数字金融对企业技术创新的影响——基于370家数字创意产业上市公司的证据

Impact of digital finance on enterprise technological innovation:Evidence based on 370 listed companies in the digital creative industry

选取2015—2020年数字创意产业的上市企业数据,就数字金融对企业技术创新的影响进行实证分析。研究发现:数字金融对企业技术创新有显著的“激励效应”;数字金融通过缓解金融错配促进企业技术创新,即“数字金融-金融错配缓解-企业技术创新”的传导渠道有效;完善的制度环境会加剧数字金融对企业技术创新的激励作用。相对于国有企业,数字金融对非国有企业创新的促进作用更加明显,表明数字金融有助于缓解传统金融供给带来的“属性锚定”问题。

Selecting the data of listed companies in the digital creative industry from 2015 to 2020, this paper empirically examines the impact of digital finance on enterprise technological innovation. The results show that digital finance has a significant “incentive effect” on corporate technological innovation. Digital finance promotes technological innovation of enterprises by alleviating financial mismatch, namely, the transmission channel of “digital finance-financial mismatch mitigation-enterprise technological innovation” is effective. A sound institutional environment will intensify the incentive effect of digital finance on technological innovation of enterprises. Compared with state-owned enterprises, digital finance promotes the innovation of non-state-owned enterprises much more effectively, indicating that digital finance is conducive to alleviating the “attribute anchoring” issues of traditional financial supply.