Econometric Analysis of the Impact of Financial Structure on Innovation Based on the Fixed Effects Panel Model

This study addresses the impact of financial structure on innovation. The mechanism of the impact of financial structure on innovation at different levels of economic development is elucidated from the perspective of optimal financial structure decision theory and development economics, and empirica...

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Autores principales:	Cheng-Ben Wang, Zhigang Huang
Formato:	article
Lenguaje:	EN
Publicado:	Hindawi Limited 2021
Materias:	Engineering (General). Civil engineering (General) TA1-2040 Mathematics QA1-939
Acceso en línea:	https://doaj.org/article/1b858f3844a9430eb03551bd504c7e1d
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spelling	oai:doaj.org-article:1b858f3844a9430eb03551bd504c7e1d2021-11-29T00:56:25ZEconometric Analysis of the Impact of Financial Structure on Innovation Based on the Fixed Effects Panel Model1563-514710.1155/2021/3022421https://doaj.org/article/1b858f3844a9430eb03551bd504c7e1d2021-01-01T00:00:00Zhttp://dx.doi.org/10.1155/2021/3022421https://doaj.org/toc/1563-5147This study addresses the impact of financial structure on innovation. The mechanism of the impact of financial structure on innovation at different levels of economic development is elucidated from the perspective of optimal financial structure decision theory and development economics, and empirical evidence is provided using manufacturing data from 59 countries or regions for the period 1996–2015. The study finds that financial structure has no significant effect on innovation at lower levels of economic development, but at higher levels of economic development, market-based financial structure significantly promotes innovation in the industry. The role of financial structure in innovation shifts in the interval where per capita income is greater than 9747 International dollar (hereinafter called I$9747) and less than I$17070. This paper verifies that the innovation approach of technological imitation requires the support of a bank-based financial structure, while the innovation approach of independent innovation requires the support of a market-based financial structure. The differences in innovation approaches at different stages of economic development lead to the evolution of the inherent demand for financial structures in the economy. Promoting the evolution of financial structures according to the stage of economic development is of great significance in building an innovative country and leading the sustainable and healthy development of the economy.Cheng-Ben WangZhigang HuangHindawi LimitedarticleEngineering (General). Civil engineering (General)TA1-2040MathematicsQA1-939ENMathematical Problems in Engineering, Vol 2021 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	Engineering (General). Civil engineering (General) TA1-2040 Mathematics QA1-939
spellingShingle	Engineering (General). Civil engineering (General) TA1-2040 Mathematics QA1-939 Cheng-Ben Wang Zhigang Huang Econometric Analysis of the Impact of Financial Structure on Innovation Based on the Fixed Effects Panel Model
description	This study addresses the impact of financial structure on innovation. The mechanism of the impact of financial structure on innovation at different levels of economic development is elucidated from the perspective of optimal financial structure decision theory and development economics, and empirical evidence is provided using manufacturing data from 59 countries or regions for the period 1996–2015. The study finds that financial structure has no significant effect on innovation at lower levels of economic development, but at higher levels of economic development, market-based financial structure significantly promotes innovation in the industry. The role of financial structure in innovation shifts in the interval where per capita income is greater than 9747 International dollar (hereinafter called I$9747) and less than I$17070. This paper verifies that the innovation approach of technological imitation requires the support of a bank-based financial structure, while the innovation approach of independent innovation requires the support of a market-based financial structure. The differences in innovation approaches at different stages of economic development lead to the evolution of the inherent demand for financial structures in the economy. Promoting the evolution of financial structures according to the stage of economic development is of great significance in building an innovative country and leading the sustainable and healthy development of the economy.
format	article
author	Cheng-Ben Wang Zhigang Huang
author_facet	Cheng-Ben Wang Zhigang Huang
author_sort	Cheng-Ben Wang
title	Econometric Analysis of the Impact of Financial Structure on Innovation Based on the Fixed Effects Panel Model
title_short	Econometric Analysis of the Impact of Financial Structure on Innovation Based on the Fixed Effects Panel Model
title_full	Econometric Analysis of the Impact of Financial Structure on Innovation Based on the Fixed Effects Panel Model
title_fullStr	Econometric Analysis of the Impact of Financial Structure on Innovation Based on the Fixed Effects Panel Model
title_full_unstemmed	Econometric Analysis of the Impact of Financial Structure on Innovation Based on the Fixed Effects Panel Model
title_sort	econometric analysis of the impact of financial structure on innovation based on the fixed effects panel model
publisher	Hindawi Limited
publishDate	2021
url	https://doaj.org/article/1b858f3844a9430eb03551bd504c7e1d
work_keys_str_mv	AT chengbenwang econometricanalysisoftheimpactoffinancialstructureoninnovationbasedonthefixedeffectspanelmodel AT zhiganghuang econometricanalysisoftheimpactoffinancialstructureoninnovationbasedonthefixedeffectspanelmodel
_version_	1718407692340428800

Econometric Analysis of the Impact of Financial Structure on Innovation Based on the Fixed Effects Panel Model

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