区域科技金融投入与中小企业创新能力研究——来自中小板和创业板127家上市公司数据的经验证据

Research on Regional Science-technology Financial Input and SME Innovation Ability——Empirical Evidence based on 127 Listed Companies from SME Market and Growth Enterprise Market

中小企业是开展科技创新活动的"生力军"。提高中小企业创新能力,对于我国当前阶段下实施创新驱动发展战略具有至关重要的意义。在分析影响我国中小企业创新能力提升的关键要素的基础上,以2005-2015年中小板、创业板127家上市公司及其所处省市的科技金融投入均衡面板数据为例,建立动态面板系统GMM模型,实证检验不同渠道的区域科技金融投入对中小企业创新能力提升的影响。研究发现:财政科技投入和创业风险投资对中小企业创新有正向促进作用,但银行贷款和资本市场的技术创新促进效果不明显,有时甚至表现为抑制作用;此外,科技金融发展程度不同的地区,科技金融投入的创新驱动效果也存在一定差异,科技金融成熟度越高的省市,其提升企业创新能力的作用越强。

Small and medium-sized enterprises（SMEs） are the ＂vital forces＂ to carry out scientific and technological innovation activities. The improvement of SMEs＇ ability, has a great significance for the country to implement the strategy of innovation driven development. This paper firstly analysis some key elements on the improvement of the SMEs＇ innovation ability. Then on the basis of 127 SMEs and the science-technology financial input panels from 2005 to 2015, dynamic panel system GMM models are established to empirically test if different sources of regional science-technology financial investment can improve the innovation ability of SMEs. Empirical studies show that fiscal expenditure on science and technology and venture capital to the enterprises has a positive role in promoting innovation, but bank loans and capital market cannot promote technology innovation as we expected, even sometimes it has an inhibitive effect. In addition, the differences of maturity of regional science and technology financial system also embodies different effects on enterprises＇ innovation. More developed the science and technology financial system is, the role of the financial input of promoting enterprise innovation is stronger.