| 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 |
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| 引用本文： | 杨松令,张雄,李付彩.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[J].科技管理研究,2021,41(8):87-93. |
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| 作者姓名： | 杨松令 张雄 李付彩 |
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| 作者单位： | 北京工业大学经济与管理学院,北京 100124 |
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| 基金项目： | 国家社会科学“新时代背景下跨层次公司社会网络对双元创新的影响研究”,项目编号：18BGL090 |
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| 摘 要： | 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克服内生性问题,并按照企业规模分组来考察科创企业融资模式对企业创新产出的影响.研究发现:股权融资模式对于科创企业来说最为重要,其余依次为内源融资、银行贷款, “双创”政策实施后企业股权融资所占比重进一步提高,内源融资所占比重逐年下降,表明我国科创企业存在一定的过度投资现象;内源融资和银行贷款对科创企业的创新产出具有促进效应,而股权融资由于会使企业控制权分散、核心科技人员创新热情减弱等而抑制企业的创新产出,特别是对于规模较小的科创企业,企业创新产出受不同融资模式的影响更为显著;“双创”政策实施显著降低小型科创企业内源融资、银行贷款、股权融资对企业创新产出的影响.研究得到主要启示如下:政府相关部门应帮助企业完善公司治理、调整融资决策,并进一步完善资本市场体系及相关制度,鼓励科创企业执行双重股权制度;进一步完善小型科创企业管理制度、提高企业规范化程度,并进一步改善企业的创新环境.
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| 关 键 词： | 科创企业 融资模式 创新产出 “双创”政策 自然实验 企业规模 |
| 收稿时间： | 2020/8/21 0:00:00 |
| 修稿时间： | 2021/4/27 0:00:00 |
Financing Mode and Innovation Output of Scientific and Technological Innovation Enterprises: A Natural Experiment Based on Mass Entrepreneurship and Innovation Policies |
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| Yang Songling,Zhang Xiong,Li Fucai.Financing Mode and Innovation Output of Scientific and Technological Innovation Enterprises: A Natural Experiment Based on Mass Entrepreneurship and Innovation Policies[J].Science and Technology Management Research,2021,41(8):87-93. |
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| Authors: | Yang Songling Zhang Xiong Li Fucai |
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| 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 |
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| Keywords: | Science and Innovation Enterprises Financing Mode Innovation Quality Entrepreneurship and Innovation policy Natural Experiment |
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