科技金融投入、区域间经济联系与企业财务绩效——来自长三角G60科创走廊的实证分析

Science and Technology Financial Investment,Regional Economic Connections and Corporate Financial Performance:Empirical Analysis Based on the G60 Science and Technology Innovation Corridor in the Yangtze River Delta

以科学城为内核规划科创走廊区域,是国内外推动区域产业升级、实施创新驱动发展战略的重要选择。文章以长三角G60科创走廊为例,运用2012-2018年G60科创走廊九个城市科技型上市企业的非平衡面板数据,实证分析科技金融投入对科技型上市企业财务绩效的影响及其作用机制。研究发现,与科技资本市场投入和企业自有资金相比,地方政府科技投入和金融机构科技信贷更加有效,说明依靠科技金融推动企业财务绩效的关键在于科技金融工具的合理运用。总体而言,政府引导的科技金融发展体系更适合我国国情。因此,为提高科技金融效率,促进企业财务绩效发展,在强化政府支持作用的同时,应完善科技金融监管,有效加强科创走廊城市间的沟通与协调,以实现科技金融的创新融合,促进科技型企业发展。

Planning a science and technology innovation corridor as the core is the main choice to promote regional industrial upgrading and implement innovation-driven development strategy.This article takes the G60 Science and Technology Innovation Corridor in the Yangtze River Delta as an example and uses the unbalanced panel data of the nine cities from 2012 to2018.The measurement model is established from two aspects of public science and technology financial investment and market science and technology financial investment to study the influence mechanism of government,science and technology capital market,financial institutions on the financial performance of science and technology listed enterprises.Although the industrial structure,economic scale,development level,and resource endowment of cities in the Science and Technology Innovation Corridor are different,due to the special geographic location,interregional economic links are one of the important factors that affect the economy and technology policies of the Science and Technology Innovation Corridor.Based on the theory of new economic geography,the adjustment variable of regional economic linkages is introduced to further explore the regulatory role of regional economic linkages on the relationship between science and technology financial investment and corporate financial performance.The study finds that compared with the investment in the technology capital market and the enterprise’s own funds,the impact of local government technology input and financial institution technology credit on corporate financial performance is more effective.This shows that the key to relying on technology finance to promote corporate financial performance lies in the rational use of technology financial tools.In general,the government-led technology and financial development system is more suitable for China’s national conditions.The intermediary effect test finds that local government investment in science and technology and financial institution science and technology credit ease financing pressures to increase the R&D investment intensity of science and technology enterprises,and then promote the improvement of corporate financial performance,that is,the relationship between the R&D investment intensity of science and technology enterprises in technology finance and corporate financial performance plays an intermediary role.It is worth noting that the strength of regional economic ties has weakened the relationship between science and technology financial investment and corporate financial performance.Therefore,in order to improve the efficiency of science and technology finance and promote the development of corporate financial performance,it is necessary to strengthen the role of government support,improve science and technology finance supervision,encourage banking and other financial institutions to optimize reforms,deepen the innovation of technological financial products and technological credit services,and effectively strengthen the communication and coordination between cities in the Science and Technology Innovation Corridor,so as to realize the innovation and integration of technology and finance,and promote the development of science and technology enterprises.