中国科创企业的异质资源、信用能力与投贷联动  

Heterogeneous Resources,Creditworthiness and Investment-Loan Linkage of China’s Hi-tech Startups

作　　者：敬志勇[1] 赵启程 王周伟[1] Jing Zhiyong;Zhao Qicheng;Wang Zhouwei(School of Finance and Business, Shanghai Normal University, Shanghai 200234 ,China)

机构地区：[1]上海师范大学商学院

出　　处：《金融经济学研究》2019年第3期67-82,共16页Financial Economics Research

基　　金：教育部人文社会科学规划基金项目(17YJA790075);国家社会科学基金项目(16BJY168)

摘　　要：以2009~2017年间中国创业板上市公司为研究样本,实证检验了银行信贷、股权融资对异质资源投入的影响,研究结果表明,异质资源投入严重受制于科创企业的信用能力,异质资源的产出是银行信用评价的积极因素。进一步研究了获取银行信贷和股权融资的科创企业特征,发现销售收入增长率、IPO等成长性因素对科创企业获得银行信用具有显著的正向影响;私募股权投资对银行信用很可能具有正向影响,但非银行金融机构持股对科创企业获得银行信用很可能没有影响。因此,建议政府完善和优化私募股权投资相关法律法规,激励企业股权融资并提升企业创新能力,为投贷联动创造良好环境。Using listed companies on China’s Growth Enterprises Market( GEM) board from2009 to 2017 as a sample,we empirically investigated the impacts of bank credit and equity financing on heterogeneous resource inputs. The results showed that the input of heterogeneous resources was severely constrained by the creditworthiness of hi-tech startups,and the output of heterogeneous resources was a positive factor in the credit ratings from banks. Further,we investigated the characteristics of hi-tech startups that acquired bank credit and equity financing. The findings are summarized as follows: 1) growth factors( e. g.,growth rate of sales income,IPO)had a significant positive impact on the acquisition of bank credit by hi-tech startups;2) private equity investment probably had a positive impact on the acquisition of bank credit,whereas the shareholding by non-bank financial institutions probably had no impact on the acquisition of bank credit by hi-tech startups. Therefore,governments should improve and optimize the laws and regulations on private equity investment,corporate equity financing should be encouraged,and enterprises’ innovation ability should be boosted,thus building a favorable environment for investment-loan linkage.

关 键 词：科创企业 资源基础 投贷联动 科创板 

分 类 号：F832.48[经济管理—金融学]