数字普惠金融发展能激励企业创新吗?——新三板上市公司的证据

Can Digital Inclusive Finance Development Stimulate Enterprise Innovation?

在国家创新驱动发展战略背景下,对数字普惠金融能否激励企业创新进行科学评价显得尤为必要。基于2011-2018年新三板上市公司数据,结合地市级数字普惠金融指数,本文从创新驱动视角,实证分析了数字普惠金融对企业创新的激励效应及其作用机理。结果表明:数字普惠金融对企业创新具有正向显著激励作用;机制分析表明,数字普惠金融发展能够缓解企业外部融资约束,提升政府税收返还的创新效应;异质性分析表明,数字普惠金融激励企业创新作用在东部地区、市场监管完善地区和高科技行业尤为明显。据此,本文提出如下政策建议:推动数字普惠金融高质量发展,缓解企业融资约束;改善融资制度环境,健全金融风险防控体系;加强企业创新能力的甄别,构建良好创新机制。

Under the background of national innovation driven development strategy,it is particularly necessary and urgent to evaluate whether digital inclusive finance can stimulate enterprise innovation.Based on the data of listed companies on the New OTC Market in 2011-2018,combined with the municipal level digital inclusive finance index,the author makes a statistical analysis on the incentive effect and mechanism of digital inclusive finance on enterprise innovation.The results show that,firstly,digital inclusive finance has a significant incentive effect on enterprise innovation;secondly,mechanism analysis shows that the development of digital inclusive finance can alleviate the external financing constraints and enhance the innovation effect of government tax return;thirdly,the heterogeneity analysis shows that it is particularly obvious to the incentive performance of digital inclusive finance to promote enterprise innovation in the eastern region,the region with perfect market supervision and the high-tech industry.Finally,the author puts forward some proposals,such as promoting the high quality development of digital inclusive finance and easing the financing constraints of enterprises;improving the financing system environment and the financial risk prevention and control system;strengthening the screening of enterprises'innovation ability and building a good innovation mechanism.