价值链数字化、创新资源配置与企业融资约束

Value Chain Digitalization,Innovative Resource Allocation and Corporate Financing Constraints

企业的创新发展需要资金和人员投入,而我国企业普遍面临的融资约束问题阻碍了企业创新步伐。数字化转型的实施提高了企业经营效率,可能对创新资源配置以及融资约束产生影响。选取2013—2021年沪深两市A股上市企业作为研究样本,对价值链数字化、创新资源配置与企业融资约束进行实证分析,并得出以下主要结论:第一,创新资源配置会显著加剧企业融资约束,但该加剧作用在高新技术企业中并不显著;第二,价值链数字化会显著缓解企业融资约束;第三,价值链数字化能够显著抑制创新资源配置对企业融资约束的加剧作用。

The innovation development of enterprises requires investments of capital and human resources,but Chinese enterprises generally face financing constraints,which hinder the pace of innovation.The implementation of digital transformation improves enterprises’operating efficiency,which may impact the allocation of innovation resources and financing constraints.This paper selects A-share listed companies in Shanghai and Shenzhen Stock Exchanges from 2013 to 2021 as research samples.After the empirical analysis of the digitalization of the value chain,innovation resource allocation,and enterprise financing constraints,the following main conclusions are drawn:First,the allocation of innovation resources will significantly increase the financing constraints of enterprises,but the effect is not significant in high-tech enterprises;Second,the digitalization of value chain will significantly ease the financing constraints of enterprises;Third,the digitalization of value chain can significantly inhibit the intensification of financing constraints imposed by the allocation of innovative resources.