金融学院知识库

科技金融作为金融创新的重要保障，是提升金融服务实体经济效率的关键路径，并且对推动中小企业技术创新、提高经济发展质量影响深远。因此，研究科技金融对中小企业技术创新的影响对推动中国经济提质增效具有十分重要的现实意义。

本文以2012-2019年在沪深A股上市的中小企业为研究对象，探究科技金融对中小企业技术创新所产生的影响，对不同区域科技金融影响中小企业技术创新的差异性以及科技金融作用于中小企业技术创新的渠道进行分析，最后对政策性科技金融与市场性科技金融两者的内在关系进行了研究。研究结果表明，首先，科技金融的发展对于中小企业技术创新有着显著的正向作用，其中衡量科技金融的分指标中企业投入的促进效果更为显著。其次，科技金融对于中小企业技术创新的影响是具有区域性的，在西部财政科技投入的影响明显更甚于东中部，在东部商业银行贷款的影响更为显著，在中部则是企业投入效果显著；然后，对科技金融影响中小企业技术创新的渠道进行了中介效应检验，结果表明科技金融的发展能够通过降低企业融资约束，提高企业研发投入密度对中小企业技术创新产生促进效应。最后，由政策性科技金融与市场性科技金融的内在联系可知，两者之间的替代关系大于互补关系。最终根据以上结论提出相关的针对性建议。

As an important guarantee for financial innovation, technology finance is a key way to improve the efficiency of financial services to the real economy. And, it has a profound impact on promoting technological innovation of small and medium-sized enterprises (SMEs) and improving the quality of economic development. Therefore, it is of great practical significance to study the impact of technological finance on technological innovation of SMEs to promote the quality and efficiency of China's economy. 

The SMEs listed on the Shanghai and Shenzhen A shares from 2012 to 2019 are selected as the research object, the impact of technology finance on the technological innovation of SMEs is explored. The differences and channels for innovation in technological innovation of SMEs in different regions is analysed. the internal relationship between the branch policy-based technology finance and market-based technology finance of technology finance are studied. The research results are shown as follow:  firstly, the development of technology finance exhibits a significant positive effect on the technological innovation of SMEs. Among them, the promotion effect of enterprise R&D investment in the sub-index for measuring technology finance is more significant. Secondly, the influence of technology finance on the technological innovation of SMEs is regional. The influence of financial investment in science and technology in the western region is significantly greater than that in the eastern and central regions. The influence of commercial bank loans in the eastern region is more significant, and in the central region, the effect of corporate R&D investment is obvious. Moreover, the mediation effect of the technology finance on the technological innovation channels of SMEs is tested. The results show that the development of technology finance can promote the technological innovation of SMEs by reducing the financing constraints of enterprises and increasing the density of enterprise R&D investment. Finally, it is concluded that the substitution relationship is greater than the complementary relationship between the policy-based technology finance and market-based technology finance. According to the above conclusions, relevant suggestions are put forward.