金融小镇对科技型中小企业融资的促进作用——以千灯湖创投小镇为例
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摘要
本文以千灯湖创投小镇为例,探讨如何发挥金融小镇对科技型中小企业融资的促进作用。我国科技型中小企业的融资现状表现为难以获得融资以及融资成本高。金融小镇能够通过发展产业投资基金、发挥政府资金的引导作用、培育科技金融、构建金融服务与信用平台、构建民间财富管理平台以及建立产权交易平台等促进科技型中小企业融资。但金融小镇建设中存在竞争激烈、创投基金产业体系构建不清晰、缺乏系统空间谋划以及运营主体错位等问题,需突出发展特色、完善创投基金产业体系、注重"产、城、人"融合发展以及加强政府服务意识,更好发挥金融小镇对科技型中小企业融资的促进作用。
This paper takes Qiandenghu Venture Capital Town as an example to discuss how financial towns promote the financing of technology-based small and medium-sized enterprises.The current financing situation of technology-based small and medium-sized enterprises in China is difficult to obtain financing and high financing cost. Financial towns can promote the financing of technology-based small and medium-sized enterprises by developing industrial investment funds, exerting the guiding role of government funds, cultivating scientific and technological finance, building financial services and credit platforms, building private wealth management platforms and establishing property rights trading platforms. But many problems exist in the development of financial towns. First, the competition of financial towns in China is fierce. Second, the venture capital fund industry system construction is not clear. Third, the space system planning is defective. Forth, the operation subject is misplaced. It needs to highlight the characteristics of the development, perfect the system of the venture capital industry, pay attention to the "production, city and people" integration development and strengthen the government service consciousness. Then financial towns can better promote the financing of technology-based small and medium-sized enterprises.
This paper takes Qiandenghu Venture Capital Town as an example to discuss how financial towns promote the financing of technology-based small and medium-sized enterprises.The current financing situation of technology-based small and medium-sized enterprises in China is difficult to obtain financing and high financing cost. Financial towns can promote the financing of technology-based small and medium-sized enterprises by developing industrial investment funds, exerting the guiding role of government funds, cultivating scientific and technological finance, building financial services and credit platforms, building private wealth management platforms and establishing property rights trading platforms. But many problems exist in the development of financial towns. First, the competition of financial towns in China is fierce. Second, the venture capital fund industry system construction is not clear. Third, the space system planning is defective. Forth, the operation subject is misplaced. It needs to highlight the characteristics of the development, perfect the system of the venture capital industry, pay attention to the "production, city and people" integration development and strengthen the government service consciousness. Then financial towns can better promote the financing of technology-based small and medium-sized enterprises.
引文
[1] 顾群,翟淑萍.融资约束、研发投资与资金来源——基于研发投资异质性的视角[J].科学学与科学技术管理,2014,(3):15-22.
[2] 卢馨,郑阳飞,李建明.融资约束对企业 R&D 投资的影响研究——来自中国高新技术上市公司的经验证据[J].会计研究,2013,(5):51-58.
[3] 王文华,张卓.金融发展、政府补贴与研发融资约束——来自A股高新技术上市公司的经验证据[J].经济与管理研究,2013,(11):51-57.
[4] 刘春玉.研发投资融资约束及其外部融资依赖性——基于上市公司的实证研究[J].科技进步与对策,2014,(4):20-25.
[5] Cincera M,Ravet J,Veugelers R.R&D Financing Constraints of Young and Old Innovation Leaders in the EU and the US[R].Icite Working Papers,2014,(2):106-113.
[6] Myers S C,Majluf N S.Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have[J].Journal of Financial Economics,1984,(2):187-221.
[7] Kaplan S N,Zingales L.Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?[J].Quarterly Journal of Economics,1997,(1):169-215.
[8] 屈文洲,谢雅璐,叶玉妹.信息不对称、融资约束与投资—现金流敏感性[J].经济研究,2011,(6):105-117.
[9] 汪海粟,吴祺.国有资本扶持科技型中小企业发展功能的再认识[J].科技进步与对策,2017,(22):35-40.
[2] 卢馨,郑阳飞,李建明.融资约束对企业 R&D 投资的影响研究——来自中国高新技术上市公司的经验证据[J].会计研究,2013,(5):51-58.
[3] 王文华,张卓.金融发展、政府补贴与研发融资约束——来自A股高新技术上市公司的经验证据[J].经济与管理研究,2013,(11):51-57.
[4] 刘春玉.研发投资融资约束及其外部融资依赖性——基于上市公司的实证研究[J].科技进步与对策,2014,(4):20-25.
[5] Cincera M,Ravet J,Veugelers R.R&D Financing Constraints of Young and Old Innovation Leaders in the EU and the US[R].Icite Working Papers,2014,(2):106-113.
[6] Myers S C,Majluf N S.Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have[J].Journal of Financial Economics,1984,(2):187-221.
[7] Kaplan S N,Zingales L.Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?[J].Quarterly Journal of Economics,1997,(1):169-215.
[8] 屈文洲,谢雅璐,叶玉妹.信息不对称、融资约束与投资—现金流敏感性[J].经济研究,2011,(6):105-117.
[9] 汪海粟,吴祺.国有资本扶持科技型中小企业发展功能的再认识[J].科技进步与对策,2017,(22):35-40.