数字金融如何助力企业创新——基于融资约束和信息约束的视角

How Does the Digital Finance Drive Enterprise Innovation:From the Perspective of Financing and Information Constraints

数字化时代下数字金融如何助力企业创新是值得研究的现实问题。基于2011-2018年中国沪深A股上市企业数据与北京大学数字金融研究中心提供的数字金融发展指数,实证检验了数字金融对企业创新活动的影响、作用机制及其异质性。结果表明:第一,数字金融显著促进了企业创新投入与创新产出,数字金融对企业创新投入的影响大于创新产出,数字金融广度指数与深度指数对企业创新的影响相比数字化指数更为显著。第二,数字金融在一定程度上通过缓解企业的融资约束与信息约束进而促进了企业创新投入和创新产出,融资约束对企业创新投入的影响大于创新产出,而信息约束对企业创新产出的影响大于创新投入。第三,异质性分析方面,数字金融对民营企业创新投入的正向作用大于对国有企业,对创新产出的作用则相反;数字金融更能增加小企业的创新投入,不过其对大企业创新产出的影响则更大;数字金融对企业创新的影响在中部地区企业中最大,东部地区次之,而西部地区最弱。

How digital finance helps enterprise innovation in the digital era is a realistic problem worth studying.Based on the data of A-share listed companies in Shanghai and Shenzhen from 2011 to 2018 and the digital finance development index provided by the Digital Finance Research Center of Peking University,this paper empirically examines the impact,mechanism and heterogeneity of digital finance on enterprises innovation activities.The results are as follows:First,digital finance significantly promotes the input and output of enterprise innovation.It exerts a more significant impact on the input of enterprise innovation than its output,with its breadth and depth index having a greater impact on enterprise innovation than its digital index.Second,digital finance promotes the input and output of enterprise innovation by alleviating financing and information constraints to some extent.Financing constraint has a greater impact on enterprise innovation input than the output,while information constraint has a greater impact on enterprise innovation output than the input.Third,digital finance promotes a larger innovation input in private enterprises than in state-owned enterprises;However,it yields smaller innovation output in private enterprises than in state-owned enterprises.It increases the innovation input of small enterprises while boosts a greater output in large enterprises.Its influence on enterprise innovation is the largest in the central region of China,followed by the eastern region and the weakest in the western region.