微观企业视角下不同融资来源对科技创新效率影响的实证研究——基于江苏省科技创新企业面板数据分析

文章从微观企业角度出发，运用面板数据分析中的固定效应模型，实证研究了不同融资来源对科技创新企业创新效率的影响。分析认为，江苏省的科技创新企业对内源融资的依赖依然比较大，尽管外源融资对科技创新有显著的促进作用，但仍需进一步加强。在外源融资中，银行、小贷公司、民间借贷、财政支持、国家政策性贷款、PC、vE等不同的融资渠道为企业科技创新提供了有力的金融支持，民间借贷发挥作用最大。

Influences of Different Financing Sources on Enterprises＇ Scientific and Technological Innovation Efficiency： A Microscopic Perspective and an Empirical Study

Different financing sources exert different influences on the innovation efficiency of scientific and technological innovation-oriented enterprises. This paper, using fixed effects model for panel data analysis, studies the influences from a microscopic perspective. According to the analysis, enterprises in Jiangsu Province rely mainly on internal financing, but less on external financing though it can significantly promote scientific and technological innovation. External financing sources, such as bank loans, loans from micro-credit companies, private lending, financial support, policy-related bank loans, PC, and VE etc., especially private lending, provide powerful financial support to enterprises＇ scientific and technological innovation.