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以2008—2013年在中国创业板上市的高新技术企业为研究样本,利用二元离散Logistic模型构建了融资约束指数,考察了融资约束对技术创新投入——R&D投资强度和产出——专利申请量的影响。结果显示:融资约束制约了企业的技术创新,且对专利申请量的影响更大。指出:融资约束在企业技术创新过程中第二阶段的影响更大,在配置金融资源时应考虑技术创新过程不同阶段的实际融资需要。
Taking the high-tech enterprises listed on the GEM of China for 2008-2013 as the research samples, the paper constructs the financing restraint index using the binary discrete Logistic model and examines the financing constraints on the investment in technological innovation - R & D investment intensity and output - patent application The impact of volume. The results show that the financing constraints have restricted the technological innovation of enterprises and have a greater impact on the amount of patent applications. It points out that the financing constraint has a greater impact in the second stage of technological innovation in enterprises, and the actual financing needs in different stages of technological innovation should be considered when allocating financial resources.