数字金融对企业研发平滑的影响机制

Research on the Influence Mechanism of Digital Finance on Enterprise R&D Smoothness

研发投入的平稳性是企业创新活动有效开展的重要条件,引导金融资本进入企业研发领域,实现研发投资的平滑发展是企业维持创新竞争力的关键。在构建企业研发平滑动态模型的基础上,利用2013—2020年沪深A股高新技术上市企业的面板数据,实证检验数字金融对企业研发平滑影响机制,分析数字金融与其他融资模式在企业研发平滑中的关系及效率差异。研究表明:数字金融对企业研发投资具有积极作用,并弱化了企业现金持有变动的研发平滑效应;对于不同融资渠道的研发平滑方式而言,数字金融对以现金流为代表的内部融资具有替代效应,而对于权益融资、政府补助等外部融资具有互补效应。同时,路径机制检验和效率检验结果表明,数字金融通过抑制企业业绩下滑和提高资本配置效率两种渠道影响企业研发平滑;数字金融对低研发平滑企业创新绩效的边际贡献更加突出。因此,要重视数字金融对企业研发投入的作用,深化数字金融发展对企业研发投资的稳定性功能,降低企业现金持有变动造成的研发投资波动,并构建多元化融资渠道的研发平滑体系和“全流程”式的研发平滑评估机制,为企业研发投资的稳定可持续发展提供制度保障。

The stability of R&D investment is an important condition for enterprise innovation.Guiding financial capital to enter the field of corporate R&D and achieving smooth development of R&D investment is the key to maintaining competitiveness of enterprises.Based on constructing the dynamic model of enterprises R&D smoothness,and the panel data of Shanghai and Shenzhen A-share high-tech listed companies from 2013 to 2020,the authors empirically test the impact of digital finance on enterprise R&D smoothness and analyze the relation between the roles digital finance and other financing pattern plays in enterprise R&D smoothness and the differences in efficiency.It is found that:digital finance has a positive effect on enterprise R&D investment and weakens the R&D smoothness effect of corporate cash holding changes;and for the smoothness methods of different financing sources,digital finance has a substitution effect on internal financing of cash flow,while it has a complementary effect on external financing such as equity financing and government subsidies.At the same time,path mechanism and efficiency test show that:digital finance has impact on enterprise R&D smoothness by suppressing the decline in corporate performance and improving the efficiency of capital allocation;and the marginal effect of digital finance on the innovation performance of enterprise with low R&D smoothness is more prominent.Therefore,we must pay attention to the role of digital finance in enterprise R&D investment,deepen the stability function of digital financial development on enterprise R&D investment,and reduce fluctuations in R&D investment caused by changes in corporate cash holdings.At the same time,it is necessary to build a R&D smoothness system with diversified financing channels and a full-process R&D smoothness evaluation mechanism to provide institutional guarantees for the stable and sustainable development of enterprise R&D investment.