摘要
科技中小企业的成长与发展是实施创新驱动战略的重要微观基础,近年来金融科技的发展对科技企业成长的影响越来越深远。本文基于2016—2021年的专精特新“小巨人”企业数据,构建交互固定效应模型,实证分析金融科技发展对科技中小企业成长的影响。研究发现,金融科技发展能够显著促进专精特新“小巨人”企业的成长。但这一影响关系受到一定条件的制约,所在地区营商环境好的企业,规模较大的企业和民营企业,其成长能力受到金融科技发展的促进作用更为明显。机制分析表明,缓解企业融资约束,缩短首次公开募股(IPO)进程和降低试错成本,是金融科技发展促进科技中小企业成长的内在机制。这一结论从金融科技发展的视角,丰富了关于科技中小企业成长能力的相关研究。
The growth and development of smes in science and technology is an important micro foundation for the implementation of innovation-driven strategy.In recent years,the development of fintech has more and more far-reaching impact on the growth of technology enterprises.Based on the data of specialized and ultra-new“little giant”enterprises from 2016 to 2021,the interactive fixed-effect model was used to empirically analyze the impact of fintech development on the growth of small and medium-sized technology enterprises.It is found that fintech development can significantly promote the growth of specialized and ultra-new“little giant”enterprises.However,this influence relationship is restricted by certain conditions.Enterprises with good business environment in the region,large scale enterprises and private enterprises are more significantly promoted by the development of fintech in their growth ability.Mechanism analysis shows that easing corporate financing constraints,shortening IPO process and reducing trial and error costs are the internal mechanisms for fintech development to promote the growth of technology smes.From the perspective of fintech development,the conclusion enriches the relevant research on the growth ability of small and medium-sized technology enterprises.
作者
冯学良
周桢
戚馨雨
Feng Xueliang;Zhou Zhen;Qi Xinyu(School of Economics,Shandong Normal University,Jinan 250399,China;School of Economics and Management,Shandong Jiaotong University,Jinan 250357,China)
出处
《技术经济》
CSSCI
北大核心
2023年第11期103-112,共10页
Journal of Technology Economics
基金
山东省社会科学规划研究项目“山东省‘专精特新’企业创新发展的政策激励效应研究”(22DGLJ31)
山东省重点研发计划(软科学项目)“金融服务支持山东省科创产业提质增效的优化路径研究”(2023RKY04019)
山东省人文社会科学课题“金融服务支持山东省民营经济高质量发展的机理与对策研究”(2023-ESDZ-042)
山东大学哲学社会科学规划课题“金融服务支持民营经济发展研究”(JNSK22C102)。
关键词
金融科技
企业成长
融资约束
IPO进程
试错成本
financial technology
enterprise growth
financing constraints
IPO process
trial and error cost
