多维参与主体视角下科技金融对初创期科技型企业创新绩效的赋能效应研究  

Empowering Effect of Techfin on Innovation Performance of Early-stage Technology Enterprises from the Perspective of Multi-dimensional Participants

作　　者：王国梁 王小堂 WANG Guoliang;WANG Xiaotang(College of Economics,Hangzhou Dianzi University,Hangzhou 310018,China)

机构地区：[1]杭州电子科技大学经济学院,浙江杭州310018

出　　处：《统计与信息论坛》2025年第4期76-88,共13页Journal of Statistics and Information

基　　金：国家社会科学基金重点项目“基于产权共享的众创空间运行机制与实施路径研究”(17AGL008);浙江省教育厅一般科研项目“数字技术创新赋能浙江高质量发展的机理、路径和对策研究”(Y202249675)。

摘　　要：基于参与主体视角构建“四位一体”科技金融评价指标体系,利用2010—2022年的非平衡面板数据,实证检验科技金融发展水平对初创期科技型企业创新绩效的影响及其作用机理。研究结果显示,省级科技金融发展水平能显著提升初创期科技型企业的创新绩效。在考虑内生性问题以及更换核心解释变量、剔除直辖市样本、更换模型等一系列稳健性检验后结论依旧成立。机制分析结果显示,金融科技通过降低金融机构和初创期科技型企业之间信息不对称程度,从而在科技金融对创新绩效的影响中发挥调节效应,而科技金融又通过提高金融机构风险投资偏好和企业创新风险偏好,促进企业创新绩效提升。异质性分析表明,以创业投资引导基金为代表的科技金融在国有管理和省域内资源整合的情景下对初创期科技型企业创新绩效的赋能效应会更加显著。最后从构建多维科技金融体系、优化科技金融投资管理结构、推动金融科技高质量发展、激发金融机构和科技型企业创新内生偏好等角度提出了相关对策建议,为更好地发挥科技金融对初创期科技型企业创新绩效的赋能效应提供有益启示。Based on the perspective of participants,a“four-in-one”evaluation index system of Techfin is constructed,and the unbalanced panel data from 2010—2022 are used to empirically test the influence of the development level of Techfin on the innovation performance of early-stage technology enterprises and its mechanism.The research results show that the development level of provincial Techfin can significantly improve the innovation performance of early-stage technology enterprises.Considering the endogeneity problem and a series of robustness tests,such as replacing the core explanatory variables,eliminating the sample of municipalities,replacing the model,etc.,the conclusion is still valid.Mechanism analysis shows that Techfin plays a moderating effect on innovation performance by reducing the degree of information asymmetry between financial institutions and early-stage technology enterprises.In turn,Techfin promotes the improvement of enterprise innovation performance by improving the risk investment preference of financial institutions and the innovation risk preference of enterprises.Heterogeneity analysis shows that Techfin,represented by venture capital guidance funds,has a more significant enabling effect on the innovation performance of early-stage technology enterprises under the scenario of state-owned management and provincial resource integration.Finally,relevant countermeasures and suggestions are put forward from the perspectives of building a multi-dimensional Techfin system,optimizing the technology enterprises investment management structure,promoting the high-quality development of fintech,and stimulating the endogenous innovation preference of financial institutions and technology enterprises,so as to provide beneficial enlightenment for better exerting the enabling effect of Techfin on the innovation performance of early-stage technology enterprises.

关 键 词：科技金融 初创期科技型企业 创新绩效 调节效应 中介效应 

分 类 号：F832[经济管理—金融学]