将信贷约束渠道纳入分析框架，运用2012年世界银行对中国企业经营环境的调查数据，采用非线性回归模型对政府采购促进企业技术创新的作用进行拓展研究。实证研究发现，政府采购通过有效缓解信贷约束，进而显著推动企业技术创新，即信贷约束发挥了重要中介作用。在运用工具变量弱化内生性问题，以及运用Norton方法重新处理交互项和替换代理变量进行稳健性检验后，上述结论仍然成立。进一步实证考察发现，对于面临更强信贷约束的民营企业、中小企业和资本技术密集型企业，政府采购促进其技术创新的中介效应更为突出。旨在进一步释放企业创新活力和促进经济高质量发展，需要强化政府采购促进创新的政策导向，增强政府采购缓解信贷约束的功能，在采购实施中兼顾效率和平衡。

Using nonlinear regression model (NLRM) and the data derived from the Business Environment and Enterprise Performance Survey (BEEPS,2012) conducted by the World Bank, we do research on the impact of government procurement on corporate technological innovation with credit constraints taken into consideration. Our empirical study finds that government procurement effectively alleviates credit constraints and thus significantly promotes corporate technological innovation. In other words, credit constraints play an important intermediary role. After using instrumental variables to weaken endogenous problems, and using Norton method to deal with interaction items and replace proxy variables for robustness test, the above conclusions are still valid. Further empirical study shows the interaction effect is more pronounced for privately held, small-scale and capital and technology intensive corporates, which suffer from stronger credit constraints. Therefore, in order to release the innovation vitality of enterprises and promote high-quality economic development, this paper highly recommend consolidating the policy guidance of government procurement to promote innovation. At the same time, it is necessary to strengthen the channel function of government technology procurement in bank credit obtaining and strike a balance between efficiency and equilibrium.

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国家社会科学基金重点项目“金融发展与科技创新：理论和中国经验”（批准号：13AJL005）；教育部重点研究基地重大项目“城乡协调发展进程中的农村金融创新研究”（批准号：17JJD790017）