区域金融发展对科技型上市公司融资约束的影响分析——基于企业生命周期理论

Analysis on the Influence of Regional Financial Development on Financial Constraints of Technological Listed Companies-Based on the Enterprise life cycle Theory

科创金融是驱动微观主体创新的重要动力。本文聚焦科技型上市公司融资约束,通过对2015~2021年浙江地区在沪深两市科技型上市公司的财务指标的处理与分析,检验基于企业生命周期理论下区域金融发展对科创型上市公司融资约束的影响,并进一步分析其融资结构的偏好差异。实证结果发现,科技型上市公司融资约束缓解力度确实受益于区域金融的发展,展现出良好的正向作用。同时,处于不同生命周期的科创企业受外部融资环境变化的影响程度,以及融资约束缓解能力具有显著的差异性特征;从融资结构偏好来看,外部融资环境的改善对不同生命周期的企业融资方式的选择具有调节效应。其中,成熟期企业从信贷融资(间接融资)转向外部股权融资(直接融资)幅度最大。本文丰富了科创型企业融资约束的缓解及影响研究,并结合浙江省域实际,提出相关建议。

Sci-tech finance is a main driving force for micro subject’s innovation. By processing and analyzing the financial indicators of technological listed companies in stock markets of Shanghai and Shenzhen in Zhejiang from 2015 to 2021, this paper examines the influence of regional financial development on the financial constraint of technological listed companies based on the enterprise life cycle theory, and further analyzes the difference of their financial structure preference. The empirical results show that the development of regional finance does ease the financial constraint of technological listed companies. However, the technological companies in different life cycles are affected by the change of external financial environment, and their financial constraint mitigation degree has a significant difference. From the perspective of financial structure preference, the improvement of external financial environment also has a moderating effect on financial mode choice of companies with different life cycles. Among them, companies in the mature stage are most likely to shift from credit financing(indirect financing) to external equity financing(direct financing) to achieve the goal of easing financing constraint.This paper enriches the research on the impact of technological companies’ financial constraint, and puts forward suggestions based on the reality of Zhejiang Province.