摘要
“专精特新”中小企业高质量发展有助于实现技术赶超和构建国际竞争力。科技金融作为新时代的创新型金融工具,能够引导“专精特新”中小企业实现突破性创新发展。本文基于2013—2023年中国A股上市的“专精特新”中小企业数据,探讨科技金融对“专精特新”中小企业创新模式选择的影响及其内在机制。研究发现:(1)科技金融能够通过管理层决策、人力资本和创新风险等渠道,产生管理激励效应、人力资本升级效应和低风险创新效应,激励“专精特新”中小企业选择质量更高的突破性创新而不是渐进性创新。(2)科技金融对“专精特新”中小企业选择突破性创新的促进效果受到企业内外部系统的影响,具体而言,提升企业知识吸收能力、提高行业竞争程度和政府治理能力能够增强科技金融支持“专精特新”中小企业选择突破性创新的作用效果。(3)受“专精特新”中小企业产业链协同作用的影响,科技金融促进“专精特新”中小企业选择突破性创新的影响能够在产业链上正向传导,显著增强位于产业链网络中的下游客户企业选择突破性创新的动机。(4)进一步研究发现,科技金融能够有效弥补市场发展不平衡短板和市场结构性失衡短板,发挥促进“专精特新”中小企业突破性创新发展的靶向作用。本文的研究结论丰富了科技金融与“专精特新”中小企业创新相关领域的研究,为实现创新驱动提供可靠经验证据和政策启示。
Specialized,refined,distinctive,and innovative small and medium-sized enterprises(SRDI SMEs)are crucial for achieving technological breakthroughs and overcoming technological shortfalls in key strategic fields,so they have received high attention.However,due to the""two highs and one light"(high technology input,high human capital input,and light assets)characteristics of SRDI SMEs and the lack of effective collateral,these SMEs face relatively strong financing pressure,and their technological innovation is still in a weak position.With the rapid development of digital technology and the large-scale emergence of technology-based enterprises,financial instruments have seen innovative development.As an innovative financial tool that promotes high-tech R&.D with financial capital,TechFin focuses on innovating financial products and services.It possesses core financial functions such as investment and financing,payment and settlement,risk management,and information management for technology-based enterprises and technological innovation,bringing new impetus to the development of SRDI SMEs.Therefore,this paper focuses on the impact of Tech-Fin on the innovation model selection of SRDI SMEs,aiming to provide a solid basis for the sustainable development of TechFin and the accelerated promotion of breakthrough innovation of these SMEs.Based on the data of SRDI SMEs listed on the Chinese A-share market from 2013 to 2023,this paper explores the impact of TechFin on the innovation model selection of these SMEs and its internal mechanisms.The findings of this paper are as follows.Firstly,TechFin can generate management incentive effects,human capital upgrading effects,and low-risk innovation effects,motivating SRDI SMEs to choose higher-quality breakthrough innovation rather than incremental innovation.Secondly,the promotion effect of TechFin on the choice of breakthrough innovation by SRDI SMEs is affected by the internal and external systems of enterprises.Specifically,enhancing the knowledge absorption capacity of enterprises,increasing the degree of industry competition,and improving government governance capabilities can strengthen the role of TechFin in supporting these SMEs to choose breakthrough innovation.Thirdly,affected by the collaborative effect of the industrial chain of SRDI SMEs,the role of TechFin in promoting these SMEs to choose breakthrough innovation can be positively transmitted along the industrial chain,significantly strengthening the motivation of downstream customer enterprises in the industrial chain network to choose breakthrough innovation.Fourthly,TechFin can effectively make up for the shortfalls of unbalanced market development and structural market imbalances,and play a targeted role in promoting the breakthrough innovation development of SRDI SMEs.The conclusions of this paper enrich research fields related to TechFin and the innovation of SRDI SMEs,providing reliable empirical evidence for realizing innovation-driven development.Compared with previous studies,the contributions of this paper are as follows.Firstly,from the perspectives of the constituent entities,connotative characteristics,and unique functions of TechFin,this paper summarizes that TechFin has two unique functions:dynamic resource allocation and cross-subject collaboration.Combining these two unique functions of TechFin,this paper verifies the transmission mechanism of""TechFin-generating management incentive effects,human capital upgrading effects,and low-risk innovation effects-SRDI SMEs choosing breakthrough innovation",enriching relevant research on the microeconomic consequences of TechFin.Secondly,by constructing a dataset of upstream suppliers and downstream customer enterprises of SRDI SMEs,this paper explores whether and how TechFin incentives for these SMEs to carry out breakthrough innovation can affect the innovation model selection of other enterprises in the industrial chain,and proposes that the incentive effect of TechFin on the breakthrough innovation of these SMEs has different transmission effects in the industrial chain,enriching empirical research on the development of SRDI SMEs.Thirdly,this paper focuses on the differences between TechFin and conventional financial tools and mainly explores the unique functions of TechFin,such as dynamic resource matching and cross-subject collaboration.It proposes that Tech-Fin has the function of making up for the shortfalls of market imbalance and structural market imbalance,which is a useful supplement to the current vigorous development of TechFin.
作者
何青
夏琴
庄朋涛
琚望静
HE Qing;XIA Qin;ZHUANG Pengtao;JU Wangjing(Nankai University,Tianjin,China)
出处
《经济学动态》
北大核心
2025年第7期96-114,共19页
Economic Perspectives
基金
国家自然科学基金重大项目“科技金融的基础理论与实证”(72495155)。
