Financial development, intellectual property protection and technological innovation efficiency: The role of financial marketization

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Science Research Management ›› 2014, Vol. 35 ›› Issue (12) : 160-167.

Li Houjian¹, Zhang Zongyi²

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Abstract

Using dynamic spatial panel data analysis techniques, this paper investigates the effects of financial development, financial marketization and intellectual property protection on the technological innovation efficiency based on the panel data from 30 provincial areas from 1998 to 2008 in Mainland China. The results show that, financial development and intellectual property protection have a positive effect on the technological innovation efficiency of China, but financial marketization has a negative effect on it. In addition, intellectual property protection has strengthened the positive effect of financial development on the technological innovation efficiency of China, but it has lessened the negative effect of financial marketization on the technological innovation efficiency of China. Through further studies, it was detected that the technological innovation efficiency of China is obvious path dependent, and with the difference of regional factor, its space effect intensity changes. However, the main reason about spatial aggregation of technological innovation efficiency in China is economic factors. This paper provides a new perspective to understand the influencing factors of China's technological innovation efficiency under the background of market-orient reform, and it also provides new evidence to understand the influencing mechanism of financial development, financial marketization and intellectual property protection on endogenous economic growth.

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financial development / financial marketization / intellectual property protection / technological innovation efficiency / dynamic spatial SGMM

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Li Houjian, Zhang Zongyi. Financial development, intellectual property protection and technological innovation efficiency: The role of financial marketization[J]. Science Research Management. 2014, 35(12): 160-167

References

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