专精特新中小企业创新需要怎样的科技金融生态——基于模糊集定性比较分析的实证研究  

What Kind of Sci-tech Financial Ecosystem is Needed for the Innovation of SRDI Enterprises—Empirical Research Based on Fuzzy-set Qualitative Comparative Analysis

作　　者：徐腾达 Xu Tengda(Research Center of Xi Jinping Economic Thoughts,National Development amd ReformCommission,Beijing 100038,China)

机构地区：[1]国家发展和改革委员会习近平经济思想研究中心,北京100038

出　　处：《金融理论探索》2024年第3期62-72,共11页Exploration of Financial Theory

基　　金：习近平经济思想研究中心2023年度基础课题项目“有效市场和有为政府更好结合的理论逻辑研究”(D2023010);福建省发展和改革委员会党的创新理论重点课题项目“深入学习贯彻习近平经济思想打造国际一流营商环境助推新时代新福建建设研究”(HX2024004)。

摘　　要：构建一个由财政投入、风险投资、科技贷款、科技资本市场、科技保险和科技服务六要素组成的科技金融生态系统,采用模糊集定性比较分析(fsQCA)方法,探讨我国30个省级行政区科技金融生态对专精特新中小企业创新的联动效应与组态路径。研究发现,(1)单一要素既不是必要条件,也不足以构成充分条件,只有多重要素耦合构成的科技金融体系才能发挥作用;(2)存在5种促进专精特新企业创新科技金融生态,可进一步归类为“财政投入+科技资本市场+科技服务”型、“科技贷款+科技资本市场”型和“风险投资+科技资本市场+科技服务”型,发达的科技资本市场均充当核心条件;(3)存在5种制约促进专精特新企业创新科技金融生态,政府支持力度不足、科技资本市场发展滞后是两大突出短板。This paper constructed a sci-tech financial ecosystem consisting of six elements:fiscal investment,venture capital,technology loans,capital markets,technology insurance and technology services.This paper used the fsQCA method to explore the linkage effect and configuration path of the sci-tech financial ecosystem in 30 provinces of China on the innovation of SRDI(Specialized,Refinement,Differential and Innovation)enterprises,and has found that:(1)A single factor is neither a necessary condition nor sufficient condition,and only a sci-tech financial ecosystem with multiple coupled factors can play a role;(2)There are five kinds of sci-tech financial ecosystem that promote the innovation ability of SRDI enterprises,which can be further classified as“fiscal investment+capital market+technology services”,“technology loans+capital market”,and“venture capital+capital market+technology services”.Developed technology capital markets all serve as core conditions;(3)There are five kinds of sci-tech financial ecosystem that limits the innovation ability of SRDI enterprises.Insufficient government support and lagging development of the capital market are two prominent shortcomings.

关 键 词：科技金融 金融生态系统 专精特新中小企业 创新能力 

分 类 号：F832[经济管理—金融学]