Abstract: Based on the Annual Survey of Manufacturing Firms and the Patents Dataset of China, this paper employs the rapid increase of stock market capitalization ratio during 2006—2008 and the diversity in risk features of different firms to investigate the impact of financial structure and financial development on corporate innovations. Empirical results demonstrate that a more marketbased financial structure, rather than the overall scale of the financial market, boosts the innovation of risky private firms and firms in industries with a greater dependence on external finance. Such results are not driven by the pretreatment trend and are robust to the omittedvariable problems. This paper contributes to the understandings of industrial upgrading and has rich policy implications for the construction of a financial system which will promote the corporate innovation capabilities.

Key words: financial structure , risk feature , corporate innovations

摘要： 本文基于中国工业企业库和专利数据库，利用2006—2008年中国证券市场资本化总额占比的快速上升和企业风险特性的差异，探讨了金融结构和金融发展对企业创新的影响。实证结果表明，市场主导程度更高的金融结构，而非更大的金融市场总体规模，通过缓解外部融资依赖程度更高行业中的私有企业的融资约束，显著促进了高风险私有企业的创新。以上实证结果并非由金融体系特征变化前的时间趋势所驱动，并对遗漏变量等问题保持稳健。本文对于深入理解转型升级，构建支持企业创新的金融体系具有重要政策含义。

关键词: 金融结构 , 风险 , 企业创新