企业创新链与资金链生态融合及水平测度研究——以生物医药企业为例

为促进创新链与资金链形成生态循环，推动企业高质量发展，从生态视角出发，运用系统分析方法，对企业创新链与资金链生态融合内涵进行界定，并分析其生态融合特征，构建两链生态融合系统模型，设计两链生态融合水平测度指标体系。基于规则的方法、熵权和物元可拓方法，设计指标数据评分规则与标准，构建两链生态融合水平测度模型，选47 家A 股上市生物制品企业为样本，测度两链生态融合水平。结果表明：生物医药企业创新链与资金链生态融合水平差异较大，存在薄弱环节，从两链融合系统环境、评价机制和平台建设提出建议，为反映两链生态融合程度和进行动态调整，以缓解企业创新融资约束和提高创新链资金配置效率提供理论方法和实际借鉴。

Research on the Ecological Integration and Degree Measurement of Enterprise Innovation Chain and Fund Chain: Taking Biomedical Enterprises as an Example

In order to promote the formation of an ecological cycle between innovation chain and capital chain, and promote the high-quality development of enterprises, this paper takes an ecological perspective and uses a system analysis method, defines the connotation of the ecological integration of enterprise innovation chain and capital chain, analyzes the characteristics of the ecological integration, builds a two-chain ecological integration system model, and designs the index system of the two-chain ecological integration level. The rules and criteria for index data scoring were designed using the rule-based methods, entropy weights and matter-element extension methods, a two-chain ecological integration level measurement model was constructed, and 47 A-share listed biological products companies were selected as samples to measure the ecological integration level of the two chains. The results show that there are large differences in the level of ecological integration between the innovation chain and the capital chain of biomedical enterprises, and there are weak links. This paper puts forward suggestions from the environment of the two-chain integration system, integration evaluation mechanism and platform construction, so as to provide theoretical methods and practical reference for reflecting the degree of two-chain ecological integration and dynamic adjustment, so as to alleviate the constraints of enterprises’ innovation financing and improve the efficiency of innovation chain capital allocation.