分析师跟踪、内控有效性与科技型中小企业创新

基于2009-2017年创业板317家科技型中小企业数据，从发明专利产出视角，探究分析师跟踪、内部控制有效性与企业技术创新的关系。结果显示，分析师跟踪人数显著提升了企业发明专利产出，内部控制有效性在分析师跟踪人数与企业发明专利产出关系中起部分中介作用，且在融资约束程度较高的企业中更为显著。即企业内外部治理机制有效配合对科技型中小企业技术创新发挥促进效应，且该效应在企业融资约束程度较高时更为显著。

Analyst Tracking,Internal Control Effectiveness,and

Based on the data of 317 Sci-tech SMEs in China Growth Enterprise Market from 2009 to 2017, this paper explores the relationship between analyst tracking, internal control effectiveness and technological innovation of SMEs from the perspective of invention patent output. The study finds that the number of analysts significantly increases the company's invention patent output, and the effectiveness of internal control plays the mediating role in the influence of analysts' tracking on the company's invention patent output, and the mediating effect is more significant in companies with higher degree of financing constraints. The above research results show that the effective cooperation of internal and external governance mechanisms promotes the technological innovation of Sci-tech SMEs, and this effect is more obvious when corporate financing constraints are higher.