科技创新、金融发展对企业成长的影响——基于VAR模型的实证分析

The Impact of Technological Innovation and Financial Development on Corporate Growth——Empirical analysis based on VAR model

基于全国2000年至2019年数据,运用VAR模型对科技创新、金融发展与企业成长之间的关系进行分析。结果显示科技创新、金融发展与企业成长存在显著的协整关系;科技创新对企业成长有显著的正向冲击作用,金融发展对企业成长先有正向冲击作用,随后又转为负向冲击作用;科技创新和金融发展对企业成长的影响具有滞后性。因此,需要加大企业扶持力度,鼓励企业转型升级;提升创新投入水平,加快创新成果转化;完善金融支持政策,减轻企业杠杆压力。

Based on national data from 2000 to 2019,the VAR model is used to analyze the relationship between technological innovation,financial development and corporate growth.The results show that there is a significant cointegration relationship between technological innovation,financial development and corporate growth;technological innovation has a significant positive impact on corporate growth.Financial development first has a positive impact on corporate growth,and then turns into a negative impact.The impact of technological innovation and financial development on the growth of enterprises is lagging.Therefore,it is necessary to increase support for enterprises,encourage enterprises to transform and upgrade;increase the level of innovation investment,accelerate the transformation of innovation results;improve financial support policies,and reduce the pressure on enterprises to leverage.