数字普惠金融、企业异质性与中小微企业创新

Digital Inclusive Finance,Enterprise Heterogeneity and Innovation of SMEs

数字技术的发展扩展了普惠金融的服务范围,这能否缓解中小微企业的融资难题从而促进企业创新呢?以2011—2016年中国中小企业板上市公司作为研究样本,实证考察了数字普惠金融的发展对中小微企业技术创新的影响。研究结论表明:一方面,数字普惠金融的发展与中小微企业创新显著正相关,且主要通过缓解融资约束促进中小微企业技术创新;另一方面,数字普惠金融的发展对中小微企业创新促进作用主要集中在内部治理质量较差、信息不对称较高以及制度环境较好地区的企业。该研究对于理解数字普惠金融的发展对中小微企业创新的促进作用乃至实体经济增长具有重要的借鉴意义。

The development of digital technology expands the scope of inclusive finance services.Can it solve the financing problems of small and medium-sized micro enterprises and promote enterprise innovation?Taking the listed companies of China s SME board from 2011 to 2016 as research samples,the impact of the development of digital inclusive finance on the technological innovation of small and medium-sized enterprises was empirically investigated.The research results show that:on the one hand,the development of digital inclusive finance is positively correlated to the innovation of small and medium-sized micro enterprises,and it mainly promotes the technological innovation of small and medium-sized micro enterprises by alleviating the financing constraints;on the other hand,the development of digital inclusive finance mainly promotes the innovation of small and medium-sized micro enterprises in areas with poor internal governance quality,high information asymmetry and better institutional environment.This study is of great significance to understand the role of the development of digital inclusive finance in promoting the innovation of small and medium-sized enterprises and even the real economic growth.