科技金融能促进企业高质量发展吗？
康艳玲1，王满2，陈克兢2
（1.东北财经大学 财政税务学院，辽宁 大连116025;
2.东北财经大学 会计学院，辽宁 大连116025）
摘要：本文以2011年和2016年分批实施的“促进科技和金融结合试点”政策为外生冲击，基于创新视角探讨了科技金融试点政策对企业经济高质量发展的推动作用。研究发现：科技金融试点政策显著促进了企业的实质性创新而非策略性创新。融资约束渠道的结果表明，科技金融试点政策通过引导银行加大科技信贷支持、设立科技金融专营机构和支持企业在多层次资本市场中融资等方式来促进企业创新；财政科技投入渠道的结果表明，科技金融试点政策可以通过提高创新相关税收优惠和创新补助来促进企业创新。异质性分析结果表明，科技金融试点政策对非国有企业、高科技企业的影响更为显著。最后，科技金融试点政策通过创新来推进企业高质量发展。本文证实了科技金融对于促进经济高质量发展有着积极的意义，为科技和金融结合政策的全面推广提供可靠的理论依据。
关键词：高质量发展；创新；科技金融；融资约束；财政科技投入
主要研究结论：作为科技创新的重要支撑，金融不仅是联系经济与科学技术的纽带，也是推动科技成果转化的能源。基于《促进科技与金融结合试点实施方案》这一试点政策的外生冲击，本文以2007年至2019年深市中小板和创业板的上市公司8470个公司年度观测样本为研究对象，采用多期双重差分法检验了科技金融对企业创新的影响机制，证实了科技金融政策对经济高质量发展的积极作用。研究发现：
（1）科技金融政策可以显著提升企业的实质性创新，但是对策略性创新并无显著影响。该结论在经过一系列内生性测试和稳健性检验之后依然成立。
（2）科技金融政策主要通过融资约束渠道和财政科技投入渠道来影响企业创新。科技金融政策可以通过引导银行加大科技信贷支持、设立科技金融专营机构和支持企业在多层次资本市场中融资来缓解融资约束，进而促进企业创新。科技金融政策可以通过创新相关税收优惠和创新补助来促进企业创新。科技金融政策对不同企业产权性质、行业科技属性的影响存在异质性。科技金融政策对非国有企业、高科技企业的影响更为显著。
（3）科技金融政策可以通过企业实质性创新来促进高质量发展。由此可见，科技金融政策对于推进我国经济高质量发展有着积极的意义，这为科技和金融结合政策的全面推广提供可靠的理论依据，具有较强的现实意义。
Can science and technology finance promote high-quality development of enterprises?
Kang Yanling1, Wang Man2, Chen Kejing2
(1. School of Public Finance and Taxation, Dongbei University of Finance & Economics, Dalian 116025, Liaoning, China;
2. School of Accounting, Dongbei University of Finance & Economics, Dalian 116025, Liaoning, China)
Abstract:China′s economy is experiencing a transition from a phase of rapid growth to a stage of high-quality development, and the economic growth mode is changing from being pushed by nature resources to being pulled by innovation. Innovation has become an effective way to enhance an enterprise′s market competitiveness, and finance played a decisive role in this process. Thus, the combination between finance and technology is the most effective way to promote an enterprise′s technological innovation and improve its competitiveness. However, the influencing role of science and technology finance remain controversial. The strong connection between the measurement of technological finance and macro-economic variables leads to serious endogeneity issues. The policy of "promoting the pilot integration of technology and finance" issued in 2011 by the Ministry of Science and Technology and other competent departments provides us with an excellent cooperation opportunity to examine the relationship between science and technology finance and firm innovation.
Based on the policy of "promoting the pilot integration of technology and finance" implemented in batches in 2011 and 2016, this paper studied the role of the policy in promoting high-quality corporate development from the perspective of innovation. We found that: firstly, the policy of science and technology finance significantly promotes the substantive innovation of enterprises rather than strategic innovation. The results are robust after a battery of tests, including placebo tests, controls for other policy effects and introduction of alternative explanatory variables. Secondly, the results of mechanical tests on financing constraints showed that the policy of science and technology finance can guide banks to increase technological credit support, establish specialized institutions, and support enterprises to raise funds in the multi-level capital market to promote corporate innovation. And the results of mechanical tests on government spending on science and technology show that science and technology finance policy can promote corporate innovation through innovation-related tax incentives and innovation subsidies. The cross-sectional analyses showed that the policy of science and technology finance has a more significant impact on non-state-owned enterprises and high-tech enterprises. Finally，the policy of science and technology finance promote high-quality development of enterprises through innovation.
This paper contributes to the literature from three aspects. First, we use difference-in-difference (DID) model to solve potential endogenous issues based on the policy of "promoting the pilot integration of technology and finance", which was implemented in batches in 2011 and 2016 to examine the impact of technology and finance on corporate innovation. Second, this paper extended the literature on the influencing factors of corporate innovation. Although a lot of literature have examined the determines of innovation, the role of science and technology finance on corporate innovation has been unclear. This paper confirms the essential role of technology and finance in enterprise innovation, and sorts out the channels through which the technology finance policy affects corporate innovation from the perspectives of financing constraints and financial technology investment, helps to clarify the effect of the technology finance policy in practical and in academic and enriches the existing literature on research on the mechanism of technological finance′s impact on corporate innovation. Third, this paper confirms that science and technology finance have significantly positive effect in promoting high-quality economic development, and provides a reliable theoretical basis for the comprehensive promotion of technology and finance integration policies.
Key words: high-quality development; innovation; science and technology finance; financial constraint; financial investment in science and technology
引用本文：康艳玲,王满,陈克兢.科技金融能促进企业高质量发展吗?[J].科研管理,2023,44(7):83-96.
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