创新需要各种要素投入,而资金是核心要素之一。针对企业创新过程资金短缺问题,将资金支持纳入创新链的分析框架,分析政府资金、银行贷款与风险投资三种资金支持方式对企业创新链各环节作用效应。结果表明,三种资金支持对企业创新各环节支持效应显著,且存在异质性,尤其是政府资金在技术创新阶段、产品创新阶段支持效应明显,而风险投资在成果转化阶段支持效应最大。 Innovation requires a variety of inputs, and funding is one of the core elements. In view of the shortage of funds in the process of enterprise innovation, the author puts the financial support into the analysis framework of the innovation chain, and analyzes the effect of the three kinds of financial support such as government funds, bank loans and venture capital on the various links of the enterprise innovation chain. The results show that the three kinds of financial support have significant and supportive heterogeneity in all aspects of enterprise innovation, especially the supportive effect of government funds in the stage of technological innovation and the stage of product innovation, while the venture capital has the most supportive effect in the period of achievement transformation.