科技金融对民营经济新质生产力跃升的影响研究——来自A股上市民营企业的经验证据  

Research on the impact of science and technology finance on the rise of new productivity of private economy——Empirical evidence from A-share listed private enterprises

作　　者：柴用栋 王泽宇 齐培潇[2] CHAI Yong-dong;WANG Ze-yu;Qi Peixiao(School of Finance,Lanzhou University of Finance and Economics,Lanzhou,Gansu,730020,China;China Research Institute for Science Popularization,Beijing 100081,China)

机构地区：[1]兰州财经大学金融学院,甘肃兰州730020 [2]中国科普研究所,北京100081

出　　处：《科学管理研究》2025年第1期139-149,共11页Scientific Management Research

基　　金：国家社科基金一般项目(编号:24BGL055);甘肃省基础研究计划-软科学项目(编号:22JR4ZA075);甘肃省教育厅高校教师创新基金项目(编号:2025A-080);兰州财经大学科研重点项目(编号:Lzufe2021B-001)。

摘　　要：民营经济新质生产力作为推进中国式现代化的重要力量,其发展离不开科技金融的强有力支撑。对此,基于可获取的完整年度数据对沪深A股上市的1525家民营企业,涵盖1.1万个样本数据进行实证分析。研究表明:①科技金融通过缓解融资约束与提升信息透明度的复合路径,显著推动民营经济新质生产力发展,其作用强度超越传统金融工具,凸显科技金融作为新型要素配置工具的制度优势;②区域梯度、产业属性与企业技术能力存在非均衡特征,东部地区依托数字基础设施与要素市场优势,科技金融的边际效应显著高于中部、西部及东北地区;技术密集型企业凭借专利转化能力对金融资源的创新响应弹性远超劳动密集型和资产密集型企业;高技术企业通过动态适配研发与融资机制,其政策红利吸收效率显著优于非高技术企业。As an important force in advancing the modernization with Chinese characteristics,the development of newquality productive forces in the private economy cannot be separated from the strong support of technology finance.Based on this,this paper conducts an empirical analysis of 1,525 private enterprises listed on the A-share market of Shanghai and Shenzhen,covering 11,000 sample data points,using available complete annual data.The study finds that:①technology finance significantly promotes the development of new-quality productive forces in the private economy through a combined path of alleviating financing constraints and enhancing information transparency.Its effect intensity surpasses that of tradi⁃tional financial instruments,highlighting the institutional advantage of technology finance as a new type of factor allocation tool.②there are non-equilibrium characteristics in regional gradients,industrial attributes,and enterprise technological capabilities.The eastern region,relying on its digital infrastructure and factor market advantages,has a significantly higher marginal effect of technology finance than the central,western,and northeastern regions.Technology-intensive enterprises,with their patent conversion capabilities,show a much higher innovation response elasticity to financial re⁃sources than labor-intensive and capital-intensive enterprises.High-tech enterprises,through dynamic adaptation of R&D and financing mechanisms,have a significantly higher policy dividend absorption efficiency than non-high-tech en⁃terprises.

关 键 词：科技金融 民营经济 新质生产力 

分 类 号：F83[经济管理—金融学] F276