摘要
在新一轮技术革命和产业变革的冲击下,如何通过科技与金融的双重赋能来提高企业技术创新质量,成为中国迈向以创新驱动的高质量发展之路的重要课题。研究选取中国2011年与2016年实施的“促进科技和金融结合试点”政策作为准自然实验对象,使用2006—2022年间上市公司的面板数据,实证分析“促进科技和金融结合试点”政策对技术创新质量的影响及其机制。研究结果显示,试点政策对企业技术创新质量的提升具有显著的正向效应。区分样本后发现,政策能够提高高新技术企业、北方地区以及人口流入地的技术创新质量;而在非高新技术企业、南方地区以及人口流出地,科技与金融结合对技术创新质量的影响不显著。机制检验发现,科技与金融结合通过减轻企业融资约束以及增强研发活动效率,从而对技术创新的质量产生了积极的影响。拓展性研究发现,科技金融结合的影响能够延伸至创新链条后端,对于科技成果转化具有提升作用。
Under the impact of the new round of technological revolution and industrial transformation,how to improve the quality of technological innovation of enterprises through the dual empowerment of technology and finance has become a crucial issue for China' s transition towards high-quality development driven by innovation.This study selects China's Pilot Policy for Promoting the Integration of Technology and Finance implemented in 2011 and 2016 as a quasi-natural experiment and uses the panel data of listed companies from 2006 to 2022 to empirically analyze the effects and the mechanism of this pilot policy on the quality of technological innovation of enterprises.The results show that it has a significant positive effect on improving quality.After differentiating the samples,it is found that the policy can improve the quality of technological innovation in high-tech enterprises,northern regions and population inflow areas,while the impact is insignificant in non-high-tech enterprises,southern regions and population outflow areas.The mechanism test finds that the combination of technology and finance positively affects the quality of technological innovation by reducing the financing constraints of enterprises and enhancing the efficiency of R&D activities.In addition,extended research finds that the impact can be extended to the back-end of the innovation chain,enhancing the transformation of scientific and technological achievements.
作者
向宇
钟荣芸
郑倩
Xiang Yu;Zhong Rongyun;Zheng Qian
出处
《财经科学》
CSSCI
北大核心
2024年第11期135-148,共14页
Finance & Economics
基金
四川省科技厅软科学项目“以转化为导向的专利前评估探索与研究”(2023JDR0189)、四川省科技厅软科学项目“以转化为导向的四川省高校知识产权对策及研究”(2021JDR0279)的资助。
关键词
科技与金融
技术创新质量
融资约束
研发效率
Technology and Finance
Quality of Technological Innovation
Financing Constraints
R&D Efficiency
