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| Influence of S＆T Financial Network on Enterprise Technology Innovation——Based on the Enterprise Life Cycle Perspective |
| Li Yuanyuan, Liu Siyu |
| School of Economics and Management,Hebei University of Technology,Tianjin 300400,China |
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Abstract Based on the panel data of technology-based listed companies in China's growth enterprise market from 2010 to 2019,this paper empirically analyzes the influence of the characteristics of science and technology financial network on the enterprise technology innovation in different stages on the basis of dividing the enterprise life cycle.The results show the followings.①Network density has a positive effect on enterprise technology innovation,network centrality has an inverted U-shaped effect on enterprise technology innovation,and network connection strength has a positive U-shaped effect on enterprise technology innovation.②After dividing the enterprise life cycle,it is found that the promotion effect of network density exists at the same time in the growth period,maturity period and recession period;The inverted U-shaped effect of network centrality on enterprise technological innovation and the positive U-shaped effect of network connection strength on enterprise technological innovation only exist in mature and declining periods.Therefore,it is suggested that the government and financial institutions should work together to optimize the network environment of science and technology finance,and enterprises should choose high-quality partners according to their own development level,so as to enhance the enterprise technology innovation.
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Received: 17 August 2020
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2021, Vol. 2 
