科技金融政策对科技型中小企业创新的影响研究  

Impact of Science and Technology Finance Policies on Innovation of Technology-based Small and Medium-sized Enterprises

作　　者：许嘉扬[1,2] 钱水土 XU Jiayang;QIAN Shuitu(School of Finance,Zhejiang Gongshang University,Hangzhou 310018,China;Hangzhou New E-commerce Development Research Center of Zhejiang Financial College,Key Research Center of Philosophy and Social Sciences of Hangzhou,Hangzhou 310018,China)

机构地区：[1]浙江工商大学金融学院,浙江杭州310018 [2]杭州市哲学社会科学重点研究基地浙金院杭州新电商发展研究基地,浙江杭州310018

出　　处：《统计与信息论坛》2025年第2期65-78,共14页Journal of Statistics and Information

基　　金：国家社会科学基金重大项目“构建金融有效支持农业高质量发展的体制机制研究”(21ZDA046);教育部人文社会科学研究项目“中国科技金融政策的创新支持效率评估——基于科技型中小企业视角”(19YJCZH206);浙江省省属高校基本科研业务费项目“农村金融对农业绿色发展的影响研究”(2022ZD04)。

摘　　要：科技型中小企业在资源获取与要素配置上具有天然弱质性,面临着“融资难、融资贵”“科技成果转化不畅”等问题困扰,需要公共政策供给工具创新的支持。作为中国科技金融的代表性政策,促进科技和金融结合试点政策为基于科技型中小企业视角考察中国科技金融政策的创新驱动效果提供了良好契机。基于2007—2020年中小板、创业板科技型企业的面板数据,通过多期双重差分模型构建准自然实验框架,探讨促进科技和金融结合试点政策对科技型中小企业创新的影响及其内在机理。实证结果表明,促进科技和金融结合试点政策可以有效驱动科技型中小企业创新,并且对实质性创新的正向影响效应存在长期性;科技金融政策通过缓解“融资难、融资贵”问题、补偿实质性创新的正外部性,提高科技型中小企业的整体创新能力。异质性分析发现,科技金融政策能够纠正传统金融发展中存在的结构性错配问题,对于成长期企业、非国有性质企业、制造业企业,表现出更强的创新驱动效果。因此,应扩大促进科技和金融结合试点政策实施范围,形成有为政府与有效市场的合力,加强政策制定的针对性、渗透性与协调性,充分发挥科技金融对企业创新的长效激励效应。China’s economy is in an important period of structural adjustment,transformation and upgrading,and innovation-driven connotative growth has become the core driving force for building a new development pattern and achieving high-quality development.Technology-based small and medium-sized enterprises(Tech-SMEs)are the largest and most dynamic group among micro innovation entities in China.They are an important foundation for achieving“widespread entrepreneurship and innovation”,and also the core driving force for promoting the transformation of China’s economy from factor driven to innovation driven.They play a key role in improving the overall efficiency of the national innovation system.However,technology-based small and medium-sized enterprises have a natural weakness in resource acquisition and factor allocation,facing problems such as difficulty in financing,high financing costs,and poor transformation of scientific and technological achievements.They need the support of innovative public policy supply tools.As a representative policy of China’s science and technology finance,“the pilot of combining science and technology with finance”provides a good opportunity to examine the innovation driven effects of China’s science and technology finance policies from the perspective of technology-based small and medium-sized enterprises.Based on the panel data of technology-based enterprises on the SME board and the GEM from 2007 to 2020,a quasi natural experimental framework is constructed using a multi-period difference-in-differences model to explore the impact and underlying mechanism of the policy of“the pilot of combining science and technology with finance”on innovation in technology-based small and medium-sized enterprises.The results show that“the pilot of combining science and technology with finance”policy can effectively promote innovation in technology-based small and medium-sized enterprises,and the positive impact of substantive innovation has a long-term effect.Parallel trend tes

关 键 词：科技金融政策 科技型中小企业 实质性创新 策略性创新 双重差分 

分 类 号：F832.0[经济管理—金融学]