融资方式与小微企业创新——基于中国小微企业调查的实证研究

双循环新发展格局下,企业应对国际国内新形势实现转型发展要以创新为本.小微企业作为国民经济的重要支柱,推动小微企业创新发展对于扩大就业、改善民生具有重要意义.然而,融资难、融资贵的问题阻碍了小微企业创新发展.当前,有关融资和小微企业创新发展相结合的研究还十分缺乏.文章利用中国小微企业调查(CMES)的数据,实证检验了来自银行和信用合作社的正式融资和来自民间借贷的非正式融资对小微企业研发创新的影响.实证结果表明:来自正规金融机构的贷款有助于促进小微企业开展研发创新活动,提高小微企业研发与创新投入;来自非正规金融机构的贷款会在一定程度上抑制小微企业的研发与创新投入.基于此,从金融机构和小微企业两个方面提出了缓解资金约束以促进小微企业创新发展的政策建议.

Financing and innovation of micro enterprises: An empirical research based on the CMES

Under the new development pattern of dual cycles, enterprises should take innovation as the basis to treat the transformation and development of the new international and domestic situation. As an important pillar of the national economy, it is of great significance to promote the innovation and development of small and micro enterprises to expand employment and improve people''s livelihood. However, the problem of difficult financing and expensive financing hinders the innovation and development of small and micro enterprises. At present, the research on the combination of financing and innovation and development of small and micro enterprises is still very lacking. This article uses data from the China Micro Enterprise Survey (CMES) to empirically test the impact of formal financing from banks and credit cooperatives and informal financing from private loans on the R&D innovation of micro enterprises. The results show that loans from formal financial institutions can help promote micro enterprises to carry out R&D and innovation activities and increase their investment in R&D and innovation. Loans from informal financial institutions will inhibit the R&D and innovation of micro enterprises to a certain extent. Based on this, policy recommendations for alleviating capital constraints to promote the innovative development of micro enterprises have been proposed from both financial institutions and micro enterprises.