股权性质、产融结合方式与企业创新——来自上市高新技术企业的经验证据

The Nature of Equity,the Combination of Industry and Finance,and Corporate Innovation:Empirical Evidence from Listed High-tech Companies

采用倾向得分匹配法分析股权性质、产融结合方式对企业创新投入的影响,结果表明国有高新技术企业采用服务型产融结合方式能提高研发投资水平,参与金融机构多元化显著强化产融结合对创新投入的支持程度;运用回归分析股权性质、产融结合方式与企业创新产出的关系,发现高新技术企业的国有性质能有效调节创新产出,服务型产融结合并不能提高企业创新投资价值,而参与的金融机构多元化显著提升了企业突破式创新能力,促进专利成果转化经济效益。

This paper analyzes the impact of the nature of equity and the combination of industry and finance on corporate innovation investment by means of propensity score matching method.The results show that the service-oriented integration of industry and finance can improve the level of R&D,the diversification of participating financial institutions strengthens the support degree of the combination of industry and finance to the innovation input,and uses regression analysis to analyze the relationship between the nature of equity,the combination of industry and finance and the innovation output of enterprises,it is found that the state-owned nature of high-tech enterprises can effectively regulate the innovation output,and the service-oriented combination of industry and finance can’t improve the innovation investment value of enterprises,while the diversification of participating financial institutions significantly enhances the breakthrough innovation ability of enterprises,promoting the transformation of patent achievements into economic benefits.