外部融资方式、金融发展与中小企业创新

创新在我国经济发展的过程中有着不可忽视的作用，中小企业作为社会生产力的重要组成部分对推进我国创新水平的提高有着不可忽视的影响。以2011-2018年728家上市公司为样本，从直接和间接两种方式、规模和效率两个角度测量了金融发展，本文分析其对中小企业研发投入的影响，并在此基础上研究了不同外部融资方式在这一关系中的调节作用。结果表明：间接金融效率的发展有效促进了研发投入的提高；直接金融的发展没能发挥显著影响。外部融资方式方面，债权融资会削弱金融发展对研发投入的正向影响；股权融资的作用因金融发展程度的不同而不同。本研究为推进中小企业创新，促进金融结构优化提供了一定的经验证据。

External Financing Methods, Financial Development and SME Innovation

Innovation has a non-negligible role in the process of China''s economic development. SMEs, as an important part of social productivity, have a non-negligible impact on the promotion of China''s innovation level. Based on the sample of 728 listed companies in 2011-2018, this paper comprehensively measures the development of macro finance from the perspective of direct indirect scale and efficiency, and analyzes its impact on SME R&D investment. Based on this, the moderating role of different external financing methods in this relationship is studied. The results show that the development of indirect financial efficiency has effectively promoted R&D investment; the development of direct finance has failed to exert a significant impact. In terms of external financing methods, debt financing will weaken the positive impact of financial development on R&D investment; the role of equity financing varies with the degree of financial development. This article provides some empirical evidence for promoting innovation of SMEs and optimizing the financial structure.