市场化进程、研发投入与中小企业融资约束

Marketization Process,R&D Investment and Financing Constraints of SMEs

中小企业是群众生活的基础性平台,在推动科技创新、促进我国经济持续增长等方面发挥着非常重要的作用,它的发展是很关键的。文章立足我国中小企业在创新发展过程中遇到的困境,选取2013-2018年我国沪深两市中小上市公司的数据,通过构建回归分析模型探讨市场化进程、研发投入与中小企业融资约束的关系。研究结果显示:市场化进程作为外部因素能够缓解中小企业的研发融资约束问题,进而使中小企业有足够的资金进行研发,提高创新水平。

Small and medium-sized enterprises are the basic platform for people's life, and play a very important role in promoting scientific and technological innovation and promoting China's sustained economic growth. Based on the difficulties encountered by China's small and medium-sized enterprises in the process of innovation and development, this paper selects the data of small and medium-sized listed companies in Shanghai and shenzhen from 2013 to 2018, and discusses the relationship between the marketization process, r&d investment and financing constraints of small and medium-sized enterprises by constructing a regression analysis model. The research results show that the marketization process as an external factor can alleviate the research and development financing constraints of small and medium-sized enterprises, so that small and medium-sized enterprises have enough funds for research and development, improve the level of innovation.