摘要
金融供给侧改革旨在从资金供给端推动社会经济发展,投贷联动作为金融供给侧改革的具体政策之一,与有着高质量金融服务需求的科创型企业产生耦合效应。文章在金融供给侧改革框架下,探讨了投贷联动与科创型企业发展相互影响、相互作用的耦合机制,并利用耦合理论模型实证检验了近十年来我国投贷联动与科创型企业发展之间的耦合效应状况。研究发现,现阶段我国投贷联动与科创型企业发展之间的耦合效应较低,但随着金融供给侧改革和“投贷联动”政策的提出,二者耦合效应快速加强;投贷联动政策的实施对科创型企业发展的作用效应明显,而科创型企业发展对投贷联动的作用效应并没有因为投贷联动政策的实施而有明显的变化;现阶段,投贷联动在“投贷联动—科创型企业发展”复合系统中处于主导地位,二者耦合效应的提升主要得益于投贷联动。
The financial supply-side reform aims to promote the social and economic development from the side of capital supply. The investment-loan linkage is one of the specific policies of financial supply-side reform, and has a cou pling effect with science and technology enterprises with the high-quality financial service demand. Under the frame work of financial supply-side reform, this article theoretically explores the coupling mechanism between the invest ment-loan linkage and the development of science and technology enterprises, and empirically tests the coupling effect between the investment-loan linkage and the development of science and technology enterprises in China in the past ten years with the coupling theory model. It finds that the coupling effect between the investment-loan linkage and the development of science and technology enterprises is relatively low at this stage. However, with the putting-forward of the financial supply-side reform policy and the“investment-loan linkage”policy, the coupling effect is being strength ened rapidly. The implementation of the investment-loan linkage policy has some obvious effects on the development of science and technology enterprises while the development of science and technology enterprises has no obvious effect on the investment-loan linkage with the implementation of the investment-loan linkage policy. At present, the investmentloan linkage plays a leading role in the composite system of“investment-loan linkage and development of science and technology enterprises”,and the improvement of coupling effect is mainly due to the investment-loan linkage.
作者
李会
LI Hui(School of Accounting and Finance, Anhui Xinhua University, Hefei 230088, China)
出处
《天津商业大学学报》
2019年第4期35-41,共7页
Journal of Tianjin University of Commerce
基金
2018年安徽高校人文社会科学重点资助项目(SK2018A0650)
安徽新华学院2016年校级质量工程项目(2016jpkcx29)
安徽新华学院2017年校级教材建设资助项目(2017zbjc004)
关键词
投贷联动
科创型企业
耦合效应
金融供给侧改革
investment-loan linkage
science and technology enterprise
coupling effect
financial supply-side reform
