科技金融赋能企业新质生产力发展的机制与对策  

Mechanisms and Strategies for Empowering the Development of New Quality Productivity in Enterprises Through Science and Technology Finance

作　　者：张梓靖 李博文 刘义圣 Zhang Zijing;Li Bowen;Liu Yisheng(Postdoctoral Research Station,Dalian University of Technology,Dalian 116081,China;School of Economics,Dalian Administrative College,Dalian 116013,China;School of International Business,Zhejiang Yuexiu University,Shaoxing 312030,China)

机构地区：[1]大连理工大学博士后流动站,大连116024 [2]大连行政学院经济学部,大连116013 [3]浙江越秀外国语学院国际商学院,绍兴312030

出　　处：《工业技术经济》2025年第5期13-22,共10页Journal of Industrial Technology and Economy

基　　金：全国党校系统社科规划课题“科技金融赋能专精特新企业新质生产力机理、路径与对策研究”(项目编号:2024DXXTZC037);中国博士后科学基金第75批面上资助“气候变化下高碳行业转型对银行信贷资产质量的影响研究”(项目编号:2024M750332);绍兴市哲学社会科学研究“十四五”规划重点课题“县域科技金融赋能浙江专精特新企业培育新质生产力研究”(项目编号:145425)。

摘　　要：本文基于2011~2023年沪深A股主板非金融类上市公司财务数据,实证检验科技金融水平对企业新质生产力发展的影响。结果表明:优化科技金融服务能够显著提升企业的生产力水平和全要素生产率,经稳健性检验,结果依然成立。中介效应分析表明,科技金融通过畅通资金供给提高企业研发投入强度,加强科技资源供给降本增效促进企业释放低碳转型新动能的两条路径,助力新质生产力蓬勃发展。异质性分析表明,东部和中部地区、战略性新兴产业、民营企业、非四大外部审计服务的企业,科技金融对其生产效率的促进效果更加显著。上述两者关系在分析师跟踪多、投资者关注度高、地区补贴力度大的样本企业中表现明显,有效地发挥了调节效应。本文为科技金融赋能高水平科技自立自强,推动“科技-产业-金融”良性循环,提供了微观证据和理论支撑。Based on financial data from non-financial companies listed on the main boards of the Shanghai and Shenzhen stock exchanges from 2011 to 2023,this paper examines the impact of science and technology finance on new quality productivity.The findings indicate that optimized tech-financial services significantly enhance productivity and total factor productivity,with results remaining robust.Mediation analysis reveals that tech finance boosts R&D investment through improved funding and reduces costs via better resource allocation,promoting low-carbon transformation.Heterogeneity tests show that these effects are more potent in eastern and central regions,strategic emerging industries,private firms and non-Big 4 audited companies,especially when accompanied by high analyst coverage,strong investor attention and generous regional subsidies.This study provides micro-level evidence supporting the role of science and technology finance in advancing technological self-reliance and fostering a virtuous cycle among technology,industry and finance.

关 键 词：科技金融 新质生产力 企业研发投入 绿色低碳技术 降本增效 分析师跟踪 投资 者关注 地区补贴 

分 类 号：F830[经济管理—金融学] F270