数字金融对中小企业技术创新的影响研究

Research on the Impact of Digital Finance on the Technological Innovation of Small and Medium-sized Enterprises

文章基于2011—2018年中小板及创业板上市公司数据,对数字金融和中小企业技术创新的相关理论进行梳理,实证检验二者之间的关系,并从企业产权性质、所处行业、所处制度环境三方面进行异质性检验。结果表明:数字金融能显著推动中小企业进行技术创新,但存在产权、行业及制度环境异质性。同国有企业相比,数字金融更有助于推动非国有企业进行技术创新;相较于非高新行业,数字金融对高新行业的中小企业技术创新促进作用更显著;与处于低质量制度环境的中小企业相比,数字金融对高质量制度环境内中小企业技术创新的促进作用更加显著。对此,政府应推动数字金融高质量发展,为中小企业实施差异化金融支持并改善外部制度环境,充分发挥数字金融对技术创新的促进作用。

Based on the data of listed companies on the SME board and gem from 2011 to 2018, this paper combs the relevant theories of digital finance and technological innovation of small and medium-sized enterprises, empirically tests the relationship between them, and tests the heterogeneity from three aspects: the nature of enterprise property rights, the industry and the institutional environment. The results show that digital finance can significantly promote technological innovation of small and medium-sized enterprises, but there is heterogeneity in property rights, industry and institutional environment. Compared with state-owned enterprises, digital finance is more conducive to promoting non-state-owned enterprises to carry out technological innovation. Compared with non high-tech industries,digital finance plays a more significant role in promoting technological innovation of small and medium-sized enterprises in high-tech industries. Compared with small and medium-sized enterprises in low-quality institutional environment, digital finance plays a more significant role in promoting technological innovation of small and medium-sized enterprises in high-quality institutional environment. In this regard, the government should promote the high-quality development of digital finance, implement differentiated financial support for small and medium-sized enterprises, improve the external institutional environment, and give full play to the role of digital finance in promoting technological innovation.