数字金融促进了突破式创新还是渐进式创新?

Does Digital Finance Promote Breakthrough Innovation or Incremental Innovation?

企业突破式创新是决定企业能否掌握核心技术、实现价值链提升的关键。基于双元创新理论,利用2011—2020年A股上市公司数据和北大数字普惠金融指数数据,分析数字金融究竟是促进了企业突破式创新还是渐进式创新。研究发现:数字金融既有利于企业渐进式创新,又有利于企业突破式创新,且对突破式创新的作用大于对渐进式创新的作用;异质性分析表明,这一影响在企业创新需求较大时,即在技术密集型和资本密集型企业以及市场竞争程度高的企业中更显著;机制检验发现,缓解企业融资约束是数字金融实现企业渐进式创新、突破式创新的重要渠道;进一步研究发现,突破式创新可以提升企业价值,而渐进式创新则会损害企业价值。研究结论不仅为评估数字金融对企业突破式创新、渐进式创新的影响提供了一定的经验证据,而且对引导企业掌握核心技术、实现企业价值链提升具有重要的政策启示。

Effectively promoting breakthrough innovation of enterprises is the key to determine whether an enterprise can master core technologies and increase enterprise value chain. Based on the dual innovation theory, this paper uses the data of A-share listed companies and the Peking University Digital Financial Inclusion Index data from 2011 to 2020 to analyze whether digital finance promotes breakthrough innovation or incremental innovation. The research finds that digital finance is not only conducive to incremental innovation, but also breakthrough innovation, and its effect on breakthrough innovation is higher than that of the incremental innovation. Heterogeneity analysis shows that the impact is more significant when the innovation demand of the enterprise is high, that is, in technology-intensive and capital-intensive companies, as well as in companies with high market competition. Mechanism test finds that alleviating financing constraints is an important channel for digital finance to achieve corporate incremental innovation and breakthrough innovation. Further research finds that breakthrough innovation can enhance firm value, while incremental innovation damages firm value. This research not only provides certain empirical evidence for assessing the impact of digital finance on corporate breakthrough innovation and incremental innovation, but also has important policy implications for guiding companies to master core technologies and achieve corporate value chain climbing.