数字普惠金融能否为中小企业创新提供动能——来自新三板挂牌企业的经验证据

Can Digital Inclusive Finance Provide Impetus for Innovation of SMEs——Empirical Evidence from NSS-listed Companies

基于130家新三板挂牌企业2016-2020年的面板数据,匹配城市数字普惠金融发展指标,检验数字普惠金融能否为企业创新提供动能。研究表明:第一,发展数字普惠金融可以有效驱动中小企业创新;第二,这种创新驱动效应的主要传导渠道是通过缓解企业融资困难,激励技术创新;第三,这种创新驱动效应具有异质性,在民营企业、内部治理质量较差公司表现更显著,呈现“扶持效应”;在创新层企业表现更显著,呈现“激励效应”。

This paper presents an empirical analysis of the impact role of digital inclusive finance in enterprise innovation based on panel data from 2016-2020 of 130 NSS-listed enterprises, combined with digital inclusive finance urban indicators. The findings indicate that: firstly, the development of digital inclusive finance can pull the technological innovation of MSMEs;secondly,the development of digital inclusive finance can significantly alleviate the financing difficulties of enterprises and stimulate technological innovation;thirdly, the innovation incentive effect of digital inclusive finance is more obvious among private enterprises, firms with poorer internal governance quality and innovative enterprises.