科创板开通对企业融资与科技创新效率的影响研究

Study on the Impact of the Opening of STAR Market on the Efficiency of Corporate Financing and Technology Innovation

以科创板开通为契机,采用DEA模型以及双重差分等方法对上市科创企业融资效率与科技创新效率进行评价与分析。结果发现,科创板设立同时提升了企业的两种效率。具体而言,该板块有效加强了科创企业金融与科技的协调发展程度,通过助推两者融合发展,进而增强企业融资与创新能力。在此基础上,将风险因素纳入考量后发现,科创板开通同样有助于降低企业风险,即有利于企业金融、科技与风险三系统耦合协调水平的提高。另外,科创板的融资约束缓解效应检验以及空间可视化分析进一步体现了多层次资本市场建设对促进我国科创企业发展,实现科技自立自强的重要意义。

Combining the STAR Market,this paper analyzes the financing and technological innovation efficiency of listed companies by DEA and DID.Results show that the establishment of the STAR Market improves the efficiency of both.Specifically,it strengthens the coordinated development of finance and technology for science and innovation enterprises,and by boosting the integrated development of the two,thereby enhancing financing and innovation capabilities.After taking the risk factors into consideration,it is found that the STAR Market can also help reduce corporate risks,that is,it is conducive to the improvement of the coordination of the three systems.In addition,the test of the mitigation effect of financing constraints on the STAR Market and the spatial visualization analysis further reflect the importance of the construction of a multi-level capital market to promote the development of China′s science and technology enterprises and achieve technological self-reliance.