外源融资风险容忍度对区域创新能力的影响——兼论政府支持与政府监管的调节效应  

The Impact of Tolerance of External Financing Risks on Regional Innovation Capabilities:A Concurrent Discussion on the Moderating Effects of Government Support and Government Regulation

作　　者：张岭 张朝 高艳慧 刘岩[1] Zhang Ling;Zhang Chao;Gao Yanhui;Liu Yan(School of Management,Xi'an Polytechnic University,Xi'an 710048,China)

机构地区：[1]西安工程大学管理学院,陕西西安710048

出　　处：《科技进步与对策》2024年第19期34-45,共12页Science & Technology Progress and Policy

基　　金：国家自然科学基金青年项目(71904152);陕西省软科学研究计划一般项目(2022KRM165);陕西省社会科学基金年度项目(2021R006,2023R308)。

摘　　要：基于2006-2021年中国省际面板数据,从风险容忍强度、广度和弹性3个维度构建外源融资风险容忍度评价指标体系,系统考察外源融资风险容忍度对区域创新能力的影响。研究发现:①外源融资风险容忍度能够显著促进区域创新能力提升,其中,风险容忍广度对区域创新能力的作用最强,风险容忍强度次之,风险容忍弹性最弱;②机制分析表明,外源融资风险容忍度通过提高金融机构对高风险创新项目的投资偏好以及增强科技企业对突破式创新的创新偏好提升区域创新能力;③调节效应表明,政府支持正向调节外源融资风险容忍度与区域创新能力的关系,政府监管过度起负向调节作用。研究结论可为进一步提升外源融资风险容忍度,提高金融体系容错试错韧性,适度放松科技金融监管提供政策启示。The capital market is an important booster for economic transformation and upgrading,which affects the cultivation of new economic momentum and will become an important part of the country's core competitiveness.Technological innovation faces high risks from technology R&D and technology commercialization,and highly innovative technologies may require a hot financial market to pass the initial stage of technology discovery or diffusion.However,for a long time,enterprises have confronted with high financing constraints,and the lack of R&D funds has limited their innovation capability to catch up with technological frontiers.In this context,it is particularly important to explore how to improve the risk tolerance of the external financing system and enhance the support effect on regional innovation.The existing scholars have explored the measurement of risk tolerance,the impact mechanism of exogenous financing on regional innovation,and the factors affecting exogenous financing risk tolerance from different perspectives.However,there are still few studies on the heterogeneous composition of exogenous financing risk tolerance,the mechanism of exogenous financing risk tolerance on regional innovation impact,and the moderating effect of government intervention in this process.Drawing on the panel data of 31 provinces and cities in China from 2006 to 2021,this paper fully takes into account of the heterogeneity of exogenous financing risk tolerance.This study selects the regional innovation comprehensive utility value from the China Regional Innovation Capability Evaluation Report to measure the regional innovation capability of each province,and considers it as the dependent variable,and takes tolerance of external financing risks as the independent variable.It constructs an evaluation indicator system of exogenous financing risk tolerance from three dimensions:risk tolerance intensity,risk tolerance breadth and risk tolerance elasticity.Among them,risk tolerance intensity of exogenous financing refers to the degree t

关 键 词：外源融资 风险容忍度 区域创新能力 政府支持 政府监督 

分 类 号：F061.5[经济管理—政治经济学]