科技金融对浙江高新技术企业创新绩效的影响研究

The Influence of Science and Technology Finance on Innovation Performance of Zhejiang High-Tech Enterprises

科技创新对我国实现创新驱动发展战略和提升实体经济发展质量及效率都有着至关重要的作用,然而科技创新具有的高风险特征阻碍企业获得融资,资金短缺成为影响创新绩效的主要因素之一。科技金融是为实体企业科技创新活动提供资金支持的融资工具,可以弥补企业科技创新的资金漏洞。浙江作为科技金融改革创新试验区的先行省份,总结其科技金融的实践经验对于我国金融创新驱动实体经济高质量发展具有示范价值。以2010-2018年创业板中浙江省高新技术企业上市公司为研究样本,实证分析发现:科技金融对高新技术企业创新绩效有正向促进作用;现金比率在科技金融和创新绩效之间发挥部分中介效应。通过进一步分析,发现科技金融投入、现金比率对高新技术企业创新绩效的作用具有企业产权性质的异质性,对非国有高新技术企业的创新绩效比国有企业促进作用更显著。

Enterprise science and technology innovation plays an important role in realizing the innovation-driven development strategy and improving the quality and efficiency of real economic development.However,the high-risk property of enterprise science and technology innovation leads to many barriers to innovation,financing constraints being one of the main hindrance factors.Science and technology finance is a financing tool to provide financial support for the scientific and technological innovation activities of real enterprises,which can make up for the financial loopholes of enterprises’scientific and technological innovation.As a pioneer province in the scientific and technological financial reform and innovation pilot zone,it is of exemplary value to reveal the mechanism and path of Zhejiang’s financial innovation driving the high-quality development of real economy.Taking the data of high-tech enterprises listed on the GEM in Zhejiang province from 2010 to 2018 as the research sample,the empirical analysis shows that science and technology finance has a positive role in promoting the performance of high-tech enterprises.The cash ratio plays a partial mediating effect between technology and finance and innovation performance;the effect of S&T financial input and cash ratio on innovation performance of high-tech enterprises is heterogeneous in the nature of enterprise property rights,hence a more significant promoting effect on the innovation performance of non-state-owned high-tech enterprises than state-owned ones.