数字金融与中小企业技术创新——基于新三板企业的实证分析

Digital Finance and Technological Innovation of SMEs——Evidence from Empirical Analysis of NEEQ Enterprises

本文采用2011—2018年12782个新三板企业的微观数据,实证探讨了数字金融对中小企业技术创新的影响效应与内在机制。研究发现:第一,数字金融促进了中小企业技术创新,且表现为数字金融的覆盖广度、使用深度和数字支持服务这三个维度。第二,机制分析发现,数字金融通过降低融资成本、缓解融资约束和减少经营风险三种渠道促进了中小企业技术创新。第三,异质性分析发现,数字金融提升了制造业企业和中西部地区的企业技术创新。本文的价值在于:揭示了如何通过数字金融这一新型金融发展模式激发中小企业创新,引导其为推进创新型国家建设贡献力量。

This study empirically discusses the impact and internal mechanism of digital finance on technological innovation of SMEs based on the micro data of 12,782 NEEQ enterprises from 2011 to 2018.The study finds that.First,digital finance promotes the technological innovation of SMEs,which is reflected in the three dimensions of the coverage breadth,usage depth and digital support services of digital finance.Second,mechanism analysis shows that digital finance promotes technological innovation of SMEs through three channels,reducing financing costs,alleviating financing constraints,and reducing operational risks.Third,heterogeneity analysis shows that digital finance improves the technological innovation of manufacturing firms and firms in the central and western regions.The value of this study is that it reveals how to promote the innovation of SMEs through digital finance,which is a new financial development model,and guide digital finance to the construction of an innovative country.