数字金融能提升民营企业创新吗?——基于动态能力理论的实证研究

Does Digital Finance Enhance Private Enterprise Innovation?An Empirical Study Based on Dynamic Capability Theory

数字金融是科技赋能传统金融的新产物,作为企业创新的重要支持系统,可以培育企业的动态能力,对企业创新战略影响深远。基于动态能力理论,利用2011—2018年沪深A股民营上市公司中的民营企业数据,对数字金融与企业创新的关系及其边界条件进行检验。实证研究发现,数字金融提升了企业创新水平;而高管金融印记影响感知动态能力机制,弱化了数字金融与企业创新的正向关系;组织冗余影响抓取动态能力机制,强化了数字金融与企业创新的正向关系;股权集中度影响动态能力机制,弱化了数字金融与企业创新的正向关系。研究揭示了动态能力作为内在机制在数字化时代下对企业创新战略的影响,扩展和深化了组织创新的分析框架。

Digital finance,as a new product that technology empowers traditional finance,has a profound impact on corporate innovation strategies.Based on the perspective of dynamic capability theory,this paper uses the data of private enterprises listed in Shanghai and Shenzhen A shares from 2011 to 2018 to test relationship between digital finance and corporate innovation and its boundary conditions.Empirical studies have found that digital finance has improved the level of innovation,while financial imprint of executives negatively moderates the relationship between digital finance and innovation.Organizational slack positively moderates the relationship between digital finance and innovation.Ownership concentration negatively moderates the relationship between digital finance and innovation.The research reveals impact of dynamic capabilities as an internal mechanism on corporate innovation strategies in the digital era,and deepens and expands analytical framework of innovation.