数字金融对中小企业技术创新的影响研究——基于财务杠杆路径

Research on the Impact of Digital Finance on Technological Innovation of Small and Medium-sized Enterprises——Based on Financial Leverage Path

为探究数字金融对中小企业的创新驱动效应及其影响机制,基于2012—2021年新三板上市企业数据进行实证分析。研究结果表明,数字金融发展显著支持中小企业技术创新;机制检验结果证实数字金融能够通过提高企业财务杠杆为中小企业技术创新活动提供资金支持,财务杠杆与企业技术创新之间呈现倒U型关系;异质性分析结果表明,数字金融具有支持企业创新发展的靶向效应,创新驱动效应对于小企业和非国有企业表现更显著。

In order to explore the innovation-driven effect of digital finance on small and medium-sized enterprises and its influencing mechanism,an empirical analysis was conducted based on the data of listed enterprises on the New Third Board from 2012 to 2021.The results show that the development of digital finance significantly supports the technological innovation of small and medium-sized enterprises.The mechanism test results confirm that digital finance can provide financial support for small and medium-sized enterprises'technological innovation activities by improving corporate financial leverage,and there is an inverted U-shaped relationship between financial leverage and corporate technological innovation.Heterogeneity analysis results show that digital finance has a targeted effect to support the innovation and development of enterprises,and the innovation-driven effect is more significant for small enterprises and non-state-owned enterprises.