数字金融对战略性新兴产业创新的影响研究

Impact of Digital Finance on the Innovation ofStrategic Emerging Industries

以2012—2020年A股668家战略性新兴企业为研究对象,运用动态门限面板模型实证分析数字金融对战略性新兴产业创新的影响效应。研究发现:从总体情况看,数字金融发展驱动战略性新兴产业创新具有门限效应;但从分项指数来看,数字金融使用程度加深能够持续促进战略性新兴产业创新。进一步检验表明,拓宽融资渠道和增加企业研发投入是该效应发挥的重要机制。此外,数字金融影响战略性新兴产业创新存在异质性特征。本研究为数字金融发展和政府补贴机制建立提供了可靠的经验证据和政策启示。

Taking 668 strategic emerging enterprises in A-share market from 2012 to 2020 as the research object,this paper uses dynamic threshold panel model to empirically analyze the impact of digital finance on the innovation of strategic emerging industries.The research found that from the overall situation,the digital finance development drive strategy emerging industry innovation has a threshold effect However,from the perspective of sub-indexes,the deepening of the use of digital finance can continue to promote innovation in strategic emerging industries.Further tests show that broadening financing channels and increasing enterprise R&D investment are important mechanisms for this effect.In addition,the impact of digital finance on strategic emerging industry innovation is characterized by heterogeneity.This study provides reliable empirical evidence and policy implications for the development of digital finance and the establishment of government subsidy mechanism.