数字金融、供应链金融与企业创新——基于A股上市企业的经验数据

Digital Finance, Supply Chain Finance and Enterprise Innovation: Based on the Empirical Data of A-Share Listed Companies

通过构建多元回归模型,并以2016-2020年A股上市企业为研究样本,探讨数字金融、供应链金融与企业创新三者之间的关系,以及在不同产权性质、融资约束及企业规模条件下数字金融对上市企业创新的影响。研究发现,随着数字金融发展程度的提高,企业创新能得到更多激励;数字金融推动企业创新的效果在非国有企业、高融资约束企业及中小规模企业中表现更优;供应链金融在数字金融促进企业创新过程中发挥了中介效应。为有效推动企业创新发展,政府应稳步发展数字金融,不断深化国有企业改革,在制定创新相关政策时应多关注非国有企业、融资约束较高及资产规模较小的企业,以满足企业多元化的需求;企业应通过提升供应链关系质量、加强供应链管理等途径实现自身数字化、信息化升级。

By building a multiple regression model and taking A-share listed companies from 2016 to 2020 as research samples,the relationship between digital finance,supply chain finance and enterprise innovation is discussed,as well as the impact of digital finance on the innovation of listed companies under different property rights,financing constraints and enterprise size conditions.It is found that with the development of digital finance,enterprise innovation can get more incentives;the effect of digital finance in promoting enterprise innovation is better in non-state-owned enterprises,enterprises with high financing constraints and small and medium-sized enterprises.Supply chain finance plays an intermediary role in the process of digital finance promoting enterprise innovation.In order to effectively promote the innovation and development of enterprises,the government should steadily develop digital finance,continuously deepen the reform of state-owned enterprises,and pay more attention to non-state-owned enterprises,enterprises with high financing constraints and small asset scale when formulating innovation-related policies,so as to meet the diversified needs of enterprises.Enterprises should improve the quality of supply chain relations and strengthen supply chain management to realize their own digital and information upgrading.