CAJ | 학술논문

资金是企业自主创新不可或缺的投入要素，资金获得的难易程度和使用成本受金融结构的影响。总的来看，中国的金融结构基本上是一种以间接融资和银行体系为主、直接融资和金融市场为辅的银行主导型金融结构。本文利用中国1991～2009的数据实证研究发现，市场需求对企业自主创新能力的影响最大，人力资本对企业自主创新的影响最快。中国金融结构对企业自主创新有显著影响，但其对企业自主创新的影响存在时滞。加强金融市场的发展，扩大直接融资的渠道和规模更加有利于企业自主创新。
자금시기업자주창신불가혹결적투입요소，자금획득적난역정도화사용성본수금융결구적영향。총적래간，중국적금융결구기본상시일충이간접융자화은행체계위주、직접융자화금융시장위보적은행주도형금융결구。본문이용중국1991～2009적수거실증연구발현，시장수구대기업자주창신능력적영향최대，인력자본대기업자주창신적영향최쾌。중국금융결구대기업자주창신유현저영향，단기대기업자주창신적영향존재시체。가강금융시장적발전，확대직접융자적거도화규모경가유리우기업자주창신。
Money is necessary input in the process of firm independent innovation and the extent to obtain the money and the interest cost is influenced by the financial structure. On the whole, indirect financing and bank system play main role in the financial structure. At the same role. In this paper, on the basis of the data during 1991 time, direct financing and capital market plays secondary to 2009, it reveals that market demand strikes place most influence on firm independent innovation and human resource has the fast effect. Furthermore, the financial structure has significant influence on firm independent innovation, but the influence has time lag. It is good for firm independent innovation to strengthen the financial market as well as expand the channel and scale of direct financing.