数字金融发展能激励企业创新吗?——基于中国上市企业的实证检验

Can Digital Finance Development Stimulate Enterprises Innovation?An Empirical Study of Listed Companies in China

数字金融作为新时代信息技术与传统金融结合的创新产物,对于促进企业创新管理提质增效乃至中国经济高质量发展具有重要意义。基于2011—2018年沪深两市A股上市公司的样本数据,对数字金融与企业创新之间的关系及内在影响机理进行了探讨。研究结果表明:数字金融发展能够显著提升企业创新绩效,该结论在用工具变量法和一系列稳健性检验后仍然成立;从企业的创新质量来看,数字金融发展显著减少了企业的策略性创新行为;企业规模、政府创新补贴程度、行业特征等都会影响数字金融发展对企业创新的积极作用。进一步研究表明:数字金融的发展,一方面有利于缓解企业融资约束,使企业获得更多的创新市场资源;另一方面能够促进企业增加研发投入,进而从整体上激励企业创新;此外,还能通过促进创新提升企业全要素生产率。上述研究能帮助我们理解数字金融发展背景下企业创新的内在机制,也为促进数字金融发展的政策制定和实施提供了一定的经验启示。

As an innovative product of the combination of information technology and traditional finance in the new era,digital finance is of great significance for promoting the quality and efficiency of corporate innovation and the high-quality development of China's economy.Based on the sample data of A-share listed companies in Shanghai and Shenzhen stock markets from 2011 to 2018,this article discusses relationship between digital finance and corporate innovation,difference in impact,and internal mechanism.The research results show that digital finance development can significantly improve the innovation performance of enterprises.This conclusion is still significantly established after the instrumental variable method and a series of robustness tests.From the perspective of corporate innovation quality,digital finance development has significantly reduced corporate strategic innovation behavior.The scale of enterprises,the degree of government innovation subsidies,and industry characteristics all affect positive effects of digital financial development on enterprise innovation.Further research shows that,on the one hand,digital finance development is conducive to alleviating financing constraints of enterprises and obtaining more innovative market resources;on the other hand,it can promote enterprises to increase R&D investment,thereby encouraging enterprise innovation as a whole.The digital finance development has increased total factor productivity of enterprises by promoting enterprise innovation.The findings help to understand internal mechanism of corporate innovation in the context of digital finance development,and provide certain experience and enlightenment for the formulation and implementation of policies to promote digital finance development.