由于高新技术企业的创新活动调整成本高、收益不确定和无形资产无法抵 押等内部原因，以及信贷歧视、市场机制不完善等外部原因，高新技术企业的融 资约束问题逐渐常态化，影响企业创新活动及创新绩效。如何缓解高新技术企业 融资约束问题、促进创新绩效的提升是实务界与学术界面临的共同挑战。高管金 融关联作为一种非正式制度、企业的社会资本，是帮助高新技术企业走出融资困 境、调节融资约束与高新技术企业创新绩效间关系的新力量。 目前学术界关于融资约束对创新绩效的影响并不完全确定，现有的研究单 独讨论了企业融资约束与创新绩效的线性关系，“促进论”、“抑制论”同时存在， 关于融资约束与创新绩效之间的非线性关系考虑不足。有鉴于此，本研究将融资 约束潜在的正反两种效应一同纳入研究理论框架，分析融资约束与创新绩效之 间可能存在的非线性关系，并探讨高管金融关联对融资约束与高新技术企业创 新绩效关系的调节效应、不同类型高管金融关联的具体调节效应。本文以477家 沪深A股高新技术上市企业2010-2018年9年平衡面板数据为研究样本，通过 二元logistic回归构建高新技术企业融资约束指数，并结合固定效应回归模型与 倒U型曲线分析方法实证分析融资约束与高新技术企业创新绩效的倒U型曲线 关系、高管金融关联的调节效应、不同类型高管金融关联的调节效应。 研究结果如下：融资约束与高新技术企业创新绩效之间呈倒U型曲线关系； 高管金融关联对融资约束与创新绩效之间关系具有调节作用，高水平的高管金 融关联能够使融资约束与创新绩效之间倒U型曲线更加平缓、拐点发生右移、 创新绩效的整体水平更高；将高管金融关联进一步划分为银行关联与非银行关 联，在高水平银行关联与非银行关联调节作用下，融资约束与创新绩效的倒U型 曲线均变得更平缓，但是高水平非银行关联调节作用使得倒U型曲线拐点左移、 曲线整体水平未得到提升，高水平银行关联调节作用使倒U型曲线拐点右移、 曲线整体水平得到提升。进一步地，通过工具变量法、差分GMM、系统GMM 弱化内生性问题，并通过分样本回归以及替换关键变量等方法进行稳健性检验。 最后，建议政府相关部门加强金融市场正式制度的建设，并促进高新技术企业与 其他金融机构的充分合作，建议高新技术企业根据融资约束水平高低合理选择 应对策略，并根据实际需求和企业融资约束状况构建高管金融关联。 关键词：融资约束，高管金融关联，创新绩效，高新技术企业 萠 Abstract Due to internal reasons such as high adjustment costs, uncertain returns, and inability to mortgage intangible assets, as well as external reasons such as credit discrimination and imperfect market mechanisms, the financing constraints of high- tech companies have gradually become a normal phenomenon, affecting their innovation activities and innovation performance. How to alleviate the financing constraints of high-tech enterprises and promote the improvement of innovation performance are the common challenges faced by the practical and academic circles. As a kind of informal system and corporate social capital, executives’ financial connection serves as a new force to help high-tech enterprises out of financing difficulties, regulate the relationship between financing constraints and the innovation performance of high-tech enterprises. At present, the impact of financing constraints on innovation performance in academia is not completely determined. Existing research has separately discussed the linear relationship between corporate financing constraints and innovation performance. "Promotion theory" and "inhibition theory" coexist. The non-linear relationship between financing constraints and innovation performance is insufficiently considered. In view of this, this thesis incorporates the potential positive and negative effects of financing constraints into the research framework to analyze the complex non-linear relationship that may exist between financing constraints and innovation performance. And from a micro perspective, by taking the initiative of the enterprise into account, it explores whether senior financial connections can regulate the relationship between financing constraints and innovation performance of high-tech enterprises, and the specific regulatory effects of different types of executives’ financial connections. In this thesis, 477 A-share high-tech listed companies of Shenzhen and Shanghai stock markets 9-year equilibrium panel data from 2010 to 2018 are used as research samples. Binary logistic regression is used to construct a financing constraint index for high-tech enterprises, and a fixed-effect regression model and an inverted U-shaped curve analysis are combined. The analysis method empirically analyzes the inverse U-shaped ? curve relationship between financing constraints and the innovation performance of high-tech enterprises, the moderating effect of financial connections among executives, and the moderating effect of different types of financial connections among executives. The research results are as follows: there is an inverted U-shaped curve relationship between financing constraints and innovation performance of high-tech enterprises; executive financial connection has a moderating effect on the relationship between financing constraints and innovation performance, and high-level executive financial connection can make the inverted U-shaped curve between financing constraints and innovation performance smoother, the inflection point shifted to the right, and the overall level of innovation performance higher. The executives’ financial connection is further divided into bank-related and non-bank-related. Under the moderating effect of high-level of non-bank-related executives’ financial connection, the inverted U-shaped curve of financing constraints and innovation performance has become smoother, but the moderating effect of the high level of non-bank executive’s financial connection has caused the inflection point of the inverted U-shaped curve to shift to the left and the overall level of the curve has not been improved. The curve inflection point is shifted to the right, and the overall level of the curve is improved under the moderating effect of high-level of bank-related executives’ financial connection. Further, the endogenous problem is weakened by the instrumental variable method, the differential GMM, and the system GMM, and the robustness test is performed by methods such as sub-sample regression and replacement of key variables. Finally, it is recommended that relevant government departments strengthen the construction of formal system of the financial market, and promote the full cooperation between high-tech enterprises and other financial institutions. It is recommended that high-tech enterprises reasonably choose a response strategy based on the level of financing constraints, and establish executives’ financial connection based on actual needs and the financing constraints of enterprises. Key words: Financing Constraints, Executives’ Financial Connection, Innovation Performance, High-tech Enterprises ? 目 录 摘要 .................................................................................................................... ? Abstract ................................................................................................................. ? 第1章 导论 ......................................................................................................... 1 1.1 研究目的和意义 .................................................................................... 1 1.2 国内外研究综述 .................................................................................... 4 1.3 研究内容和研究方法 ............................................................................ 8 第2章 相关概念界定及理论基础 ................................................................... 12 2.1相关概念界定 ....................................................................................... 12 2.2 融资约束相关理论 .............................................................................. 17 2.3 高管金融关联相关理论 ...................................................................... 18 2.4 企业创新相关理论 .............................................................................. 19 第3章 融资约束、高管金融关联与高新技术企业创新绩效理论分析 ....... 21 3.1 融资约束对高新技术企业创新绩效影响的理论分析 ...................... 21