金融科技与企业数字化转型——基于企业生命周期视角

Fintech and Enterprise Digital Transformation——From the Perspective of Enterprise Life Cycle

金融科技作为数字技术驱动下的金融创新,对于实体经济下的微观企业经营发展有着密切影响.本文以生命周期为视角,利用2011-2019年沪深两市A股上市公司数据,探究金融科技对企业数字化转型的影响以及内在机制.结果显示,金融科技对企业数字化转型起着正向促进作用,其中成长期和成熟期的作用效果较为显著,而衰退期的作用效果不明显.金融科技通过缓释融资约束与降低融资成本、加大研发投入与提高创新产出两个机制助推企业数字化转型进程.本文的研究结论为金融科技政策支持体系的优化和不同类型企业数字化转型的差异化激励提供了实证证据和政策启示.

As a financial innovation driven by digital technology,fintech has a close impact on the operation and development of micro enterprises in the real economy.From the perspective of life cycle,based on the data of A-share listed companies in Shanghai and Shenzhen stock markets from 2011 to 2019,this paper explores the influence and internal mechanism of fintech on enterprise digital transformation.The results show that fintech has a positive driving effect on enterprise digital transformation,in which the effect is significant in the growth and maturity stage,but not in the decline stage.Fintech boosts the digital transformation process of enterprises through two mechanisms:easing financing constraints and reducing financing costs,increasing R&D input and improving innovation output.The conclusions of this paper provide empirical basis and policy inspiration for the optimization of fintech policy support system and differentiated incentives for different types of enterprise digital transformation.