科技金融、耐心资本与科技型中小企业创新  

Sci-tech Finance,Patient Capital and Innovation of Technology-based SMEs

作　　者：谭燕芝[1] 肖舒雯 姜凌 TAN Yanzhi;XIAO Shuwen;JIANG Ling(School of Business,Xiangtan University,Xiangtan 411105,Hunan)

机构地区：[1]湘潭大学商学院,湖南湘潭411105

出　　处：《厦门大学学报(哲学社会科学版)》2025年第2期70-84,共15页Journal of Xiamen University(A Bimonthly for Studies in Arts & Social Sciences)

基　　金：国家社会科学基金重点项目“农村共同富裕取得实质性进展的金融支持研究”(24AJY015);湖南省研究生科研创新项目“数字普惠金融对居民医疗保健支出的影响效应及机制研究”(CX20230645);湖南省研究生科研创新重点项目“构建全国统一大市场的收入分配效应研究”(CX20230540)。

摘　　要：大力发展科技金融是加快形成新质生产力的题中之义。利用2010-2022年A股中小板和创业板上市公司数据,探究科技金融促进科技型中小企业创新的作用机理。结果表明,科技金融能有效提高科技型中小企业的创新水平。从影响机制看,科技金融以耐心资本为载体,通过缓解企业融资约束、降低企业信息不对称和提高风险承担意愿的渠道,提升科技型中小企业创新水平。进一步研究发现,科技金融能为更具创新活力、更需资金支持的企业提供精准服务;此外,政府在发展科技金融中扮演重要角色,提升政府资金的引领撬动作用是当前阶段培育耐心资本的有效路径。Vigorously developing sci-tech finance is essential for accelerating the formation of new quality productive forces.This article examines the mechanism by which sci-tech finance promotes innovation among small and medium-sized enterprises(SMEs)listed on the A-share SME board and growth enterprise market(GEM)from 2010 to 2022.The findings indicate that sci-tech finance effectively enhances the innovation levels of these SMEs.Specifically,sci-tech finance utilizes patient capital to allevi-ate financing constraints,reduce information asymmetry,and improve risk-taking wllingness among technology-based enterprises.Furthermore,the research reveals that sci-tech finance can offer targeted services to more innovative enterprises in need of financial support.Additionally,the government plays a crucial role in advancing sci-tech finance,and strengthening the leading and levera-ging role of government funds is an effective strategy for cultivating patient capital at this stage.

关 键 词：科技金融 耐心资本 企业创新 中小企业 

分 类 号：F276.44[经济管理—企业管理]