Abstract: This paper established an overlapping generations model to analyze the impacts of financial development on technological innovation and transition of economic growth pattern The results showed that in the early stage of economic development, as a country was far away from the world technological frontier, the optimal choice to promote technological progress was investment expansion and technology transfer When a developing country was getting closer to the world technology frontier, the main mode to promote technology progress would turn to innovation During the transition, the developing countrys financial development had a threshold effect because of the financial system in the previous stage upon which developing Countries depended to invest and the impulse of local government to maximize the growth within catching-up development strategies, the transition of growth pattern might be delayed .

Key words: financial transformation , technology innovation , growth pattern , transition

摘要： 本文建立世代交叠模型，分析金融转型对技术创新和经济发展方式转变的影响。分析表明，在经济发展的早期阶段，选择以投资扩张和技术转移为基础的发展战略是后发国家促进技术进步的最优选择；当距离世界技术前沿越来越近时，技术进步的主要方式将会转向技术创新。在转变过程中，后发国家的金融发展水平具有门槛效应。后发国家在前一阶段赖以进行投资扩张的金融体制，加上追赶型发展战略下地方政府的增长最大化冲动，可能会延迟后发国家向以技术创新为基础的发展方式转变。

关键词: 金融转型 , 技术创新 , 发展方式 , 转变