高庆祝　张世梅

摘要：技术创新离不开金融体系的支持，但何种金融结构更有利于技术创新是一个亟需研究的问题。利用2005—2015年中关村高新技术企业面板数据，检验了研发投资与企业创新绩效的关系;进而分析了信贷融资和股权融资对上述二者关系的影响。结果显示，研发投资与企业创新绩效呈显著正相关关系;信贷融资正向调节研发投资与创新绩效间关系，而股权融资对研发投资与创新绩效间关系起负向调节作用。对高新技术企业创新融资的内在逻辑进行了深入探讨，有助于深入理解不同外源融资渠道对研发投资与创新绩效关系的影响，也为决策者选择合理融资渠道、优化金融资源配置提供了经验证据和决策参考。

关键词：信贷融资;股权融资;研发投资;创新绩效;调节效应

中图分类号：F062.4         文献标识码：A

文章编号：0439-8114（2020）04-0177-07

Abstract： Technological innovation is inseparable from the support of the financial system， but what kind of financial structure is more conducive to technological innovation is an urgent problem. Using the panel data of Zhongguancun High-tech Enterprises from 2005 to 2015， the relationship between R&D investment and corporate innovation performance was tested. And  the impact of credit financing and equity financing on the relationship was also analyzed. The results showed that R&D investment had a significant positive correlation with corporate innovation performance; credit financing positively regulates the relationship between R&D investment and innovation performance; and equity financing plays a negative role in regulating R&D investment and innovation performance. The deeply discussion on the inter-logic of high-tech enterprise innovation financing was helpful to understand the impact of different external financing channels on the relationship between R&D investment and innovation performance. It also provided empirical evidence and decision reference for decision makers to take reasonable financing channels and optimize financial resource allocation.

Key words： credit financing; equity financing; R&D investment; innovation performance; moderating effect

创新是引领发展的第一动力，是建设现代化经济体系的战略支撑。作为国家创新体系核心主體的企业，其创新能力的提升直接关系国家创新能力的提升和创新型国家建设[1]。技术创新离不开金融的支持，然而，什么样的金融结构能够更好地服务和促进科技创新，现有研究尚未得出明确的结论。金融结构由不同金融制度安排构成，这些金融制度安排在资金配置、价值发现、风险分散、风险控制等方面各有不同[2]，对于何种金融制度安排更有利于技术创新，现有研究亦尚未达成一致结论[3]。

目前，中国已经形成了由银行主导金融资源分配的金融结构，由于银企间的信息不对称，外加高新技术企业可抵押资产不足、不确定较高，银行出于理性考虑会对该类企业实行信贷配给，进而可能会对企业研发创新活动造成影响[4]。……