External Financing and High-Tech Industrial Innovation——An Empirical Study Based on Spatial Spillover Perspective
Gao Yang1,2, Li Yunhai1
1. School of Economics and Management,Beijing University of Technology,Beijing 100124,China; 2. Research Base of Beijing Modern Manufacturing Development,Beijing 100124,China
Abstract：The paper takes the high-tech industry as the research object,uses panel data from 2005 to 2016 in 30 provinces in China(excluding Tibet),analyzes the spatial spillover effect of three types of external financing(bank credit,stock market financing and venture capital)on the innovation capability of high-tech industries through Spatial Dubin Model(SDM).The results show that bank credit is not significant enough for the innovation of high-tech industry in the aspect of direct effect.In contrast,stock market financing and venture capital have a significant role in promoting the innovation of high-tech industry.In terms of indirect effect,bank credit,stock market financing and venture capital all show significant positive spatial spillover effect,and the spillover effect will be affected by the difference of innovation ability of high-tech industry,which is showed that the stronger the innovation ability of high-tech industry is,the more significant the spatial spillover effect of different financing methods will be.
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