数字普惠金融与民营企业技术创新:机制与异质性研究

Digital Inclusive Finance and Technological Innovation of Private Enterprises:Mechanism and Heterogeneity

数字普惠金融的发展对我国的微观企业创新乃至整个宏观经济发展产生着重要影响。基于此,利用中国私营企业调查证据,实证检验数字普惠金融能否有效促进民营企业技术创新。结果表明:数字普惠金融对民营企业技术创新有显著的正向促进作用,且这一结论在变换回归样本,考虑内生性问题等稳健性检验后依然成立。机制分析发现数字普惠金融主要通过缓解融资约束、提高企业家精神配置效率进而提升民营企业技术创新水平。此外,数字普惠金融的覆盖广度与使用深度也均正向推动民营企业技术创新。异质性分析表明这一影响对无政治联系和当地传统金融发展水平高的企业更加显著。新时代持续推动数字普惠金融发展,加速传统金融机构转型,才能更好地为实体经济提供创新活力,进而推动建设创新型国家。

The development of digital inclusive finance has an important impact on China's micro enterprise innovation and even the whole macroeconomic development.Based on this,this paper empirically tests whether digital inclusive finance can effectively promote the technological innovation of private enterprises by using the survey evidence of Chinese private enterprises.The results show that:digital inclusive finance has a significant role in positively promoting the technological innovation of private enterprises,and this conclusion still holds after the robustness tests such as changing regression samples and considering endogenous problems.Mechanism analysis shows that digital inclusive finance can improve the technological innovation level of private enterprises by easing financing constraints and improving the allocation efficiency of entrepreneurship.In addition,the coverage and depth of digital inclusive finance are also promoting the technological innovation of private enterprises.The heterogeneity analysis shows that this effect is more significant for enterprises with no political connection and high level of local traditional financial development.In the new era,we should continue to promote the development of digital inclusive finance and accelerate the transformation of traditional financial institutions,so as to provide innovative vitality for the real economy and promote the construction of an innovative country.