Abstract: This paper examines and compares the innovation effect of government spending and financial credits using 1999-2008 high-tech industries panel data. Studies have found that government spending have significant positive impact on innovation, but financial credit is not; at the same time, the firm size and ownership structure have some degrees of impact on the efficiency of government spending and financial credits. Direct implication of this conclusion is, in the process of technological innovation, government spending is more effective than financial credits, and it should be further strengthened government spending, and deepen financial system reform so that financial credits can really work in the future.

摘要： 本文运用1999-2008年高技术产业行业面板数据，分析比较了政府投入与金融信贷对技术创新的影响。研究结果发现，政府投入比金融信贷更有利于行业技术创新水平的提升，政府投入对技术创新存在显著的正向影响，金融信贷对技术创新的影响则不太显著；同时，企业规模、产权结构也对政府投入和金融信贷的技术创新效应产生一定程度的影响。本文认为在技术创新过程中，政府投入比金融信贷更有效，未来应进一步强化政府投入力度并深化金融体制改革，以真正发挥金融信贷在技术创新中的作用。