大数据应用、融资约束和企业创新效率

Implementation of Big Data,Financial Constraints and Enterprise Innovation Efficiency

在全球数字化浪潮下,“大数据”已经成为企业获得竞争优势的利器。本文基于沪深A股上市公司2007—2020年数据,借助爬虫技术收集企业年报中的“大数据”关键词,实证检验大数据应用对企业创新效率的影响及其作用机制。研究发现,企业大数据应用显著提高了企业创新效率,且这一结论在经过更换变量衡量方式、改变样本区间以及内生性处理等一系列稳健性检验后仍然成立。机制分析表明,大数据应用能够降低企业面临的融资约束从而提升企业的创新效率。异质性分析表明,在科技企业以及行业竞争较为激烈的企业中,大数据应用对创新效率产生的正向影响更明显。本文揭示了大数据应用提高企业创新效率的机理,扩展了企业大数据应用的相关研究。

With the development of global digitalization,“big data”has become a powerful tool for enterprises to improve their competitive advantage.Based on the data of listed firms on the Shanghai and Shenzhen stock markets from 2007 to 2020,this study crawls the keywords of“big data”in the annual reports of enterprises to explore the impact of big data implementation on the innovation efficiency of enterprises and its mechanism.Empirical evidence indicates that the implementation of big data substantially contributes to innovation efficiency.This conclusion remains valid after a series of robust analyses,such as adjusting the variable measurement methods,changing sample intervals,and endogeneity treatments.Mechanistic analysis shows that the implementation of big data can reduce the financing constraints of enterprises thereby promoting their innovation efficiency.Furthermore,heterogeneous analyses show that the positive effect of the implementation of big data on enterprise innovation efficiency is more significant for enterprises in technology and highly competitive industries.This paper presents the mechanism of big data implementation for enterprise innovation efficiency and extends the research related to big data implementation in enterprises.