贵州财经大学学报

贵州财经大学学报 ›› 2022 ›› Issue (05): 53-62.

• 金融经济 • 上一篇    下一篇

金融监管与中小企业技术创新——来自新三板企业的证据

李廷瑞, 张昭   

  1. 西安交通大学 经济与金融学院, 陕西 西安 710061
  • 收稿日期:2021-12-14 出版日期:2022-09-15 发布日期:2022-10-13
  • 作者简介:李廷瑞(1991—),女,陕西西安人,西安交通大学博士研究生,研究方向为宏观政策评估;张昭(1989—),男,陕西汉中人,西安交通大学副教授,研究方向为宏观经济学。
  • 基金资助:
    教育部人文社会科学研究规划基金项目"银行部门杠杆率对系统性金融风险的影响及宏观审慎监管研究"(19YJA790063)。

Financial Regulation and SME’s Technological Innovation—Evidence from NEEQ Companies

LI Ting-rui, ZHANG Zhao   

  1. School of Economics and Finance, Xi'an Jiaotong University, Xi'an, Shanxi 710061, China
  • Received:2021-12-14 Online:2022-09-15 Published:2022-10-13

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摘要： 借助中国金融新闻网高级检索,通过大数据挖掘的方法构建金融监管强度指标,并采用2012~2019年新三板挂牌企业数据,探究金融监管对中小企业技术创新的影响。研究发现,在金融严监管的背景下,中小企业的技术创新产出有所收缩。由金融歧视引致的信贷资源错配,使得金融监管对企业创新能力的抑制效应仅存在于中小、民营企业中,而对大型、国有企业的影响不显著。机制分析表明,宏观金融生态环境在金融监管与中小企业创新的关系中具有良性调节作用;而金融严监管会通过加剧中小企业的融资约束最终对其技术创新产生一定程度的负向冲击。研究结论为完善我国金融监管框架,畅通金融服务实体经济渠道,促进经济创新发展提供了政策启示。

关键词: 金融监管, 中小企业, 技术创新

Abstract: With the help of an advanced search on China Financial News, financial regulation intensity indicators were constructed through a big data mining approach, and data from 2012~2019 NEEQ were used to explore the impact of financial regulation on SMEs’ technological innovation. The study found that the technological innovation output of SMEs contracted in the context of tight financial regulation. The mismatch of credit resources caused by financial discrimination makes the inhibitory effect of financial regulation on firms’ innovation capacity only exist in small, medium and private firms, while the effect on large, state-owned firms is not significant. The analysis of the mechanism shows that the macro financial ecosystem has a benign moderating role in the relationship between financial regulation and SME innovation; while tighter financial regulation can ultimately have a negative impact on the technological innovation output of SMEs by increasing their financing constraints. The findings of the study provide policy insights for improving China’s financial regulatory framework, opening up channels for financial services to the real economy, and promoting the innovation development of SMEs.

Key words: financial regulation, SMEs, technological innovation

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