科技金融对科技型中小企业“专精特新”发展的影响——基于“科技和金融结合试点”的准自然实验

Impact of Science and Technology Finance on the "Specializing, Refined and Innovative" Development of Technology-based SMEs:A Quasi-natural Experiment based on "the Pilot Policy of Combining Science and Technology with Finance"

以2008—2021年中小板、创业板和科创板科技型企业为样本,以“科技和金融结合试点”为准自然实验,构建双重差分模型考察科技金融对科技型中小企业“专精特新”发展的影响。研究发现,科技金融对科技型中小企业“专精特新”发展具有显著的促进效果。作用机制分析表明,科技金融通过缓解企业融资约束助推科技型中小企业“专精特新”发展。异质性分析表明,科技金融对非国有企业、财务风险稳定性较高的企业和内部控制不存在缺陷的科技型中小企业的促进作用明显。研究结论为科技和金融试点政策进一步推广实施,助力科技型中小企业“专精特新”高质量发展提供决策依据。

The paper selects technology-based enterprises in SME board,GEM and STAR Market from 2008 to 2021 as the sample,and takes"the pilot of combining science and technology with finance"as a quasi-natural experiment to construct a difference-in-differ-ence model to investigate the influence of science and technology finance on the"specializing,refined and innovative"development of technology-based SMEs.The empirical results show that science and technology finance has a significant impact on the development of science and technology-based SMEs with"specializing,refined and innovative".The mechanism study shows science and technology fin-ance can promote the development of science and technology-based SMEs with"specializing,refined and innovative"by alleviating fin-ancing constraints.Based on the heterogeneity perspective,science and technology finance has a significant effect on non-stateowned enterprises,enterprises with higher financial risk stability and enterprises without internal control deficiencies.The results of the study provide a decision-making basis for the further promotion and implementation of science and technology finance policies to help technology-based SMEs with"specializing,refined and innovative"in high-quality development.