The Effect Of Linkage Of Investment And Loan On The Financing Efficiency Of Science And Technology Innovation Enterprise

Under the background of innovation-driven strategy,it has become an urgent need to actively support the development of science and technology innovation-driven enterprises and alleviate the problem of "difficult and expensive financing".Based on the panel data of listed companies in gem from 2012 to 2018,this paper empirically investigates the impact of the linkage of investment and loan on the financing efficiency of science and technology innovation-oriented enterprises by using the dual-difference model.The results show that the implementation of the linkage policy promotes the improvement of the financing efficiency of science and technology innovation enterprises.There is obvious heterogeneity in the effect of loan and investment linkage on the financing efficiency of science and technology innovation-oriented enterprises.Compared with stateowned enterprises,the effect of loan and investment linkage on the financing efficiency of non-state-owned enterprises is greater.Under different degrees of internal control quality,the linkage of investment and loan has greater influence on the financing efficiency of enterprises with lower internal control quality.Under different degree of financing constraint,the linkage of investment and loan has greater influence on the financing efficiency of enterprises with higher financing constraint.Under different degree of market competition,the linkage of investment and loan has greater influence on the financing efficiency of enterprises with lower degree of market competition.Further research shows that in terms of the influence mechanism of the linkage of investment and loan on the financing efficiency of science and technology innovation-oriented enterprises,the implementation of the linkage of investment and loan significantly reduces the financing cost of enterprises,but the effectiveness of alleviating information asymmetry is limited.This study provides a decision-making reference for speeding up the overall promotion of investment and loan linkage policy,and has certain reference significance for promoting the development of science and technology innovative enterprises and realizing innovation-driven strategy.