金融发展促进了专精特新企业创新转化吗？

杨 宜^1,2刘祖娴¹赵 睿³

（1.对外经济贸易大学；2.北京财贸职业学院；3.北京联合大学商务学院）

内容提要：创新转化是衡量专精特新企业自主创新能力的关键指标，金融发展直接影响企业资金来源与获得成本。本文从金融发展的规模和结构两个维度，选取金融机构存款余额为金融发展规模的代理变量，以风险投资次数和数字金融覆盖广度为金融发展结构的测量指标，实证分析金融发展对专精特新企业创新转化效率的影响。结果表明，金融发展通过缓解企业融资约束，对提升企业创新转化效率具有正向作用，且在金融科技水平较高的区域和研发投入较大的企业中效果更为明显。基于此，建议加大对专精特新企业的信贷投放、优化政府对风险投资的引导、推动数字金融与金融科技应用，以进一步提升企业的创新转化效率。

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

作者简介：杨宜，对外经济贸易大学博士生导师，北京，100029；北京财贸职业学院教授，北京，101101；刘祖娴，对外经济贸易大学国际经济贸易学院博士研究生；赵睿，北京联合大学商务学院教授，通信作者，北京，100025。

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）

引用格式：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.

Does Financial Development Promote Innovation Transformation of SRDI Enterprises?

YANG Yi^1,2, LIU Zuxian¹, ZHAO Rui³

(1. University of International Business and Economics, Beijing 100029;

2. Beijing College of Finance and Commerce, Beijing 101101;

3. Beijing Union University, Beijing 100025)

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.

Keywords: financial development; venture capital; FinTech; SRDI enterprises; innovation transformation

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