金融科技、企业生命周期与技术创新——异质性特征、机制检验与政府监管绩效评估

Fintech,Corporate Lifecycle,and Technological Innovation:Heterogeneous Characteristics,Mechanism Test and Governmental Regulation Performance Evaluation

借助2011-2017年沪深两市A股上市公司数据,研究金融科技对企业技术创新的影响,并嵌入了企业生命周期视角。结果发现,金融科技对企业技术创新的确存在显著促进作用;在引入企业生命周期后,发现成长期和成熟期企业在金融科技驱动下有着明显的技术创新驱动效果,而金融科技支持衰退期企业只能导致"创新泡沫"。不仅如此,金融科技对不同类型企业技术创新的影响也存在差异性。进一步研究表明,金融科技能够通过缓解企业融资约束、降低企业财务费用和金融杠杆来提高创新产出。但是在政府的强监管下,金融科技对企业技术创新的激励效应难以发挥。对此,应提升金融科技供给质量、确立金融服务实体经济的准确导向和完善金融科技监管体系。

Based on data of A-share listed companies in the Shanghai and Shenzhen stock markets from 2011 to 2017,this study examined the effect of fintech on enterprises'technological innovation from the perspective of corporate lifecycle.The results revealed the following:1)fintech could significantly promote enterprises'technological innovation;2)fintech motivated enterprises at the growth and maturation stages to conduct technological innovation,whereas it just brought about innovation bubbles to enterprises at the decline stage.The effect of fintech on technological innovation also varied with the type of enteq^rise.Furthermore,fintech could increase innovation output by relieving enterprises'financing constraints and reducing financial expense and leverage.However,under strong governmental regulation,fintech can hardly play its role in stimulating enterprises'technological innovation.Therefore,it is necessary to improve the quality of fintech supply,accurately determine the function of finance to serve the real economy,and perfect the fintech regulation system.