融资渠道对企业模仿创新和自主创新的影响

Research on the Influence of Financing Channels on Imitative Innovation and Independent Innovation of Enterprises

首先,从不同融资渠道对模仿创新及自主创新的理论影响机理入手,从理论角度分析模仿创新企业和自主创新企业分别更适于何种融资方式;然后,基于理论分析结果,分别将模仿创新与自主创新水平作为被解释变量建立两个动态面板数据模型,实证分析不同融资渠道对模仿创新及自主创新的影响效果。结果显示:银行中介融资是两种创新模式企业的主要融资渠道,而股票市场还未与企业创新形成协调发展机制;最后,基于理论分析及实证研究结果,有针对性地提出相关政策建议。

First of all,start with the theoretical influence mechanism of different financing channels on imitative innovation and independent innovation,and analyze which financing mode is more suitable for imitative innovation enterprises and independent innovation enterprises respectively from the theoretical point of view;Then,based on the theoretical analysis results,two dynamic panel data models are established with imitative innovation level and independent innovation level as explanatory variables respectively,and the effect of different financing channel on the two innovation models is empirically analyzed.The results show that bank intermediary financing is the main financing channel of the two innovation models and the stock market has not formed a coordinated development mechanism with enterprise innovation;Finally,based on the theoretical analysis and empirical research results,relevant policy recommendations are put forward.