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| Income Level,Financial Structure and National Technology Innovation |
| Wei Wei,Hao Weiya |
| School of Economics and Finance,Xi'an Jiaotong University,Xi'an 710061,China |
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Abstract The empirical analysis is made to find how income level influence the relationship between financial structure and national technology innovation with data of 85 countries from 1989 to 2011. The results show that financial structure that is more biased towards financial market is more conducive to national technology innovation in higher income countries. This paper explain the results based on the idea of new structure economics： national innovation structure-proportion of independent research and development and imitation.Innovation is not the same for countries at different income levels. Risk characteristics and firm scales are different for firms engaged in independent research and development and those engaged in imitation innovation. Therefore,the proper proportion of financial market and bank credit varies with innovation structure. In this context,innovation structure determines optimal financial structure in the perspective of technology innovation. Thus,there exists a certain financial structure that could improve technology innovation most efficiently for each development stage. This conclusion emphasizes the necessity of considering development stage when analyzing the impact of financial structure on technology innovation. This paper provides new empirical evidence for new structure economics and possesses definite policy implications.
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Received: 19 May 2017
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Corresponding Authors:
Wei Wei
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