Science and Technology Financial Investment，Regional Economic Connections and Corporate Financial Performance：Empirical Analysis Based on the G60 Science and Technology Innovation Corridor in the Yangtze River Delta

Zhang Jie; Jin Ning; Zhang Yun

doi:doi:10.16538/j.cnki.jsufe.2021.03.004

Summary

Planning a science and technology innovation corridor as the core is the main choice to promote regional industrial upgrading and implement innovation-driven development strategy. This article takes the G60 Science and Technology Innovation Corridor in the Yangtze River Delta as an example and uses the unbalanced panel data of the nine cities from 2012 to 2018. The measurement model is established from two aspects of public science and technology financial investment and market science and technology financial investment to study the influence mechanism of government, science and technology capital market, financial institutions on the financial performance of science and technology listed enterprises. Although the industrial structure, economic scale, development level, and resource endowment of cities in the Science and Technology Innovation Corridor are different, due to the special geographic location, inter-regional economic links are one of the important factors that affect the economy and technology policies of the Science and Technology Innovation Corridor. Based on the theory of new economic geography, the adjustment variable of regional economic linkages is introduced to further explore the regulatory role of regional economic linkages on the relationship between science and technology financial investment and corporate financial performance. The study finds that compared with the investment in the technology capital market and the enterprise’s own funds, the impact of local government technology input and financial institution technology credit on corporate financial performance is more effective. This shows that the key to relying on technology finance to promote corporate financial performance lies in the rational use of technology financial tools. In general, the government-led technology and financial development system is more suitable for China’s national conditions. The intermediary effect test finds that local government investment in science and technology and financial institution science and technology credit ease financing pressures to increase the R&D investment intensity of science and technology enterprises, and then promote the improvement of corporate financial performance, that is, the relationship between the R&D investment intensity of science and technology enterprises in technology finance and corporate financial performance plays an intermediary role. It is worth noting that the strength of regional economic ties has weakened the relationship between science and technology financial investment and corporate financial performance. Therefore, in order to improve the efficiency of science and technology finance and promote the development of corporate financial performance, it is necessary to strengthen the role of government support, improve science and technology finance supervision, encourage banking and other financial institutions to optimize reforms, deepen the innovation of technological financial products and technological credit services, and effectively strengthen the communication and coordination between cities in the Science and Technology Innovation Corridor, so as to realize the innovation and integration of technology and finance, and promote the development of science and technology enterprises.