科技金融支持科技型中小企业创新发展绩效--基于企业生命周期视角
首发时间:2019-01-04
摘要:为解决科技型中小企业的融资问题,将2010~2016我国中小板科技型上市公司的面板数据分为成长期、成熟期、衰退期,运用面板数据截面加权估计,实证研究财政、资本市场、商业银行、风险投资四种科技金融投入渠道对不同生命周期的科技型中小企业创新发展绩效的影响。结果表明:从整体来看,资本市场对科技型中小企业创新发展绩效有着显著的促进作用;但在企业生命周期的不同阶段,各种科技金融投入发挥着不同的作用。在成长期,企业融资主要靠资本市场及政府财政;在成熟期,以资本市场和商业银行为主;在衰退期,主要依靠政府财政支持。
关键词: 科技金融 科技型中小企业 创新发展绩效 企业生命周期
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Sci-tech Finance Supporting Sci-tech SMEs' Innovation and Development Performance:Based on Enterprise Life Cycle Perspective
Abstract:In order to solve financing problem of sci-tech small and medium enterprises (SMEs), the panel data of Chinese sci-tech SME Market from 2010 to 2016 is divided into growth, maturity, and recession, then estimate by cross-section weights method for empirically studying the impact of sci-tech finance including finance, capital market, commercial bank, and venture capital on the innovation and development performance of sci-tech SMEs. The result shows that: as a whole, capital market has positively promoted the innovation and development performance of sci-tech SMEs; but in different enterprise life cycle, different sci-tech finance channels have different effect to support sci-tech SMEs. In the growth period, the capital market and government finance are the main channels. In the mature period, the capital market and commercial banks support are the main factors. In the recession period, they mainly rely on government finance.
Keywords: sci-tech finance sci-tech SMEs innovation and development performance enterprise life cycle
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科技金融支持科技型中小企业创新发展绩效--基于企业生命周期视角
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