数字金融对企业商业模式创新的影响研究

Research on the Impact of Digital Finance on the Business Model Innovation of Enterprise

数字金融凭借着金融资源配置的高效率、智能和普惠优势,在重塑金融市场的结构和服务模式的同时,也深刻影响了企业的创新活动。本研究以2011—2020年沪深A股非金融类上市公司为样本,探索了数字金融对企业商业模式创新的影响机理,实证结果表明:数字金融不仅能够直接促进企业商业模式创新,且能通过降低交易成本间接对企业商业模式创新产生影响。同时,企业数字化转型、外部环境动态性分别发挥了正向和负向的调节作用。研究不仅为数字金融赋能微观实体经济发展提供了理论依据,而且为数字金融背景下的企业商业模式创新路径选择和控制提供了参考。

With the advantages of high efficiency,intelligence and inclusiveness in the allocation of financial resources,digital finance has not only reshaped the structure and service model of the financial market,but also profoundly affected the innovation activities of en-terprises.Taking the A-share non-financial listed companies in Shanghai and Shenzhen from 2011 to 2020 as a sample,this paper ex-plores the influence mechanism of digital finance on enterprise business model innovation.Empirical results show that digital finance can not only directly promote the innovation of enterprise business models,but also indirectly affect the innovation of enterprise business models by reducing transaction costs.At the same time,the digital transformation of enterprises and the dynamics of the external environ-ment have played a positive and negative regulating role respectively.This research not only provides a theoretical basis for digital finance to empower the development of micro-real economy,but also provides a reference for the selection and control of enterprise business mod-el innovation path under the background of digital finance.