不同融资路径对我国高技术产业多阶段创新的影响研究  

The Influence of Different Financing Paths on the Multi-stage Innovation of China's High-tech Industry

作　　者：王千红[1] 汪依静 WANG Qian-hong;WANG Yi-jing(Glorious Sun School of Business and Management,Donghua University,Shanghai 200051,China)

机构地区：[1]东华大学旭日工商管理学院,上海200051

出　　处：《河北科技大学学报（社会科学版）》2022年第1期1-11,共11页Journal of Hebei University of Science and Technology:Social Sciences

基　　金：国家自然科学基金项目(71971054)。

摘　　要：目前国家大力倡导创新企业发展,金融支持是高技术产业创新发展的关键所在。在分析银行信贷融资、股票市场权益融资对产业自主创新能力的作用机制的基础上,采用我国31个省市高技术产业2009—2019年的数据,依据高技术产业创新研发阶段和商业化阶段的不同特征,建立静态面板模型,考察了银行信贷融资、股票市场权益融资对高技术产业自主创新能力的影响。研究结果显示:从创新阶段来看,在研发阶段,银行信贷融资和股票市场权益融资都对研发投入产生了正向的影响作用,从而促进了创新产出的增加;在商业化阶段,银行信贷融资依然显著促进了创新产出,但股票市场权益融资的作用不显著;从融资主体来看,银行信贷融资可以显著促进研发经费和研发人力投入,从而促进创新水平的提升,股票市场权益融资只在研发阶段对研发人员投入有促进作用。At present,the state vigorously advocates the development of innovative enterprises,and financial support is the key to the innovative devekopment of high-tech industries.Based on the analysis of the mechanism of bank credit and stock market on the independent innovation capability of the industry,this article established a static panel model in both the R&D phase and the commercialization phase by using the data of high-tech industries in 31 provinces and cities in China from 2009 to 2019.The results show that from the perspective of the innovation stage,in the R&D stage,bank credit and the stock market both have a positive effect on R&D investment,thereby promoting the increase in innovation output.In the commercialization stage,bank credit still significantly promotes innovative output,but the role of the stock market is not significant.From the perspective of financing entities,bank credit can significantly promote R&D funding and R&D human input,thereby promoting the improvement of the level of innovation.The stock market only promotes R&D personnel input in the R&D stage.

关 键 词：银行信贷融资 股票市场权益融资 高技术产业 创新阶段 

分 类 号：F276.44[经济管理—企业管理]