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通过对融资约束、不同金融机构功能优势以及基础、应用、试验开发三类研发活动特点的分析,阐释金融发展对三者的影响机理,同时通过计量分析发现,银行中介对基础、应用、试验开发投资强度的促进作用依次增强,股票市场对三者的促进作用依次减弱。基于目前中国研发投资内部结构比例不合理的现状,实现科技与金融的合理有机结合、提高基础研究在研发投资中的比重,关键是完善国内金融市场、优化金融结构,提高研发资金的配置效率。
Through the analysis of the financing constraints, the functional advantages of different financial institutions, and the characteristics of three types of R & D activities such as basic, application and experimental development, this paper explains the mechanism of financial development on the three. At the same time, through the measurement analysis, we find that the intermediary of banks has the basic, application and experimental development The promotion effect of investment intensity is enhanced in turn, and the promotion effect of stock market on the three is weakened in turn. Based on the current unreasonable proportions of the internal structure of China’s R & D investment, the key to achieving a rational organic combination of science and technology and finance and increasing the share of R & D in basic research is to improve domestic financial markets, optimize the financial structure and increase the allocation efficiency of R & D funds.