CAJ | 학술논문

制造业的技术创新需要金融的支持，金融发展也需要制造业等实体经济提供支撑，金融如何支持制造业的技术创新并最终实现自身发展值得深入研究。以外部融资依赖度高、技术密集度高的9个制造业子行业为样本，实证研究信贷市场、资本市场对制造业高技术密集度子行业的技术创新的影响。研究结果发现资本市场对制造业的创新能力有明显促进作用，而信贷市场对其无显著促进作用。为此需深化金融体制改革，更好地利用资本市场等途径，促进制造业技术创新。
제조업적기술창신수요금융적지지，금융발전야수요제조업등실체경제제공지탱，금융여하지지제조업적기술창신병최종실현자신발전치득심입연구。이외부융자의뢰도고、기술밀집도고적9개제조업자행업위양본，실증연구신대시장、자본시장대제조업고기술밀집도자행업적기술창신적영향。연구결과발현자본시장대제조업적창신능력유명현촉진작용，이신대시장대기무현저촉진작용。위차수심화금융체제개혁，경호지이용자본시장등도경，촉진제조업기술창신。
Manufacturing industry will develop well with prosperous finance,while the finance still has to develop with the supports of the manufacturing industry,the real economy. So how finance supports the devel-opment of the manufacturing industry and eventually achieves the value of itself now is a problem which is worth studying. This paper chooses nine sub-sectors as the samples which have high external financial de-pendence and are highly technology intensive. Through the empirical tests,we find the different influences of the credit market and capital market on the technical innovation in these nine sub-sectors. It turns out to be that the development of capital market has obvious improvement to the manufacturing industry,while credit market does not have the same effect. Finally,we can put forward appropriate suggestions.