数字金融、融资约束与中小企业科技创新——基于新三板数据的实证研究

Digital Finance,Financing Constraints,and Technological Innovation of Medium and Small-sized Enterprises:An Empirical Study Based on the Data of the New OTC Market

数字金融作为依托互联网技术与国家政策支持发展起来的新兴金融业态,对中小企业科技创新与转型升级具有重要影响。文章基于2011—2020年中国新三板(全国中小企业股份转让系统)挂牌企业财务信息和北京大学数字金融研究中心的中国数字普惠金融指数,利用固定效应模型和中介效应方法,从融资约束的角度出发,实证检验了数字金融对中小企业科技创新的影响。研究发现:数字金融能够有效缓解融资约束,促进中小企业科技创新,且对经济欠发达的中西部地区效果更为显著。因此,在我国强调中小企业走好“专精特新”之路背景下,应因地制宜积极推动数字金融高质量发展,进一步缓解融资约束,不断激励中小企业科技创新。

As an emerging financial industry relying on Internet technology and national policy support,digital finance has an important impact on scientific and technological innovation,transformation,and upgrading of medium and small⁃sized enterprises.Based on the financial information of enterprises listed on the China New OTC Market(National Equi⁃ties Exchange and Quotations)from 2011 to 2020 and the China Digital Inclusive Finance Index of the digital finance re⁃search center of Peking University,this paper empirically tests the impact of digital finance on the scientific and techno⁃logical innovation of medium and small-sized enterprises from the perspective of financing constraints by using the fixed effect model and intermediary effect method.It is found that digital finance can effectively alleviate financing constraints,promote scientific and technological innovation of medium and small-sized enterprises,and has a more significant effect on the economically underdeveloped central and western regions.Therefore,under the background of emphasizing that medium and small-sized enterprises take the road of“specialization and innovation”,we should actively promote the high-quality development of digital finance according to local conditions,further alleviate the financing constraints,and constantly encourage the scientific and technological innovation of medium and small-sized enterprises.