摘要
在新发展格局下,推动中小微企业向“专精特新”方向发展,已经提升至国家战略层面。本文选取2019—2022年我国科创板、创业板和北交所上市的专精特新“小巨人”企业样本,实证研究了专精特新“小巨人”认定与企业创新绩效的关系及影响机理,并探讨了一系列外部环境和企业内部特征因素对专精特新“小巨人”认定与企业创新绩效关系的影响。研究发现,专精特新“小巨人”的认定提高了企业创新绩效,且这一促进效应在科创板和北交所市场更加显著。机制检验发现,企业专精特新“小巨人”认定后信贷资源得到进一步配置,从而为企业创新绩效的提升提供了路径和保障。以上结论经过内生性和稳健性检验后仍然成立。拓展性检验发现,新冠疫情降低了专精特新“小巨人”认定对企业创新绩效的提高效应;在民营企业和机构投资者持股比例高的企业中,专精特新“小巨人”认定发挥了更强的作用。
Under the new development paradigm,promoting small and medium-sized micro enterprises to develop in a"specialized,refined,special and innovative"direction has been elevated to the national strategy level.This paper selects the sample of specialized,refined,special and innovative"little giant"enterprises listed on China's Sci-Tech Innovation Board,ChiNext and Beijing Stock Exchange markets from 2019 to 2022,and empirically studies the relationship between the identification of specialized,refined,special and innovative"little giants"and corporate innovation performance and its influencing mechanism.It also explores the impact of a series of external environment and corporate internal characteristic factors on the relationship between the identification of specialized,refined,special and innovative"little giants"and corporate innovation performance.The research finds that the identification of specialized,refined,special and innovative"little giants"improves corporate innovation performance,and this promotion effect is more significant in the Sci-Tech Innovation Board and Beijing Stock Exchange markets.The mechanism test finds that after being identified as specialized,refined,special and innovative"little giants",enterprises obtain further allocation of credit resources,which provides a path and guarantee for improving corporate innovation performance.The above conclusions still hold after endogenous and robustness tests.Expanded tests find that the COVID-19 pandemic reduces the improvement effect of identifying specialized,refined,special and innovative"little giants"on corporate innovation performance;the identification of specialized,refined,special and innovative"little giants"plays a greater role in private enterprises and enterprises with higher proportions of institutional investor shareholdings.
作者
王言
薛增家
WANG Yan;XUE Zengjia(PBC School of Finance, Tsinghua University;Postdoctoral Research Station,Hua Xia Bank;Investment Banking Department,Hua Xia Bank)
出处
《金融经济》
2023年第10期3-17,共15页
Finance Economy
基金
北京市博士后工作经费资助项目“商业银行创新‘专精特新’企业金融顾问服务研究”(2022-ZZ-140)。
关键词
专精特新“小巨人”
信贷资源配置
企业创新绩效
新冠疫情
信贷行为
Specialized,refined,special and innovative"little giants"
Credit resource allocation
Corporate innovation performance
COVID-19 pandemic
Credit behavior
