution of technology finance efficiency is mainly dominated by the long-lasting efficiency, namely more subject to the regional economic and social environment, and less responsive to short-term policy stimulus; Thirdly, There are extensive and complex inter-regional differences whether in technological output or commercial output dimension, time-varying efficiency or long-lasting efficiency. Therefore, China’s technology innovation system construction cannot be limited to short-term policy stimulus, but must concentrate on overall and long-term mechanism arrangements; Simultaneously, we should pay more attention to the structural heterogeneity in the process of technological innovation and development in different regions, and explore technology finance efficiency improvement scheme based on regional and differentiated arrangement.

Key words: technological output, commercial output, time-varying efficiency, long-lasting efficiency

王韧, 李志伟. 中国科技金融效率的结构异质性与空间分布特征：基于二维产出视角[J]. 管理评论, 2022, 34(9): 35-46.

Wang Ren, Li Zhiwei. Structural Heterogeneity and Spatial Distribution Characteristics of China’s Technology Finance Efficiency: Based on Two-dimensional Output Perspective[J]. Management Review, 2022, 34(9): 35-46.

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