| Science and technology business incubator is an important carrier to promote the transformation of scientific and technological achievements and cultivate scientific and technological enterprises,and plays a key role in perfecting regional innovation system,promoting the development of high-tech industries and realizing the transformation of development power.In 1989,Nanjing established the first incubator in the province.In the following 30 years,Jiangsu’s science and technology business incubator system delivered a large number of high-tech enterprises with market competitiveness to the society,which provided strong support for the construction of Jiangsu’s innovative province and the implementation of innovation-driven development strategy.In recent years,with the change of innovation market in Jiangsu Province,the technology business incubator has entered the development stage of changing from quantity to quality,improving quality and increasing efficiency,and the incubator service system is facing transformation and upgrading.Among them,investment and financing services aimed at solving the financing problems of incubating enterprises are an important part of incubator service system.Therefore,improving the level of investment and financing services is the key link to strengthen the incubation ability of incubators and promote the high-quality development of incubators.In this paper,the technology business incubator in Jiangsu Province is taken as the research object,and the investment and financing services are divided into financial aid,incubator fund and venture capital according to the source of funds.The relationship between them and incubator performance is studied,which complements and perfects the existing research results on the performance of technology business incubators and investment and financing of small and medium-sized technology enterprises.It also provides reference for improving service quality and realizing transformation and upgrading of technology business incubators in China,which has both theoretical and practical significance.Based on the survey data of 530 technology business incubators in Jiangsu Province from 2016 to 2017,this paper statistically analyzes the basic development characteristics of incubators and the implementation of investment services in Jiangsu Province,analyzes the micro mechanism of incubator investment and financing services affecting their performance according to the theories of financial growth cycle and information asymmetry,puts forward corresponding research hypotheses,and selects appropriate indicators to establish a fixed effect model for empirical test.The results of empirical analysis show that:(1)the financial support and venture capital obtained by the incubating enterprises have a significant positive impact on the incubator performance;(2)The influence of incubator fund on incubator performance is inverted U-shaped.Combined with the heterogeneity of technology business incubators,this paper studies the influence of investment and financing services on incubator performance,and finds that the influence of investment and financing services on incubator performance is indeed different in different types of incubators:first,financial assistance in comprehensive incubators has a more significant impact on incubator performance than professional incubators;Secondly,financial aid in nonstate-led incubators has a more significant impact on incubator performance than stateled incubators.Incubation funds in non-state-led incubators have a linear positive impact on incubators,while they have an inverted U-shaped relationship in state-led incubators.Third,financial aid has a more significant impact on incubator performance than incubators in developed areas,while venture capital has a more significant impact on incubator performance than incubators in underdeveloped areas.Incubators in underdeveloped areas have a linear positive impact on incubators,while incubators in developed areas have an inverted U-shaped relationship.According to the above conclusions,this paper puts forward the following suggestions for the development of science and technology business incubators:(1)Government departments should change policy orientation,adjust financial support methods,encourage comprehensive incubators to transform into professional incubators,and at the same time pay attention to the balanced development of incubators in the region,allocate financial support reasonably and improve the utilization efficiency of financial support funds;(2)The incubator should rationally plan the scale of the incubator fund,improve the investment ability of the incubator fund,and reduce the investment risk and management cost;(3)The government should improve the policy environment and actively guide the cooperation between incubators and venture capital.At the same time,incubators should also improve their intermediary business capabilities and promote the information exchange between investment and financing. |
