融资约束、供应链融资对企业创新效率的影响研究--以科技型中小企业为例

Research on the Impact of Financing Constraints and Supply Chain Financing on Enterprise Innovation Efficiency--Take High-tech SMEs as An Example

以2015-2019年我国科技型中小企业数据为研究样本,基于Tobit模型实证检验融资约束、供应链融资以及创新效率间的关系及其影响机制。研究发现,对于科技型中小企业,内部融资约束会降低创新效率,而外部融资约束会提高创新效率但效果不显著;供应链融资会提高创新效率;供应链融资可以缓解内部融资约束与创新效率的负向关系,同时内部融资约束能够正向调节供应链融资与创新效率的正向关系;外部融资约束会负向调节供应链融资与创新效率的正向关系;进一步研究发现,研发投入在内部融资约束和创新效率之间具有完全中介作用;外部融资约束对创新产出具有正向促进作用。基于结论,对科技型中小企业提出了提高内部融资能力、打造信用品牌以及加强供应链融资建设的相关建议。

Taking the data of China’s high-tech SMEs from 2015 to 2019 as a research sample,the relationship between financing constraints,supply chain financing and innovation efficiency and the affecting mechanism among them are empirically examined based on the Tobit model.The study finds that:Internal financing constraints of high-tech SMEs will reduce innovation efficiency,while external financing constraints will not have a significant effect on improving innovation efficiency;supply chain financing will improve innovation efficiency;supply chain financing can alleviate the negative relationship between internal financing constraints and innovation efficiency,while internal financing constraints can positively adjust the positive relationship between supply chain financing and innovation efficiency;external financing constraints can negatively regulate the positive relationship between supply chain financing and innovation efficiency;further research finds that R&D input has a full intermediary role between internal financing constraints and innovation efficiency;external financing constraints have a positive role in promoting innovation output.Based on the conclusion,this paper puts forward some suggestions on improving the internal financing ability,building credit brand and strengthening the construction of supply chain financing for high-tech SMEs.