| High-tech enterprises are strategic enterprises supported by the state.How to promote the growth of high-tech enterprises is a key issue to improve Chinese modern industrial system and realize the powerful country of science and technology.As an external environmental factor,the ecological environment of finance can not only promote the growth of macro economy and the progress of scientific and technological innovation,but also enhance the competitive strength of micro real economy.High-tech enterprises are important ecological subject in the ecological environment of sci-tech finance,and their growth must be inseparable from the role of the ecological environment of sci-tech finance.Therefore,how to build a good ecological environment of sci-tech finance to promote the growth of high-tech enterprises is of great significance to realize high-quality scientific and technological innovation and high-quality economic development in China.Reviewing the relevant literature on the ecological environment of sci-tech finance and enterprise growth at home and abroad,it can be found that scholars focus on the impact of science and technology financial investment,science and technology financial policies and financial environment on enterprise growth,and have not discussed the direct relationship between the ecological environment of sci-tech finance and enterprise growth.The existing literature has not yet proved the effect of ecological environment of sci-tech finance on the growth of high-tech enterprises from theoretical and empirical aspects.The possible reason is that the concept of ecological environment of sci-tech finance was put forward late,and the theoretical research on ecological environment of sci-tech finance in academia was insufficient,and the measurement method of ecological environment of sci-tech finance was not unified.In view of this,taking high-tech enterprises listed in all A-shares from 2014 to 2020 as research samples,the article studies the influence mechanism of ecological environment of sci-tech finance on the growth of high-tech enterprises combining theoretical analysis with empirical analysis,and explores the intermediary effect of technological innovation and financing constraints in their relationship.The research finds that:(1)In recent years,the development of ecological environment of sci-tech in China is relatively flat,and it shows signs of insufficient growth momentum,and the ecological environment of sci-tech finance in different regions of China is quite different;(2)Good ecological environment of sci-tech finance has a positive impact on the growth of high-tech enterprises,and the impact has a lag effect;(3)The ecological environment of sci-tech finance can promote the growth of enterprises by promoting the technological innovation ability of them;(4)The ecological environment of sci-tech finance can promote the growth of high-tech enterprises by relieving financing constraints;(5)Controlling other factors unchanged,technological innovation and financing constraints play an incomplete intermediary role in the relationship between the scientific and ecological environment of sci-tech finance and the growth of high-tech enterprises. |
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