数字普惠金融、R&D投入与企业创新

Digital Inclusive Finance,Institutional Environment and Enterprise Innovation

数字普惠金融可有效改善中小微企业金融服务,其对稳固实体经济具有重要意义。对2011-2020年数字普惠金融指数和A股上市企业数据进行实证分析,研究表明,数字普惠金融发展越完善,越能有效促进企业创新。从两个方面分析数字普惠金融如何影响企业创新:一是数字普惠金融直接促进企业创新能力;二是数字普惠金融可以为企业带来更多资金,通过增加研发投入间接提升企业创新能力。异质性分析表明,对于非国有企业、小规模企业以及制度环境好的企业,数字普惠金融对其企业创新促进效果更明显。可为促进数字普惠金融发展和企业创新实践提供参考。

Digital inclusive finance can effectively improve financial services for small and medium-sized enterprises,which is of great significance for stabilizing the real economy.Through empirical analysis of the digital inclusive finance index and A-share listed enterprise data from 2011 to 2020,the study shows that the more complete the development of digital inclusive finance,the more effective it can promote enterprise innovation.This paper analyzes how digital inclusive finance affects enterprise innovation from two aspects:Firstly,digital inclusive finance directly promotes enterprise innovation ability;Secondly,digital inclusive finance can bring more funds to enterprises and indirectly promote their innovation capabilities by increasing research and development investment.Heterogeneity analysis shows that for non-state-owned enterprises,small-scale enterprises,and enterprises with good institutional environments,digital inclusive finance has a more significant effect on promoting enterprise innovation.This article can provide reference for promoting the development of digital inclusive finance and enterprise innovation practices.