Abstract: From the perspective of value chain, this paper decomposes the regional innovation process into two interrelated sub-procedure, namely sci-tech research and achievements transformation, and constructs innovation efficiency evaluation method of two-stage relational DEA to calculate the efficiency of each stage. On this basis, the GMM method is used to test the difference between financial development and regional innovation efficiency by treating the degree of openness as an intermediate variable. The empirical results indicate that: there is significant correlation between the sci-tech research and achievements transformation, mutual restraint between the sci-tech research and achievements transformation has become the common factors restricting China’s innovation. We also find that the mechanisms of financial development and opening degree have the characteristics of sub-regional and multi-stage properties, and different regions and stages presenting different features. Furthermore, the variable of opening degree has a significant mediating effect whether it is from the national or sub-regional point of view. In other words, with the improvement of the level of opening up, financial development will significantly enhance the ability of regional innovation. Finally, this paper presents relevant implications according to the results.

摘要： 基于价值链视角，本文将区域创新过程划分为科技研发和成果转化两个前后相互关联的子阶段，对区域创新效率进行了测算。在此基础上，运用GMM方法，将开放度作为中介变量对金融发展与区域创新效率的地区差异进行了检验。研究发现：科技研发效率和成果转化效率之间存在显著的关联，综合创新效率受科技研发和成果转化两个阶段的共同制约；金融发展和对外开放对区域创新能力作用机制具有分地区、多阶段的属性，不同地区和不同阶段呈现出差异化特征；对外开放具有显著的中介效用，即随着对外开放水平的提升，金融发展将显著促进科技创新能力提升。基于以上结论提出了相关政策启示。