数字普惠金融、企业生命周期与技术创新

Digital Inclusive Finance,Enterprise Life Cycle and Technological Innovation

文章基于我国2011—2018年A股中小板和创业板上市公司相关数据,研究了数字普惠金融与企业技术创新之间的关系。建立了“数字普惠金融-企业生命周期-企业技术创新”的研究框架,采用了双向固定效应模型、工具变量模型等方法进行了实证检验。结果表明,数字普惠金融与企业技术创新之间存在显著的正相关关系。在考虑企业生命周期以后,发现数字普惠金融对成长期和成熟期的企业技术创新具有显著的促进作用,但是对衰退期的企业技术创新作用则不显著。在企业生命周期的不同阶段,数字普惠金融对民营企业的创新促进效应比国有企业更加明显。

Based on the data of Chinese A-share SME board and GEM listed companies from 2011 to 2018,this paper studies the relationship between digital inclusive finance and technological innovation of enterprise,then constructs the research framework of“digital inclusive finance-enterprise life cycle-enterprise technological innovation”,and finally uses the two-way fixed effect model and instrumental variable model to conduct empirical test.The results show that there is a significant positive correlation between digital inclusive finance and technological innovation of enterprise.Considering the life cycle of enterprise,it is found that digital inclusive finance has a significant positive effect on the technological innovation of enterprises in the growth and mature stages,but not on the enterprises in the recession stage.In different stages of enterprise life cycle,the promotion effect of digital inclusive finance on innovation of private enterprises is more obvious than that of state-owned enterprises.