政府创新支持政策对企业融资结构的影响——基于专精特新“小巨人”企业培育政策的准自然实验  

The Impact of Government Innovation Incentive Policies on Corporate Financing Structure--The Quasi-experiment from the Superior NSSD Policy

作　　者：汪合黔 陈开洋 邱劼 Wang Heqian;Chen Kaiyang;Qiu Jie

机构地区：[1]太平产业投资管理有限公司 [2]上海黄金交易所 [3]交银理财有限责任公司

出　　处：《投资研究》2024年第9期43-63,共21页Review of Investment Studies

基　　金：2023年上海市金融学会青年课题项目。

摘　　要：政府创新支持政策是促进中小企业创新发展的重要举措,本文研究专精特新“小巨人”企业培育政策对企业融资结构的因果影响。结果显示,政策实施后小巨人企业的债权融资比重显著上升2.1个百分点,该效应约为样本企业债权融资比重均值的8.4%,股权融资与内源融资比重无显著变化。政府创新支持政策的信号传导与创新激励机制,是影响其获得债权融资的关键。下一步,应完善政府创新政策体系,优化企业融资结构,推动实体经济高质量创新发展。Government Innovation Incentive Policies(GIIP)are the important method to promote the innovative development of Small and Medium-sized Enterprises(SMEs).We study the causal impact of superior New Specialized Sophisticated Distinctive(NSSD)enterprise cultivation policies on corporate financing structure.The results show that after the government implemented innovation incentive policies,the debt financing ratio of superior NSSD enterprises increase significantly by 2.1 percentage points.This effect was approximately 8.4%of the average debt financing ratio of all sample.However,the proportion of equity financing and inner financing do not change significantly.Mechanism research shows that the signaling and innovation-stimulating effects are the key factors that determine the effect of GIIP on debt financing proportion.Therefore,improving GIP system and optimizing the financing structure of SMEs could promote enterprise innovative development.

关 键 词：小巨人企业 融资结构 债权融资 债券融资 

分 类 号：F276.3[经济管理—企业管理] F275[经济管理—国民经济] F273.1