普惠金融发展有助于私营企业创新吗?

Is Financial Inclusion Development Helpful to the Innovation of Private Firms?

基于爬虫技术搜集数字金融数据,本文从传统和数字两个维度构建普惠金融指数,并与2012年中国私营企业调查数据匹配,考察普惠金融对私营企业创新的影响。结果显示:普惠金融显著提升了私营企业从事研发的概率,且是通过缓解融资约束实现的;运用IV-Probit和改变普惠金融指标测度方法后,结果依然稳健;普惠金融对于高技术行业私营企业的研发概率促进作用更大,但相对于传统普惠金融,数字普惠金融对高技术行业私营企业的研发概率促进作用更明显;普惠金融仅提升没有政治关联的私营企业研发概率,对于拥有政治关联的私营企业则并无显著影响。本文的研究结论表明,大力发展普惠金融有助于缓解中小企业资金不足问题,破除腐败带来的资源分配不公,加快实施创新驱动发展战略,有效促进产业转型升级。

Based on the method of collecting digital financial data using spider technology,this paper constructs financial inclusion index from both traditional and digital dimensions,matches with data of China's private enterprise survey in 2012,and finds the impact of financial inclusion on private enterprise innovation probability.The results show that:Financial inclusion significantly increases the probability of R&D activity by Private Firms through alleviating the"financing difficulties"encountered in their innovation process.Subsequently,this paper uses the instrumental variable method and changes the measure of financial inclusion index,and finds that the results are still robust.Further research shows that Financial inclusion has a greater impact on the R&D probability of high-tech industry's private enterprises than on traditional industries'.But compared with traditional financial inclusion index,digital financial inclusion index has a more obvious role in promoting R&D probability of high-tech industry's private enterprises.Finally,financial inclusion only improves the R&D probability of private enterprises without political connection,but has no significant influence on private enterprises with political connection.The conclusions indicate that vigorously developing inclusive finance can help alleviate the problem of insufficient capital for SMEs,eliminate unfair distribution of resources caused by corruption,accelerate the implementation of innovation-driven development strategy,and effectively promote industrial transformation and upgrading.