政银企风险共担支持企业科技创新研究——以江苏省昆山市综合风险池为例

Research on Government-bank-enterprise Risk Sharing to Support Enterprise Scientific and Technological Innovation:A Case Study of the Comprehensive Risk Pool in Kunshan City,Jiangsu Province

本文基于对江苏省昆山市综合风险池46家企业的访谈,分析了风险共担机制支持企业科技创新活动的实效与机制,得出如下结论:第一,风险共担机制对缓解企业融资约束、改善银企对接质效有积极作用。第二,风险共担机制能够改善企业跨周期研发投入的稳定性,并以此提升科技成果转化效率。第三,综合风险池作为风险共担机制的一种创新,在发生外生冲击及宏观经济低迷时更能发挥这类政策的积极作用。本文的发现为进一步完善风险共担机制的跨周期性与稳定性提供了现实参考,也为其支持企业科技创新提供了经验证据。

Based on the interviews with 46 target enterprises in the comprehensive risk pool of Kunshan City,Jiangsu Province,this paper analyzes the effectiveness and mechanism of the risk sharing mechanism to support the scientific and technological innovation activities of enterprises,and draws the following conclusions:First,the risk sharing mechanism has a positive effect on alleviating the financing constraints of enterprises and improving the quality and efficiency of bank-enterprise docking.Second,the risk-sharing mechanism can improve the stability of enterprises'cross-cycle R&D investment,and thereby improve the efficiency of the transformation of scientific and technological achievements.Third,as an innovation of the risk-sharing mechanism,the integrated risk pool can play a more positive role in the event of exogenous shocks and macroeconomic downturns.The findings of this paper provide a practical reference for further improving the cross-cyclical and stability of the risk sharing mechanism,and also provide empirical evidence for its support for enterprise scientific and technological innovation.