经济与管理研究2025，Vol.46Issue(5)：56-69,14.DOI:10.13502/j.cnki.issn1000-7636.2025.05.004
金融发展促进了专精特新企业创新转化吗?
Does Financial Development Promote Innovation Transformation of SRDI Enterprises?
摘要
Abstract
Innovation transformation serves as a pivotal indicator in evaluating the independent innovation capacity of specialized,refined,distinctive,and innovative(SRDI)enterprises,while financial development directly influences both the sources of funding and the cost of capital acquisition.This paper conceptualizes financial development along two dimensions:scale and structure.It uses the deposit balance of financial institutions as a proxy variable for the scale and employs both the frequency of venture capital activities and the breadth of digital finance coverage as measures of structure.By adopting the data envelopment analysis(DEA)method,the paper quantifies innovation transformation efficiency and investigates the influence of financial development on the innovation transformation efficiency of SRDI enterprises.Moreover,by integrating the industry characteristics of these enterprises with data availability considerations,the evaluation framework is bifurcated into input and output indicators to capture the overall level of innovation transformation in SRDI enterprises. The empirical results reveal that both the scale and structure of financial development exert a positive influence on enhancing the innovation transformation efficiency of these enterprises.Mechanism tests further demonstrate that financial development alleviates financing constraints and reduces the cost of capital acquisition,thereby effectively bolstering innovation transformation efficiency.These beneficial effects are particularly pronounced in regions with advanced financial technology(FinTech)and among enterprises with substantial R&D investments.Based on these findings,it is recommended that credit allocation to SRDI enterprises be increased,governmental guidance on venture capital be optimized,and the adoption of digital finance and FinTech applications be vigorously promoted to further enhance innovation transformation efficiency and support high-quality economic development. The innovative contributions are threefold.First,focusing on SRDI enterprises,this paper fills a gap in the literature on the mechanisms and efficiency of financial support for innovation transformation in these enterprises.Second,this paper transcends the conventional focus on the scale of financial development by systematically elucidating the impact of financial development on innovation transformation through the structural perspectives of venture capital and digital finance.Third,acknowledging the high-risk and technologically novel nature of the innovation transformation in these enterprises,this paper introduces indicators for the frequency of venture capital activities and funding scale,thereby uncovering the intrinsic mechanisms that enhance innovation transformation efficiency in high-risk,high-tech environments.This provides new theoretical insights and robust empirical evidence for a deeper understanding of the relationship between financial development and innovation transformation.关键词
金融发展/风险投资/数字金融/专精特新企业/创新转化Key words
financial development/venture capital/FinTech/SRDI enterprises/innovation transformation分类
管理科学引用本文复制引用
杨宜,刘祖娴,赵睿..金融发展促进了专精特新企业创新转化吗?[J].经济与管理研究,2025,46(5):56-69,14.基金项目
教育部人文社会科学研究一般项目"'三链融合'视域下科技金融支持成果转化的机制、效率与路径优化研究"(24YJA790098) （24YJA790098）
