数字金融对创业板上市公司成长的影响——基于地区经济发展水平和研发创新双视角

The Impact of Digital Finance on the Growth of GEM Listed Companies--Based on the Dual Perspectives of Regional Economic Development Level and R&D Innovation

基于2011~2020年创业板上市公司的相关数据,研究了数字金融对创业板上市公司成长的影响,又引入地区经济发展水平和研发创新作为中介变量,进一步实证检验了数字金融与创业板上市公司成长之间的关系。研究结果表明,数字金融可以提升地区经济发展水平和研发创新,进而促进创业板上市公司的成长,地区经济发展水平和研发创新在数字金融对创业板上市公司成长关系作用中发挥了部分中介效应。研究结论对认识数字金融的实际价值、推动数字金融发展进而提高创业板上市公司成长具有一定的理论意义。

Based on the data related to GEM listed companies from 2011 to 2020,the effect of digital finance on the growth of GEM listed companies is studied,and the level of regional economic development and R&D innovation are introduced as mediating variables to further empirically test the relationship between digital finance and the growth of GEM listed companies.The research results show that digital finance can enhance the level of regional economic development and R&D innovation,and then promote the growth of GEM listed companies,and the level of regional economic development and R&D innovation play part of the mediating effect in the relationship between digital finance and the growth of GEM listed companies;the research findings have certain The findings have some theoretical implications for understanding the actual value of digital finance,promoting the development of digital finance and thus improving the growth of CEM listed companies.