CAJ | 학술논문

利用1991—2009年我国的相关数据,以专利数量作为企业自主创新的代理变量,以国内生产总值、人力资本、研发资本作为控制变量,采用协整模型对我国金融结构与企业自主创新的关系进行了实证研究。研究结果显示：市场需求对企业自主创新能力的影响最大,人力资本水平对企业自主创新的影响速度最快;我国金融结构对企业自主创新有显著影响,但影响存在时滞。提出加强金融市场的发展、扩大直接融资的渠道和规模更有利于企业进行自主创新。
이용1991—2009년아국적상관수거,이전리수량작위기업자주창신적대리변량,이국내생산총치、인력자본、연발자본작위공제변량,채용협정모형대아국금융결구여기업자주창신적관계진행료실증연구。연구결과현시：시장수구대기업자주창신능력적영향최대,인력자본수평대기업자주창신적영향속도최쾌;아국금융결구대기업자주창신유현저영향,단영향존재시체。제출가강금융시장적발전、확대직접융자적거도화규모경유리우기업진행자주창신。
Using the data about China during 1991-2009,this paper uses the patent amount as the proxy variable of firm＇s independent innovation,and takes GDP,human capital,RD input as control variables,and analyze the relationship between China＇s financial structure and independent innovation of firms by the cointegration model.The result shows as follows：the influencement of market demand on firm＇s independent innovation is the most significant,and the effect of human resource is the fastest;China＇s financial structure has significant influence on firm＇s independent innovation,but has time lag.Finally,it proposes that it is good for firms to promote independent innovation through strengthening the development of financial market as well as expanding the channel and scale of direct financing.