科技金融支持科技型中小企业创新发展绩效--基于企业生命周期视角

In order to solve financing problem of sci-tech small and medium enterprises (SMEs), the panel data of Chinese sci-tech SME Market from 2010 to 2016 is divided into growth, maturity, and recession, then estimate by cross-section weights method for empirically studying the impact of sci-tech finance including finance, capital market, commercial bank, and venture capital on the innovation and development performance of sci-tech SMEs. The result shows that: as a whole, capital market has positively promoted the innovation and development performance of sci-tech SMEs; but in different enterprise life cycle, different sci-tech finance channels have different effect to support sci-tech SMEs. In the growth period, the capital market and government finance are the main channels. In the mature period, the capital market and commercial banks support are the main factors. In the recession period, they mainly rely on government finance.