政策激励与金融发展对技术创新质量的影响

创新是经济可持续增长的关键因素之一，实现创新质量赶超对我国经济可持续发展具有重要意义。基于2008—2018年期间37个制造业数据，考察在不同所有权性质下政策激励和金融支持对技术创新质量的影响，结果发现：政策激励和金融发展对技术创新质量的影响存在所有权性质异质性，在国有行业中，国有属性抑制的存在使政策激励和金融支持对技术创新质量的影响失效；在非国有行业中，政策激励对技术创新质量产生负向的被动实施效果，但是政府主动筛选机制能够中和政策对技术创新质量的负向激励；金融对技术创新质量的提高始终存在正向支持作用。要实现创新质量弯道超车，离不开有为政府与有效市场的有效合作。

Policy Incentives,Financial Development and Technological Innovation Quality

Based on 37 data from a manufacturing industry in 2008-2018, using a fixed-effect model to examine the impact of policy incentives and financial support on the quality of technological innovation under different ownership properties, the study found that the impact of policy incentives and financial development on the quality of technological innovation has heterogeneity in the nature of ownership. The existence of state-owned "attribute suppression" makes the influence of policy incentives and financial support on the quality of technological innovation ineffective in state-owned industries; in non-state-owned industries, due to the low intensity of competition between the manager's market and the product market, policy incentives have an impact on the quality of technological innovation. The negative effect of passive implementation has been achieved, but further research has found that the government's active screening mechanism can neutralize the negative incentives of policies to the quality of technological innovation; finance has always had a positive support effect on the improvement of technological innovation quality, and financial development and technological innovation. The degree of interaction and coordination continues to rise. We believe that non-state-owned enterprises are the main body of innovation activities. In the case of insufficient market system construction, the improvement of innovation quality is usually hindered by excessive government intervention to disrupt market expectations. Policy incentives must be coordinated with market construction to achieve innovation quality. The "curve overtaking" in China is inseparable from the cooperation between "promising government" and "effective market".