多元化金融关联与中小民营企业创新投资——基于生命周期与行业特征视角

Diversity Financial Connections and Innovation Investment of Small and Medium Private-owned Enterprises——Based on the Perspective of Life Cycle and Industry Characteristics

本文以2011—2017年深交所中小板民营上市公司为样本,实证检验金融关联对其创新投资的影响。研究发现:(1)金融关联能够促进中小民企创新投资;(2)较之于非银行金融关联,银行金融关联的促进作用更显著;(3)基于生命周期视角,发现金融关联对中小民企创新投资的促进作用主要体现在成熟期,且银行金融关联的作用更显著;(4)基于行业特征视角,发现银行金融关联能够促进非高科技行业中小民企创新投资,而非银行金融关联能够促进高科技行业中小民企创新投资;(5)综合考虑生命周期与行业特征时,发现银行金融关联对非高科技行业中小民企创新投资的促进作用体现在成熟期和衰退期,非银行金融关联对高科技行业中小民企创新投资的促进作用则体现在成熟期。

Taking the private-owned companies listed in Shenzhen Stock Exchange from 2011 to 2017 as samples,this paper studies the impact of financial connections on innovation investments of small and medium-sized private-owned enterprises.The study finds that:(1)Financial connections can promote innovation investments of small and medium sized private-owned enterprises;(2)Compared with non-bank financial connection,bank financial connection plays a more significant role in promoting innovation investments;(3)Based on the perspective of life cycle,we find that the promotion effect of financial connection on the innovation investments is mainly reflected in the mature period,and the promotion effect of bank financial connection is more significant;(4)Based on the perspective of the industry characteristics,we find that the bank financial connection can promote innovation investments in non-high-tech industries,while the non-bank financial connection can promote innovation investments in high-tech industry;(5)Considering the characteristics of both life cycle and industry,we find that bank financial connection significantly promotes innovation investments in the mature and recession period of non-high-tech industry,and non-bank financial association significantly promotes innovation investments of high-tech industry of small and medium-sized private-owned enterprises in the mature period.