数字金融对民营中小企业创新的影响--社会责任的调节效应

The Impact of Digital Finance on the Innovation of Private Small and Medium-sized Enterprises:The Moderating Effect of Social Responsibility

本研究收集2011~2018年期间创业板民营上市公司的财务数据和数字普惠金融指数,应用固定效应模型实证检验了社会责任在数字金融与民营中小企业创新之间的调节效应。研究结果表明,数字金融促进民营中小企业创新投入的增加;民营中小企业社会责任履行表现出显著的调节作用,随着社会责任履行的提高,数字金融对民营中小企业创新投入的促进效应在增加,进一步研究发现企业履行股东责任增强了数字金融对民营中小企业创新的促进作用;异质性研究表明,当市场竞争强度增大时,承担社会责任越多的民营中小企业,越能够通过数字金融促进企业创新。本文的研究结论为政府出台相应政策,鼓励民营中小企业积极履行社会责任提供理论参考。

This study collects financial data of private listed companies on GEM and Digital Inclusive Financial Index from 2011 to 2018. The study tests the moderating effect of social responsibility between digital finance and private SMEs innovation by using fixed effect model. The results show that: digital finance promotes the increase of innovation investment in private SMEs;The social responsibility performance of private SMEs has a significant moderating effect. With the improvement of social responsibility performance, the promotion effect of digital finance on innovation investment of private SMEs is increasing. Further research finds that the performance of shareholder responsibility of private enterprises enhances the role of digital finance in promoting innovation of private SMEs;The heterogeneity research shows that when the market competition intensity increases, the more private SMEs bear social responsibility, the more can promote the innovation of enterprises through digital finance. The conclusion provides theoretical reference for the government to issue corresponding policies and encourage private SMEs to actively fulfill their social responsibilities.