金融科技监管与中小企业技术创新——基于一项准自然实验研究

Supervision of Financial Science and Technology and Technological Innovation of Small and Medium Sized Enterprises

金融科技监管是影响金融科技发展的重要手段,对微观经济主体技术创新活动有着重要的影响。以2015年《关于促进互联网金融健康发展的指导意见》出台作为准自然实验,借助2012—2018年中国中小板上市公司作为研究样本,运用双重差分模型从政策性视角研究金融科技监管对中小企业技术创新的影响。结果表明,金融科技监管政策出台后对中小企业技术创新具有抑制作用。以上结论在进行安慰剂检验、更换被解释变量等一系列稳健性检验后依然成立。异质性分析显示,金融科技监管政策出台对非国有企业和非高科技企业技术创新活动抑制作用更明显。进一步研究发现,金融科技监管通过缩减信贷规模增加中小企业融资约束,进而抑制中小企业技术创新。从政策性视角分析金融科技监管政策前后对中小企业技术创新活动的影响,有助于平衡“金融效率-金融安全”的问题,使金融科技更好地服务实体经济。

Financial technology supervision is an important policy tool used by financial regulatory authorities to influence the development of financial technology,and has an important impact on the technological innovation activities of microeconomic entities.This article uses the 2015"Guiding Opinions on Promoting the Healthy Development of Internet Finance"as a quasi-natural experiment,using the 2012—2018 Chinese small and medium board listed companies as a research sample,and using a double differential model to study the impact of financial technology supervision on small and medium-sized enterprises from a policy perspective The impact of technological innovation.The study found that the introduction of the financial technology regulatory policy has an inhibitory effect on the technological innovation of small and medium-sized enterprises.The above conclusions are still valid after a series of robustness tests such as placebo test and replacement of explained variables.The heterogeneity analysis shows that the financial technology regulatory policy.The introduction of non-state-owned enterprises and non-high-tech enterprises has a more obvious inhibitory effect on technological innovation activities;further research has found that financial technology supervision increases the financing constraints of small and medium-sized enterprises by reducing the scale of credit,thereby inhibiting the technological innovation of small and medium-sized enterprises.This article analyzes the impact of financial technology regulatory policies on the technological innovation activities of small and medium-sized enterprises from a policy perspective,which helps to balance the issue of"financial efficiency-financial security"so that financial technology can better serve the real economy.