数字普惠金融、融资约束与区域创新

Digital Inclusive Finance,Financing Constraints and Regional Innovation

创新发展离不开金融资源的支持,但目前我国融资市场存在较为严重的供需矛盾,引导金融机构将更多金融资源配置到创新发展的关键领域对于促进经济高质量发展至关重要。文章基于2011年—2019年我国258个地级市数据分析数字普惠金融对区域创新的影响,并从缓解融资约束角度探究其内在机理。研究结果表明:数字普惠金融能够显著激励区域创新发展,且这种激励效应呈现显著的正向边际效应递增的非线性特征;异质性分析发现,东部和中部地区数字普惠金融对区域创新的激励效应更强,作用空间更大。从宏观和微观角度分别进行机制研究发现,缓解融资约束在激励效应中均发挥中介作用。对此,应统筹规划、因地制宜制定数字普惠金融发展政策,进一步打造区域内数字普惠金融中心城市,同时鼓励发展多层次数字金融服务体系,满足创新主体差异化的融资需求。

Innovative development is inseparable from the support of financial resources,however,at present,there is a seri⁃ous contradiction between supply and demand in China's innovative financing market.Guiding financial institutions to allocate more financial resources to key areas of innovative development is very important to promote economic development.Based on the data of 258 prefecture level cities in China from 2011 to 2019,this paper analyzes the impact of digital inclusive finance on regional innovation,and explores its internal mechanism from the perspective of financing constraints.The results show that digi⁃tal inclusive finance can significantly stimulate regional innovation and development,and this incentive effect shows a significant increasing nonlinear characteristic;heterogeneity analysis shows that the eastern and central urban innovation systems are more stimulated by digital Inclusive Finance,and have more room for action.It is found that financing constraints play an intermediary role in this effect.In this regard,it is of significance to make overall planning,formulate digital inclusive financial policies ac⁃cording to local conditions,further build a digital inclusive financial center city in the region,and encourage the development of multi-level digital financial service system to meet the differentiated financing needs of innovation subjects.