数字金融、融资约束与企业创新

Digital Finance,Financial Constraint and Enterprise Innovation

本文将北京大学数字普惠金融2011—2018年市级数据与中国上市企业数据进行匹配,实证检验了融资约束在数字金融与企业创新活动之间的中介效应。研究发现:数字金融发展会显著缓解企业的融资约束,而融资约束放松会对企业创新产生显著正向影响。进一步考察创新激励效应的传导路径,发现数字金融的覆盖广度、使用深度、数字支持服务程度三个维度均会对企业创新产生积极影响。分组检验发现,数字金融的创新激励效应对于中小企业和民营企业而言更强。本文丰富了数字金融影响企业创新的相关研究,并为金融市场如何更好地服务实体经济提供了理论依据和政策参考。

This paper uses the city-level Digital Inclusive Finance Index from 2011 to 2018,created by Peking University,matching the data of Chinese listed companies,to exam the intermediary effect of financial constraints on the digital finance and the innovation activities of enterprises.The study shows that:both the span,depth and supportive level of digital finance have significant positive impacts on the innovation of enterprises.Further group test shows that the innovation-incentive effect of digital finance is stronger in small businesses and private enterprises.In conclusion,based on the perspective of financial constraint,this paper can not only enrich the research about the impact of digital finance on the innovation of enterprises,but also provide theoretical basis and policy reference for the financial market to better serve the real economy.