企业创新融资理论和实证研究综述

Review of Theoretical Mechanisms and Empirical Results in Firm's Innovation Financing

创新金融一直是世界各国学术界关注的主题。从企业融资视角,系统梳理了各种融资方式和企业创新之间关系的已有文献,总结了各种融资方式影响创新的理论机制和实证结果。发现各类融资方式在支持创新方面都有各自的优劣势,创新企业需要根据发展阶段和创新类型选择合适的融资方式,金融投资机构的专业性是影响创新和融资之间关系的重要因素。结合中国环境,提出相应的政策建议:即从系统性角度考虑构建创新金融体系;改善银行创新融资环境,推动专业性银行的发展;对股票市场板块功能准确定位,加强证券机构投资者建设;引导以风险投资为代表的私募基金高质量和规模化发展。

For the importance of innovation to economy development,innovative financing has always been the focus of academic topics around the world.From corporate finance perspective,this article reviews literature related to the impacts on business innovation of various financing ways,summarizes the findings that all financing ways in supporting innovation have their own advantages and disadvantages,innovation firms need to choose appropriate financing ways according to their development stage and innovation types.The quality and professionalism of financial investment institutions are very important to the relationship between innovation and financing.Finally,in view of China's environment,the paper puts forward to policy suggestions on how to construct the financial system and improve the banking environment for financing in a systemic way,how to promote the development of professional banks,how to accurately position stock markets and construct security bodies,and how to lead a high-quality and large scale growth of private equity funds.