金融科技发展对企业技术创新效率的影响研究

A Study on the Impact of Financial Technology Development on the Efficiency of Enterprise Technological Innovation

金融科技是优化资源配置、发挥企业创新主体作用与实现高质量发展的关键。以2015—2020年长三角区域沪深主板信息传输、软件和信息技术服务业上市公司为研究样本,采用固定效应回归模型实证考察金融科技发展对企业技术创新效率的影响及作用机制,并探究不同产权性质、企业规模对其影响是否存在差异。结果发现:金融科技发展对企业技术创新效率存在显著提升作用。进一步研究发现,国有企业、大规模企业金融科技发展对技术创新效率的提升作用强于非国有企业、小规模企业,缓解融资约束、降低信贷隐性成本与增强政府补助政策效应是金融科技发展提升企业技术创新效率的有效渠道。

Fintech is the key to optimizing resource allocation,giving full play to the main role of enterprise innovation and achieving high-quality development.Taking listed companies in the information transmission,software and information technology service industries of Shanghai and Shenzhen Main Board in the Yangtze River Delta region(2015 to 2020)as research samples,the fixed-effect regression model is used to empirically investigate the impact of financial technology development on the technological innovation efficiency of enterprises and its mechanism,and explore whether there are differences in the above effects of different property rights and enterprise scale.It is found that the development of financial technology has a significant effect on the efficiency of enterprise technological innovation.Further research finds that the development of financial technology in state-owned enterprises and large-scale enterprises has a stronger effect on the efficiency of technological innovation than that of non-state-owned enterprises and small-scale enterprises.