金融创新、资本配置与企业技术创新

当前，金融创新在企业技术创新过程中的作用日益凸显。金融创新一方面能够为企业技术创新提供更多融资方式和工具；另一方面可通过优化企业资本配置，间接促进企业技术创新。基于内生金融发展理论和内部资本市场有效理论，构建理论分析框架，从微观层面研究金融创新对企业技术创新的影响路径。以2011-2015年343家战略性新兴产业A股上市企业数据为研究样本，实证分析金融创新、资本配置与技术创新之间的关系。结果发现，金融创新能够通过提高企业资本配置效率正向促进战略性新兴产业上市企业技术创新。结论可为战略性新兴产业合理运用金融创新、提升企业资本配置效率进而促进技术创新提供理论参考。

Financial Innovation,Capital Allocation and Technical Innovation: Empirical Research on Listed Companies in Strategic Emerging Industry

The role of financial innovation in enterprises' technical innovation process has been increasingly prominent. On the one hand,financial innovation provides more financing manners and instruments for companies' technical innovation.On the other hand,it can also optimize capital allocation efficiency,so that it can promote technical innovation indirectly.This paper constructs the theoretical framework on the basis of endogenous financial development theory and the efficient internal capital market theory.This paper aims to study the path of financial innovation's influence on technical innovation at the micro level.We take 343 A-share listed strategic emerging industry companies data from 2011 to 2015 as the study sample and do the empirical analysis of the relationship among financial innovation, capital allocation and technical innovation.The results show that financial innovation can promote technical innovation through improving the efficiency of capital allocation in strategic emerging industry companies.The conclusion provides theoretical reference for strategic emerging industry companies to make best use of financial innovation and improve capital allocation efficiency,thus facilitating technical innovation.