上海市科技型中小企业不同生命周期阶段的政府资助效用研究

随着经济的发展，科技型中小企业日益成为经济的主体。在科技型中小企业的发展过程中，创新基金也正在发挥着日益重要的作用。以上海市264家接受政府创新基金资助的科技型中小企业为研究对象，运用多个财务指标，从偿债能力、营运能力、盈利能力、发展能力、成长能力等方面对创新基金处于不同生命周期的科技型中小企业的资助效用进行测量。研究发现，受资助后处于不同周期的企业其综合能力都得到了提高，但提高幅度大小不一，种子期提高幅度较大,而成长期和成熟期提高幅度相对较小。造成政府资助效用差异的原因和科技型中小企业不同生命周期阶段的经营特征、融资需求的差异有关。

The Effectiveness of Government Funding of mall and Medium-sized S&T Enterprise in Shanghai in Different Life Cycle Stage

With the development of economic,High-tech SMEs are increasingly becoming the main body. In the development of High-tech SMEs,government funding has been playing an important role. This research investigated 264 Shanghai High-tech SMEs and use financial indicators to estimate the effectiveness of Government Funding in the different life cycle stage. Our estimation is from four aspects,they are operation capacity,profitability,development capacity and the ability to grow. We find that after the government funding,the comprehensive capacity in all of the High-tech SMEs in different life cycle stage has been improved though range is different. Seed stage get the biggest improvement,Government should adjust the government funding effort and expand funding areas to increasing government funding effectiveness of Technology based SME based on different stages of corporate life cycle.