金融科技创新对企业资本配置效率的影响研究——基于空间计量经济模型的再检验

Research on the Impact of Fintech Innovation on the Enterprise Capital Allocation Efficiency——The Retest Based on Spatial Econometric Model

论文针对金融科技创新对企业资本配置效率的影响进行理论与实证研究,基于空间计量经济模型,运用2003-2016年面板数据再检验企业资本配置效率以及区域差异。结果表明:金融科技创新与地区企业资本配置效率之间存在显著的正相关性,能显著地促进企业经济增长;金融发展和金融科技创新的融合互动,能够缓解金融发展对企业资本配置效率的抑制作用;人力资本、财政支出和城镇化水平对地区企业经济增长具有显著正向促进作用。

This paper makes a theoretical and empirical study on the impact of fintech innovation on enterprise capital allocation efficiency.Based on the spatial econometric model,this paper uses the panel data from 2003 to 2016 to retest the enterprise capital allocation efficiency and regional differences.The results show that there is a significant positive correlation between fintech innovation and regional enterprise capital allocation efficiency,which can significantly promote enterprise economic growth.The integration and interaction of financial development and fintech innovation can alleviate the inhibitory effect of financial development on enterprise capital allocation efficiency.Human capital,financial expenditure and urbanization level have a significant positive effect in promoting the economic growth of regional enterprises.