中小企业创新产出与融资渠道选择:数量和质量的视角  

Innovation Output and Financing Channel Selection of SMEs:The Perspective of Quantity and Quality

作　　者：齐红倩[1] 刘倩含 Qi Hongqian;Liu Qianhan

机构地区：[1]吉林大学数量经济研究中心,长春130012 [2]吉林大学商学院,长春130012

出　　处：《南京社会科学》2021年第11期25-35,共11页Nanjing Journal of Social Sciences

基　　金：国家社科基金项目“我国农村普惠金融协同供给、异质需求与长效机制研究”(21BJY041)的阶段性成果。

摘　　要：文章采用2011—2019年中小板和创业板上市公司的专利数据,实证检验我国银行业和股票市场两种融资渠道对中小企业创新产出数量和质量的影响。研究发现,银行业和股票市场资金规模扩张提高了中小企业创新产出数量,由于银行业能够有效规避贷款风险,其促进作用更为显著,企业融资约束和融资水平的中介效应检验也验证了上述结论;从创新质量上看,银行业和股票市场均促进了中小企业创新质量的提升。对此,一方面中小企业应依据自身创新能力和特点,采取合理的多渠道融资模式,确保其创新资金来源的稳定性;另一方面,在创新环境不断变化、创新系统性日渐增强的条件下,国家和政府应注重银行和股票市场资金配置功能的针对性和效率性,承担相应的创新资金风险,为中小企业提供创新资金补助,以此全面实现我国创新成果的基础性和整体性目标。Reasonable selection of financing channels is an important prerequisite for the innovation of SMEs.Using the patent data of companies listed on the SME board and GEM from 2011 to 2019,this paper empirically tests the impact of China’s banking and stock market on the innovation output of SMEs.It is found that the scale expansion of banking and stock market improves the number of innovation output of SME.Because banking can effectively avoid loan risk,its promoting effect is more significant.The intermediary effects of enterprise financing constraints,enterprise credit financing and equity financing also verify the above conclusions.From the perspective of innovation quality,banking and stock market can improve the innovation output quality of SMEs.In this regard,on the one hand,SMEs should adopt appropriate diversified financing mode according to their own innovation characteristics to ensure the stability of their innovative capital sources.On the other hand,under the conditions of changing innovation environment and increasing innovation systematization,the government should pay attention to the pertinence and efficiency of the fund allocation function of banks and stock markets,and provide innovation subsidies for SMEs,so as to fully realize the basic and overall objectives of China’s innovation achievements.

关 键 词：中小板市场 创业板市场 融资约束 融资水平 中介效应 

分 类 号：F832.5[经济管理—金融学]