金融学院知识库

    随着“科技创新驱动发展，建设世界科技强国”战略的提出，科技型企业的创新和成果的转化备受关注，我国政府越来越强调科技与金融相融合，但是融资难仍是阻碍科技型企业发展和创新的突出问题，2011年10月人民银行联合科技部等推出科技与金融相结合的城市试点战略，着重解决科技型企业的融资难问题，促进科技与金融融合，使得金融创新更好的服务于企业的创新发展。

    文章首先阐明了科技金融对科技型企业融资难具有纾缓作用的理论基础，并从政府、市场和银行视角下进一步的分析科技金融对科技型企业融资难具有纾缓作用的重要举措，其次进行了异质性分析并提出相关假说。实证部分本文基于2009-2019年创业板上市企业面板数据，运用多期DID模型实证考察科技金融对科技型企业融资难的纾缓作用并进行了异质性检验和路径检验。研究结果表明：科技金融试点的实施提升了科技型企业的融资可得性，特别是科技型企业的短期融资可得性，并且基于随机前沿模型进一步验证了科技金融对科技型企业融资难具有纾缓作用。科技金融对缓解科技型企业融资难的作用具有明显的异质性，相较于国有企业，科技金融试点的实施更有助于缓解非国有科技型企业的融资难问题；相较于融资约束较低的企业，科技金融试点更有助于纾缓融资约束较高的科技型企业融资难问题；相较于知识产权保护力度较低的地区，科技金融试点在知识产权保护力度较高的地区越容易实施，对缓解科技型企业融资难的作用越明显。进一步研究发现，在分析科技金融对科技型企业融资难具有纾缓作用的影响路径上，科技金融试点的实施显著降低了企业的信息不对称和债务融资成本。

    最后以中关村科技金融发展为例，分析中关村科技金融的发展情况、特点以及面临的现实问题，进一步验证了实证结果并得出一定的启示，第一，要完善政策法规建设，发挥政府引导作用；第二，完善科技金融体系，拓宽融资渠道；第三，扩大科技与金融结合试点范围；第四，注重科技金融人才培养。本研究为科技金融试点进一步推广做出了参考，对促进科技型企业发展，缓解企业融资难，促进企业创新具有一定的作用。

  As "scientific and technical creation driven progress, construction of science and technology, world powers" tactic is put forward, much attention has been paid to creation and accomplishment conversion of technology company, the Chinese government is more and more emphasis on technology and the fusion of financial, but principal hardy is still outstanding matters of progress and creation of technology company, launched in October 2011 the People's Bank of China joint Ministry of Technology such as the combination of technology and financial city experimental point tactic, technology company principal hard problem to solve, to boost technology and financial integration, financial creation makes a better service for company creation and progress.

  This paper first clarifies the theoretical basis of the alleviating impact of sci-tech finance on the principal hardness of sci-tech companys, and ulteriorly assays the important measures of sci-tech finance on the principal hardness of sci-tech companys from the perspectives of the government, the market and the bank, and then carries on the heterogeneity analysis and puts forward the interrelated hypothesis. In the empirical part, based on the panel data of listed companys on the GEM from 2009 to 2019, we use the multi-period DID model to emptively investigate the mitigating impact of sci-tech finance on principal hardness of sci-tech companys, and carry out the heterogeneity test and path test. The outcomes indicate that the performance of technology finance experimental point boosts the principal availability of technology companys, especially the short-term principal availability of technology companys, and based on the stochastic frontier model, it ulteriorly verifies that technology finance has lightened impact on the principal hardness of technology company. The part of sci-tech finance in alleviating principal hardness of sci-tech company is markedly heterogeneous. Compared with state-owned company, the performance of sci-tech finance experimental point is more conducive to alleviating principal hardness of non-state-owned sci-tech company. Compared with the company with lower principal restriction, the technology finance experimental point is more helpful to lighten the principal hardness of high-tech company with higher principal restriction. Compared with areas with low coverture of intellectual property rights, it is easier for sci-tech finance experimental point to be applicated in areas with high coverture of intellectual property rights, and its impact on alleviating principal hardness of sci-tech companys is more obvious. ulteriorly research indicates that the performance of the experimental point technology finance can remarkable lessen the message dissymmetry and liability principal cost of companys in the analysis of the impact path of the technology finance on the principal hardy of technology-based companys.

    Finally, taking the progress of technology finance in Zhong guan cun as an case to assay the progress instance, traits and factual matters of technology finance in Zhong guan cun, ulteriorly verifying our empirical results and drawing some enlightenment. First, we should boost the structure of policies and rules and give play to the guiding part of the government. Second, boost technology finance system, widen the principal conduits; Third, boost the scope of experimental point projects to inosculate technology with finance; Fourth, take note of the training of Science and Technology Financial Talents. This research makes a consultion for the ulteriorly popularization of technology finance experimental point, and has a certain consultion denotation for boosting the progress of science and technology company, mitigating the principal hardness of company and boosting the creation of company.