By establishing a financial misallocation production model and in view of the principal-agent theory perspective, this paper draws conclusions that state-owned enterprise's preference in importing technology lies in the ownership structure. And the financial misallocation strengthens the technology importing preference. With China's industrial department panel data of 37 industries from 2001 to 2010, we verifies the conclusion and points out that adjustment of financial policy and reform of state-owned enterprises in competitive industries will reduce China's dependence on imported technology and encourage innovation of these enterprises.%本文通过建立金融错配下两厂商生产模型,并结合委托代理理论视角,分析发现国有经济比重高的企业偏好于通过技术引进和购买方式促进技术进步,而金融错配制度加剧了这一效应.本文用2001-2010年中国工业部门37个行业的面板数据进行了实证检验并验证了上述结论,指出调整金融资源配置、加快竞争性行业国有企业改革等政策有助于倒逼企业减少技术引进依赖.
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