【摘要】 研究以我国A股2013-2020年高新技术企业的面板数据作为样本，实证检验了高新技术企业短贷长投对突破式创新的影响。研究结果表明，高新技术企业短贷长投对突破式创新具有显著的抑制作用，这种抑制作用在非国有性质、规模较小的东部地区企业中更为显著。机制研究发现研发投入规模、投资效率和生产效率是高新技术企业短贷长投影响突破式创新的三个重要渠道。此外，进一步分析发现金融制度缺陷是高新技术企业进行短贷长投的原因。据此，政府应扩宽直接融资渠道，提高利率市场化水平，深化银行业改革，以促进高新技术企业突破式创新。更多还原

【Abstract】 Using the panel data of our country’s A-share high-tech enterprises from 2013 to 2020 as a sample to test the impact of short-term loans and long-term investments of high-tech enterprises on breakthrough innovation. Research shows that short-term loans and long-term investment of high-tech enterprises have a significant inhibitory effect on breakthrough innovation, and this inhibitory effect is more significant among non-state-owned and smaller enterprises in the eastern region. Mechanism research found that the scale of R&D investment, investment efficiency and production efficiency are three important channels for high-tech enterprises to influence breakthrough innovation through short-term loans and longterm investment. In addition, it is found that the defect of financial system is the reason why high-tech enterprises carry out short-term loans and long-term investment. Therefore, the government should expand the channels of direct financing, raise the level of interest rate liberalization, deepen the reform of the banking sector, so as to promote the breakthrough innovation of high-tech enterprises.更多还原