数字普惠金融、双元创新与企业价值

Digital Inclusive Finance,Ambidextrous Innovation and Enterprise Value

坚持创新驱动发展是我国现阶段高质量发展的现实需求。数字普惠金融作为一种新兴的金融运营模式,为企业创新提供机遇,也为企业价值的提高带来契机。为探讨数字普惠金融对企业价值的作用机理,基于2012—2020年我国上市企业的数据,分析了双元创新在数字普惠金融对企业价值作用中的中介效应,并探究了企业社会责任与财务柔性在数字普惠金融对企业价值作用中的调节效应。结果发现:数字普惠金融能够促进企业双元创新,但对探索性创新的作用较弱且存在时滞;数字普惠金融能通过双元创新影响企业价值。进一步研究显示,财务柔性的提高使数字普惠金融对企业价值的影响更为显著,而企业社会责任从短期来看在数字普惠金融对企业价值的影响中发挥反向调节作用,但从长远来看更能促进企业价值的提升。同时,数字普惠金融对制造业企业及非国有企业价值促进作用更明显。基于以上结论,从政府与企业两个角度提出相应政策建议。

Adhering to innovation-driven development is a realistic need for China's high-quality development at this stage.As an emerging financial operation model,digital inclusive finance provides opportunities for corporate innovation as well as for the enhancement of corporate value.To explore the mechanism of the role of digital inclusive finance on enterprise value,the mediation effect of dual innovation in the role of digital inclusive finance on enterprise value and the moderating effect of corporate social responsibility and financial flexibility in the role of digital inclusive finance on enterprise value were analysed using data of listed enterprises in China from 2012 to 2020.The results found that:digital inclusive finance can promote dual innovation in firms,but the effect on exploratory innovation is weak and there is a time lag;digital inclusive finance affects firm value through dual innovation.Further research shows that financial flexibility and corporate social responsibility make the impact of digital inclusive finance on firm value more significant,while the value-enhancing effect of digital inclusive finance on manufacturing firms and non-state enterprises is more obvious.Based on the above findings,corresponding policy recommendations are proposed from both government and enterprise perspectives.