金融发展与研发要素是影响经济发展的两个关键因素, 本工作基于 1999—2016 年中 国 30 个省市的面板数据, 建立模型探讨二者对于经济发展的影响机制. 首先, 用金融发展规模 和金融业市场化水平表征金融发展水平, 用 R&D 人员流动量和 R&D 资本流动量测度研发要 素, 分别对表征指标进行测算; 然后, 采用固定效应模型实证分析金融发展水平和研发要素流 动量对中国经济发展的影响. 结果表明: 金融发展规模、金融业市场化水平、R&D 人员流动 量均能显著促进地区经济发展, 而相对于金融发展水平, 研发要素流动量的影响程度较小; 东、 中、西部的金融发展水平与研发要素流动量对经济发展的影响程度各有不同; R&D 资本流动 量与金融业市场化水平存在交互作用, 影响区域的经济发展.

The financial development and R&D elements are the key factors that affect the high-quality development of China’s economy. Based on the panel data of 30 provinces and cities in China from 1999 to 2016, a panel econometric model was established to focus on the mechanism of the influence of these two factors on economic development. Firstly, the financial development level is represented by the scale of financial development and the marketization level of the financial industry, and the R&D elements are measured by the flow of R&D personnel and the flow of R&D capital, and the characterization indexes are measured respectively. Secondly, the fixed effect model was used to conduct an empirical study on how financial development and the flow of R&D elements affect China’s economic development. Results show that the scale of financial development and financial marketization level and R&D personnel flow can significantly promote the regional economic growth in China, Compared with the financial development level, the promotion degree of the flow of R&D elements is small. The promotion degree of financial elements and the flow of R&D elements in the east, central and west of China is different; Besides,there is an interaction between the flow of R&D capital and the marketization level of the financial industry, which affects the regional economic development.