地区科技金融发展水平对创新创业的影响研究--基于地级市面板数据的实证分析

Influence Research on the Development Level of Sci-tech Finance on Regional Innovation and Entrepreneurship:Empirical Analysis Based on the Panel Data of Prefecture-level Cities

创新创业水平是衡量城市发展程度的重要指标之一。当前我国经济已从高速增长阶段转入高质量发展阶段,经济的高质量发展亟须城市创新创业的驱动,而“双创”的发展离不开金融的强力支撑。近年来,科技金融作为服务于科技创新的金融形式,是促进科技成果转化的强大动力,受到了学者的广泛关注。本文基于2014—2018年中国293个城市的面板数据,采用面板固定效应模型,实证探究科技金融对城市创新创业水平的作用效果。研究结果表明:科技金融能显著促进城市创新创业水平的提升,在采用细分和替换被解释变量的方法进行稳健性检验后结论依然成立;其中,政府科学技术支出、地区科技型企业状况、科技型与高新技术企业规模、创业投资水平等都发挥了积极作用,且创业投资与私募股权投资活力是最为活跃的影响因素;同时,随着产业结构升级、人力资本集聚以及城市化水平的提高,科技金融对城市创新创业的促进效果将更为明显。基于以上研究结论,文章提出助力科技金融进一步提升城市创新创业水平的政策建议。

The level of innovation and entrepreneurship is a key indicator to measure the degree of urban development.The focus of China’s economy has now shifted from rapid growth to high-quality development,which requires momentum from urban innovation and entrepreneurship,but cannot do without the strong support of finance.Sci-tech finance has,in recent years,attracted wide academic attention as a financial form serving scientific and technological innovation and a powerful driving force to promote the transformation of scientific and technological achievements.Based on the panel data of 293 Chinese cities from 2014 to 2018,this paper uses the panel fixed effect model to empirically explore the effects of sci-tech finance on the development level of urban innovation and entrepreneurship.Results show that sci-tech finance can significantly promote the improvement of urban innovation and entrepreneurship,and the conclusion is still valid after the robustness test by subdivision and replacement of explained variables.Among them,government expenditure on science and technology,the status of regional science and technology enterprises,the scale of science and high-tech enterprises and venture capital level all play a positive role,with venture capital and private equity investment being the most active influencing factors.At the same time,with the upgrading of industrial structure,the concentration of human capital and the improvement of urbanization level,the promotion effect of science and technology finance on urban innovation and entrepreneurship will be more obvious.Based on the above research conclusions,this paper puts forward the policy implications to further improve the level of urban innovation and entrepreneurship through sci-tech finance.