科技型中小企业是城市、区域乃至国家科技进步与自主创新的重要载体,在资源型省份摆脱资源依赖与实现产业结构转型过程中发挥着至关重要的作用。基于山西省科技型中小企业问卷数据和城市截面数据,从融资结构和融资效率的角度研究了资源型省份融资特征对科技型中小企业成长的影响。研究发现:截至2021年底,山西省科技型中小企业正处于快速成长期,企业可持续发展能力有待进一步提升。受资源型省份与资源型产业发展历史的影响,资本市场发展滞后于转型需求,科技型企业的融资主要依靠内部融资和银行贷款。在融资结构方面,债务水平及债务来源结构对企业成长均存在显著促进作用,而融资期限结构则对企业成长产生显著抑制效应。在融资效率方面,融资效率对企业成长起到显著的促进作用。最后,针对上述研究结论提出了相关对策建议。

Small and medium-sized technology-based enterprises are important carriers of scientific and technological progress and independent innovation in cities, regions and even countries, and play a crucial role in the process of resource based cities getting rid of resource dependence and realizing industrial structure transformation. Based on the questionnaire data and city cross-section data of small and medium-sized technology-based enterprises in Shanxi Province, this paper studies the impact of financing characteristics of resource-based province on the growth of small and medium-sized technology-based enterprises from the perspective of financing structure and financing efficiency.The research finds that: Firstly, by the end of 2021, the small and medium-sized technology-based enterprises in Shanxi Province are in a rapid growth period, and their sustainable development capacity needs to be further improved.Secondly, influenced by the development history of resource-based provinces and industries, the development of capital market lags behind the demand for transformation. The financing of technology-based enterprises mainly depends on internal financing and bank loans.Thirdly, in terms of financing structure, both the level of debt and the structure of debt sources have significantly promoted the growth of enterprises, while the term structure of financing has significantly inhibited the growth of enterprises. Fourthly, in terms of financing efficiency, financing efficiency significantly promotes the growth of enterprises. Finally, some suggestions are put forward.