制造业上市公司创新链与资金链耦合协调度及其影响因素研究

Research on the Coupling Coordination Degree of Innovation Chain and Capital Chain of Listed Manufacturing Companies and Its Influencing Factors

摘要:

围绕创新链部署资金链是提升我国创新体系整体效能的重要支撑,但目前我国创新体系仍存在着创新链和资金链耦合程度不高而导致资金注入不及时、资金错配和科技成果转化率低等问题。本文基于2015-2021年制造业上市公司数据,运用耦合协调度模型和结构方程模型,测算了“两链”耦合协调的整体特征,探讨了内外部因素对制造业上市公司“两链”耦合协调度的影响机理和路径。研究发现:(1)制造业上市公司“两链”耦合协调度一直属于勉强协调发展型。(2)从直接效应来看,创新链和资金链发展水平的提升会加速推进“两链”耦合协调度的提升,营商环境、创新环境以及公司治理的优化有利于提高资金链和创新链发展水平。(3)从间接效应来看,营商环境对“两链”耦合的作用效应最大,创新环境次之,公司治理较低,且前两者主要通过提升上市公司创新链整体效能的路径影响两链耦合协调度,后者主要通过提升上市公司资金链整体效能的路径影响两链耦合协调度。基于此,从促进创新链与资金链协同发展以及充分利用地区宏观环境优势方面提出推动制造业上市公司“两链”深度耦合的路径。

Abstract:

Deploying the financial chain around the innovation chain is an important support for enhancing the overall effectiveness of China"s innovation system. However, at present, China"s innovation system still suffers from the problems of untimely injection of funds, mismatch of funds and low rate of transformation of scientific and technological achievements due to the low degree of coupling between the innovation chain and the financial chain. This paper is based on data from listed manufacturing companies from 2015-2021.Using the coupling coordination degree model and structural equation model, the overall characteristics of the "two chains" coupling coordination were measured, and the mechanism and path of the influence of internal and external factors on the "two chains" coupling coordination degree of listed companies in the manufacturing industry were explored. Research Findings: (1) The degree of coordination of the "two-chain" coupling of listed manufacturing companies has always belonged to the type of barely coordinated development. (2) From the point of view of direct effect, the improvement of the level of development of the innovation and financial chains will accelerate the improvement of the degree of coordination of the coupling of the "two chains". The optimization of the business environment, innovation environment and corporate governance is conducive to improving the development of the capital and innovation chains. (3) In terms of indirect effects, the business environment has the largest effect on the coupling of the "two chains", followed by the innovation environment and to a lesser extent corporate governance. And the former two mainly affect the degree of coupling coordination between the two chains through the path of improving the overall effectiveness of the innovation chain of listed companies, while the latter mainly affects it through the path of improving the overall effectiveness of the capital chain of listed companies. Based on this, the path to promote the deep coupling of the "two chains" of listed manufacturing companies is proposed in terms of promoting the synergistic development of the innovation chain and the capital chain as well as making full use of the advantages of the regional macro-environment.