研发投入能否提升科技中小企业融资能力——以20个国家自主创新示范园为例

Can R&D Investment Promote Small and Medium-sized financing capability in Science and Technology--Take 20 National Independent Innovation Demonstration Parks as Examples

本文旨在研究国家自主创新示范园区的研发投入对科技中小企业融资能力的影响。以20个国家经自主创新示范园区在新三板挂牌科技公司为样本数据,引入经营绩效为中间变量,研究研发投入是否对融资能力产生影响。研究结果显示,研发投入主要通过研发新产品显著地改善企业的经营绩效,但是经营绩效对提升中小企业融资能力的作用有限。另外,高新区中小企业在融资时同样面临着融资歧视;高新区中小企业的研发投入显著高于全国平均水平;研发投入具有滞后性,中东部国家自主创新示范园的研发周期为1年,西部研发周期为2年;东部研发转化效率高于中西部。

This paper aims to study the impact of R&D investment in national independent innovation demonstration park on small and medium-sized financing capability in science and technology. This paper takes 20 national independent innovation demonstration parks listed in New OTC(Over the Counter) Market as sample data and introduces operating performance as intermediate variable to study whether R&D investment has an impact on financing capacity. The results show that R&D investment significantly improves the business performance of enterprises mainly through R&D of new products, but the effect of business performance on the promotion of small and medium-sized financing capability is limited. In addition, small and medium-sized enterprises in high-tech zones also face discrimination in financing. The R&D investment of small and medium-sized enterprises in high-tech zones is significantly higher than the national average. Investment in R&D lags behind, with one year for R&D in Period and two years for R&D in Period. The efficiency of research and development transformation in the eastern region is higher than that in the central and western regions. In view of the above problems, this paper puts forward targeted suggestions.