科创企业的融资模式与创新产出——基于“双创政策”的自然实验

The Financing Mode and Innovation Quality of Scientific and Technological Enterprises：A Natural Experiment Based on

摘要:

关于企业融资模式与企业创新的关系,现有研究结论存在较大分歧。本文以2013-2018年中关村国家自主创新示范区科创企业为样本,基于“双创政策”实施设计自然实验,研究科创企业不同融资模式对创新产出的影响。研究发现,从不同融资模式占总融资额的比重来看,股权融资模式对于科创企业来说最为重要,其余依次为债务融资、内源融资、银行贷款。“双创政策”实施后,股权融资所占比重进一步提高。不同融资模式对科创企业创新产出的影响不同,内源融资、银行贷款对创新产出具有促进效应,而债务融资、股权融资会抑制科创企业的创新产出。特别是对于规模较小的科创企业,创新产出受不同融资模式的影响更为显著。“双创政策”的实施显著降低了小型科创企业股权融资、债务融资、内源融资、银行贷款对创新产出的影响。本文不仅为现有的学术分歧提供了稳健的经验证据,为科创企业相关研究提供借鉴,也对“双创政策”进一步拓展、深化具有参考价值。

Abstract:

There are different conclusions about the relationship between the financing mode and the innovation of enterprises. This paper takes the science and innovation enterprises in Zhongguancun national independent innovation demonstration zone from 2013 to 2018 as a sample, and design natural experiment based on the "Entrepreneurship and Innovation Policy" implementation, to study the impact of different financing modes of science and innovation enterprises on innovation quality. It is found that the order of preference for financing mode is equity financing, debt financing, endogenous financing and bank loan. After the implementation of the "Entrepreneurship and Innovation Policy", science and innovation enterprises prefer equity financing mode to a deeper extent. Different financing modes have different effects on the innovation quality of science and innovation enterprises. Endogenous financing and bank loan have promoting effects on the innovation quality, while debt financing and equity financing will inhibit the innovation quality of scientific and technological enterprises. Especially for small-scale science and innovation enterprises, the impact of financing modes on innovation quality is more significant. The implementation of "Entrepreneurship and Innovation Policy" has significantly reduced the impact of financing mode of small-scale science and innovation enterprises on innovation quality. This paper not only provides stable empirical evidence for the existing academic differences, provides reference for the relevant research of science and innovation