政府补助、信贷融资与中小企业创新投资力实证研究

Empirical Research on SMES-Whether the Government Subsidy or the Credit Finance is the Force of Driving Investing on Innovation

创新是推动中小企业持续发展,获得竞争优势的重要力量。本文就是否影响创新投资的两个因素:政府补助和银行信贷,基于深市中小板的企业样本展开实证研究。研究结果表明:相比科技型中小企业,政府补助或信贷融资更有利于制造型中小企业进行创新投资。另一方面,政府补助对于这两类企业的创新投资都具有正向的驱动作用。但是,单纯信贷融资对于科技型中小企业创新投资的影响作用不显著,对于制造型中小企业的影响甚至是负向的。因此,仅仅依靠银行信贷来推动中小企业创新是不合理的,应该加大政府扶持力度,推动中小企业,特别是制造型中小企业进行创新投资。

Innovation is the great force of sustainable development and competitive edge to SMES （small and medium- sized enter- prises）. There are two controversial factors influencing the innovation investment, namely government subsidy and credit finance. The pa- per makes an empirical research of the two factors based on SMES from the Shenzhen Small and Medium Board. The results of the research are as follows： Comparing to technology - based enterprises, manufacture enterprises have much more incentive to invest on innovation when the government subsidy or the credit finance is offered. On the other hand, the government subsidy has the positive force of driving innovation investing in both two types of enterprises. But to technology - based enterprises, it is unclear whether the only method of credit finance still produces the positive force of driving innovation investing, and the research even indicates its negative force to manufacture en- terprises. Therefore, it is suggested that greater government support should be adopted, especially for manufacture enterprises, not only the way of credit finance.