科技金融投入对科创企业全要素生产率的影响 ——来自G60科创走廊的实证分析

The influence of sci-tech financial input on total factor productivity of Sci-tech innovation enterprises: An empirical analysis from G60 Sci-Tech Innovation Corridor

摘要:

科创走廊作为区域科技创新网络的一种组织形式，研究其区域内科技金融投入与全要素生产率的关系，有助于促进资源合理分配，更好地实施创新驱动发展战略。本研究以2016-2022年长三角G60科创走廊九个城市内科创型上市企业为样本，实证分析科技金融投入对科创企业全要素生产率的影响及作用机制。研究发现，科技金融投入的增加能显著提高科创企业的全要素生产率。利用工具变量法和系统GMM缓解内生性问题后，结果依然稳健。机制分析表明，通过拓展企业创新边界和缓解融资约束两个渠道，科技金融投入显著提高科创企业全要素生产率。异质性分析表明，对于在技术变化速度较快行业企业、非国有企业的科创企业，科技金融投入对全要素生产率的促进作用更加明显。进一步分析显示，科技金融投入下科创企业全要素生产率的提升，能够在数字技术创新方面带来显著效果，对科创企业“新质生产力”的提升具有促进作用。

Abstract:

The G60 Science and Technology Innovation Corridor, as an organizational form of regional science and technology innovation network, studying the relationship between science and technology finance input and total factor productivity in the region can help promote the rational allocation of resources and better implement the strategy of innovation-driven development. This study samples nine science and technology-oriented listed companies located in nine cities along the G60 Science and Technology Innovation Corridor in the Yangtze River Delta region between 2016 and 2022. It empirically examines the impact of science and technology finance input on the total factor productivity of these enterprises, as well as the underlying mechanisms that drive this impact. The study found that the increase in science and technology finance input can significantly improve the total factor productivity of science and technology enterprises. After using the instrumental variable method and system GMM to alleviate the endogeneity problem, the results remain robust. The mechanism analysis shows that science and technology finance input significantly improves the total factor productivity of science and technology enterprises through two channels: expanding the enterprise's innovation boundary and alleviating financing constraints. The heterogeneity analysis shows that for science and technology enterprises in industries with fast technological change and non-state-owned enterprises, the promotion of total factor productivity by science and technology finance input is more obvious. A deeper analysis reveals that the enhancement of total factor productivity among science and technology enterprises within the G60 Science and Technology Innovation Corridor, facilitated by science and technology finance input, can yield notable effects in the realm of digital technology innovation, thus fostering the advancement of "new-quality productivity" among these enterprises.