外源融资风险容忍度对区域创新能力的影响——兼论政府支持与政府监管的调节效应

The Impact of Tolerance of External Financing Risks on Regional Innovation Capabilities:A Concurrent Discussion on the Moderating Effects of Government Support and Government Regulation

基于2006-2021年中国省际面板数据,从风险容忍强度、广度和弹性3个维度构建外源融资风险容忍度评价指标体系,系统考察外源融资风险容忍度对区域创新能力的影响。研究发现:①外源融资风险容忍度能够显著促进区域创新能力提升,其中,风险容忍广度对区域创新能力的作用最强,风险容忍强度次之,风险容忍弹性最弱;②机制分析表明,外源融资风险容忍度通过提高金融机构对高风险创新项目的投资偏好以及增强科技企业对突破式创新的创新偏好提升区域创新能力;③调节效应表明,政府支持正向调节外源融资风险容忍度与区域创新能力的关系,政府监管过度起负向调节作用。研究结论可为进一步提升外源融资风险容忍度,提高金融体系容错试错韧性,适度放松科技金融监管提供政策启示。

The capital market is an important booster for economic transformation and upgrading,which affects the cultivation of new economic momentum and will become an important part of the country's core competitiveness.Technological innovation faces high risks from technology R&D and technology commercialization,and highly innovative technologies may require a hot financial market to pass the initial stage of technology discovery or diffusion.However,for a long time,enterprises have confronted with high financing constraints,and the lack of R&D funds has limited their innovation capability to catch up with technological frontiers.In this context,it is particularly important to explore how to improve the risk tolerance of the external financing system and enhance the support effect on regional innovation.The existing scholars have explored the measurement of risk tolerance,the impact mechanism of exogenous financing on regional innovation,and the factors affecting exogenous financing risk tolerance from different perspectives.However,there are still few studies on the heterogeneous composition of exogenous financing risk tolerance,the mechanism of exogenous financing risk tolerance on regional innovation impact,and the moderating effect of government intervention in this process.Drawing on the panel data of 31 provinces and cities in China from 2006 to 2021,this paper fully takes into account of the heterogeneity of exogenous financing risk tolerance.This study selects the regional innovation comprehensive utility value from the China Regional Innovation Capability Evaluation Report to measure the regional innovation capability of each province,and considers it as the dependent variable,and takes tolerance of external financing risks as the independent variable.It constructs an evaluation indicator system of exogenous financing risk tolerance from three dimensions:risk tolerance intensity,risk tolerance breadth and risk tolerance elasticity.Among them,risk tolerance intensity of exogenous financing refers to the degree to which each financing entity bears the failure,and measures the degree to which exogenous financing,including debt,equity,and venture capital,bears the loss of technological innovation failure;tolerance breadth of external financing risk refers to the coverage of failure undertaken by various financing entities in innovation,and measures the coverage of three types of external financing undertaking technological innovation failures;risk tolerance elasticity refers to the recovery ability of each financing entity after failure in technological innovation,which measures the subsequent recovery ability of three types of exogenous financing to losses caused by technological innovation failure.The system comprehensively assesses the risk tolerance of various provinces and cities in China.In addition,this paper empirically tests the effect and mechanism of exogenous financing risk tolerance on regional innovation capability in different situations.Research has found that,firstly,the tolerance of exogenous financing risks can significantly enhance regional innovation capabilities.Among them,the breadth of risk tolerance has the strongest impact on regional innovation capabilities,followed by the intensity of risk tolerance,and the elasticity of risk tolerance is the weakest.Secondly,the tolerance of exogenous financing risks increases the investment preference of financial institutions for high-risk innovation projects,and enhances the innovation preference of technology enterprises for breakthrough innovation,thereby promoting the improvement of regional innovation capabilities.Thirdly,government support positively moderates the relationship between exogenous financing risk tolerance and regional innovation capability,while government supervision plays a negative moderating role.Fourthly,the tolerance of exogenous financing risks is more significant in enhancing regional innovation capabilities in the eastern,southern,and high-level areas of intellectual property protection.The conclusions can provide some enlightenment for the government:it is essential to optimize the credit financing risk mitigation mechanism and enhance the tolerance of exogenous financing risks,strengthen the willingness and ability of financial institutions to serve technology enterprises,and reduce the burden of innovation on enterprises,strengthen financial guidance based on government policies,moderately relax technology finance supervision,and thereby enhancing the vitality of the capital market,and promoting the construction of innovative ecological environment and intellectual property protection.