科技金融对高新技术企业创新效率影响的实证研究

An Empirical Study on Impact of Technological Finance on the Innovation Efficiency of High-tech Enterprises

科技创新是社会进步的动力之一,创新效率提高的背后离不开金融资本的支持。随着我国经济水平的不断提升,政府开始重视科技金融的发展,引导资金流向高新技术企业。选取104家高新技术企业及其相关数据,利用DEA模型测度企业的创新效率,从多个维度选取科技金融指标,运用面板模型探究其对企业创新效率的影响。结果表明,政府财政资金支持、银行科技信贷以及资本市场融资等对创新效率的提高有显著的正向促进作用,科技金融投入对不同成立年限的高新技术企业创新效率的影响存在异质性,并根据实证分析结果提出了相应建议。

Technological innovation is the key motive force for the present social progress,and the improvement of innovation efficiency is inseparable from the support of financial capital.With the continuous improvement of China′s economic level,the government begins to pay special attention to the financial development of science and technology and guides the flow of funds to high-tech enterprises.The paper selects 104 high-tech enterprises and the related data of theirs,uses DEA model to measure the innovation efficiency of enterprises,builds scientific and technological financial indicators from multiple dimensions,and applies panel model to explore the impact on the innovation efficiency of enterprises.The results show that financial support of the government,the bank technology credit and capital market financing have a significant positive effect on innovation efficiency.The impact of technology finance investment on the innovation efficiency of high-tech enterprises with different years of existence is heterogeneous.Based on the results of empirical analysis,this paper puts forward corresponding suggestions.