金融科技与制造业企业创新

Fintech and Manufacturing Corporate Innovation

“十四五”规划强调了创新的战略地位,指出要利用创新来驱动经济发展。选取2012—2018年中国A股制造业上市公司微观年度数据,通过构建地级市层面的金融科技指标,研究金融科技对制造业企业创新的影响和传导机制。实证分析表明,金融科技从数量和质量两方面显著提升了制造业企业创新。机制分析结果显示,金融科技降低了金融机构与制造业企业之间的信息不对称,缓解了“金融歧视”导致的融资约束,从而促进制造业企业创新。异质性分析显示,金融科技对高成长性企业创新的促进效果更为明显,并且金融科技主要影响了小型、民营企业的创新。因此,推进金融科技发展,可以为实体经济发展提供源源不断的创新动力,从而更快地实现科技强国。

The 14th Five-Year Plan emphasizes the strategic position of innovation and points out that innovation should be used to drive economic development.In this paper,by constructing financial technology indicators at the prefecture-level city level,we explore whether and how financial technology development affects corporate innovation.Empirical analysis shows that the development of financial technology can significantly improve corporate innovation in both quantity and quality.Furthermore,we find that information asymmetry,financing constraints,and enterprise innovation are potential mechanisms through which financial technology development affects corporate innovation.The heterogeneity analysis reveals that financial technology has a more obvious effect on innovation in high-growth companies,and financial technology mainly affects the innovation of small and private enterprises.The study finds conclude that promoting financial technology development can provide a steady stream of innovation power to the economy,resulting in a speedier technological power.