不同创新密度下外源融资对科技创新的影响——基于创新风险的视角

The Impact of External Financing on Technological Innovation under Different Innovation Density——From the Perspective of Innovation Risk

研究基于不同创新密度双样本实证检验外源融资对科技创新的影响。在创新密度较低时,股权融资和信贷融资均可促进企业科技创新,创新风险正向激励外源融资对科技创新的促进作用;创新密度较高时,信贷融资对科技创新无显著影响,股权融资却能够对科技创新发挥促进作用,但创新风险在该影响中的作用不显著。研究还采用替换变量、滞后变量和更换模型的方法验证研究结论的稳健性。

Based on two samples of different innovation densities, this study empirically examines the impact of exogenous financing on scientific and technological innovation.It is found that when the innovation density is low, both equity financing and credit financing can promote enterprises′ scientific and technological innovation, and innovation risk positively stimulates the exogenous financing.When innovation density is high, credit financing has no significant effect on innovation, while equity financing can promote innovation, but innovation risk has no significant effect on the promotion effect.The robustness of the research conclusion was verified by the methods of substitution variables, hysteresis variables and model replacement.