科技企业孵化器（简称孵化器）的建立，是为了集聚创新创业资源，扶持初创企业成长。1987 年，在武汉东湖，中国首家科技企业孵化器成立，从此开启了孵化器建设事业。“双创”的提出与深化，加速了中国孵化器行业的发展。多年来，孵化器孵化服务不断优化，目前已基本形成“基础服务+增值服务+投资”的孵化服务体系。孵化器的融资服务处于增值服务价值链的高端，而投资则处于整个孵化服务价值链的高端，投融资服务的开展能够有效促进企业成长与发展，孵化器也能从中获取服务收益，实现共赢。

投融资服务的供给存在其必要性，在孵企业的成长离不开资金的支持，然而处于初创期的企业融资受限，需要孵化器的介入，解决投融资双方的信息不对称，促使在孵企业降低交易成本的同时，引入大量资本支持企业发展。一方面，孵化器通过建立孵化基金，提供投资，直接为在孵企业注入股权投资，获取由于企业成长带来的股权增值收益；另一方面，孵化器通过融资服务的供给，为在孵企业链接来自政府、商业银行、风险投资机构的资金支持，满足企业的资金需求。在此基础上，本文分析了孵化器投融资服务如何推动在孵企业提质增效，认为投融资服务能够通过资金投入，提升企业的竞争力、人力资本和创新能力。

为了测度投融资服务是否真实有效促进企业成长，本文聚焦孵化器投融资服务对于孵化绩效的影响，以在孵企业的成长状况作为对孵化器绩效的衡量，从经济、社会和创新三个维度考察孵化器孵化绩效，分别以在孵企业的收入、人力资本和研发成果进行衡量。分别使用孵化器孵化基金和在孵企业当年获得风险投资额作为对投资和融资服务的衡量，对2015 年-2019 年中国 721 家科技企业孵化器的 1668 条非平衡面板数据进行回归。结果表明，孵化器的投资和融资服务均能对孵化器的经济绩效、社会绩效和创新绩效产生正向的促进作用。

因此，提出服务优化建议。一是构建科学合理的投融资服务体系，打好投融资服务组合拳。提升投资的供给水平，加快建设孵化基金，以孵化器能力范围为限提高孵化基金规模，并进行孵化投资，建立适宜投资发展的长效考核机制；同时拓展融资渠道，强化政策资金申报辅导，深化与商业银行、风险投资机构等的合作共赢，提高企业获得融资的能力。二是提升基础服务和各类增值服务的质量，为投融资服务顺利开展保驾护航，通过多元化服务的相互配合，最大限度发挥投融资服务对孵化器孵化绩效的促进作用。

The purpose of technology business incubators is to gather resources related to innovation and entrepreneurship, so as to efficiently support the growth of start-ups. In 1987, the first technology business incubator of China was established in Wuhan. Since then, the incubator industry has developed greatly in China. With the continuous deepening of "mass entrepreneurship and innovation", the development of incubators has accelerated. Over the years, with the gradual optimization of incubation services, a service system of "basic services & value-added services & investment services" has been basically formed. The financing service of the incubator is at the high end of the value-added service value chain, while the investment service is at the high end of the entire incubation service value chain. Both of them can effectively promote the growth of start-ups, and also enable the incubator to obtain service benefits, thereby achieving a win-win situation.

The supply of investment and financing services is necessary. It is inseparable from the support of funds for start-ups to grow, however, the financing of enterprises in the initial stage is limited. This requires the intervention of the incubator to solve the information asymmetry between the investor and the enterprise, and thus reduce the transaction cost. As a result, the capital needs of the incubating enterprises are met. On the one hand, incubators provide investment services for start-ups to inject equity investment by establishing incubation funds, and obtain equity appreciation income. On the other hand, the incubating enterprises obtain financial support from the government, commercial banks, and venture capital institutions through the incubators’ financing services. This paper analyzes how the investment and financing services of incubators can promote the quality and efficiency of incubating enterprises. It is proposed that investment and financing services can improve the competitiveness, human capital and innovation ability of start-ups through capital investment.

In order to measure whether investment and financing services really promote enterprise growth, this paper focuses on the impact of investment and financing services on incubation performance, which is measured by the growth status of incubating enterprises. The incubation performance is divided into three aspects: economic performance, social performance, and innovation performance, which are measured by the income, human capital and innovation achievements of the incubating enterprises. Using the amount of incubator incubation funds to measure investment services, and the amount of venture capital received by incubating companies in the year to measure financing services, regression analysis was performed on 1668 pieces of unbalanced panel data of 721 technology business incubators in China from 2015 to 2019.The results show that the investment services of incubators can have a significant positive impact on the economic performance, social performance and innovation performance of incubators, as can financing services.

Therefore, some recommendations are made. The first suggestion is that the incubator should make a good combination of investment and financing services. It is necessary to improve the level of investment services, accelerate the construction of incubation funds, increase the scale of incubation funds within the capacity of incubators, and conduct incubation investment, and establish a long-term assessment mechanism suitable for the development of investment services. At the same time, it will expand financing channels, strengthen the guidance on policy capital declaration, deepen cooperation with commercial banks and venture capital institutions, and improve business access to financing. Another suggestion is to improve the quality of basic services and various value-added services, and maximize the contribution of investment and financing services to the incubation performance through the cooperation of diversified incubation services.