数字金融、营商环境与企业双元创新

DIGITAL FINANCE,COMMERCIAL ENVIRONMENT AND ENTERPRISE'S DUAL INNOVATION

基于2011—2019年省级面板以及企业微观大数据集,构建双向固定效应模型,考察数字金融对企业双元创新的影响程度,并从营商环境角度出发,剖析数字金融对企业双元创新的影响机制。研究表明:1)数字金融对企业突破式创新和渐进式创新的回归系数均显著为正,数字金融水平每提高1%,企业突破式创新水平提高58.83%,渐进式创新水平提高49.92%,表明数字金融通过拓宽数字金融覆盖广度及加大使用深度推动企业创新水平提高,走出“低端锁定”局面,助力更高水平创新成果产出;2)在异质性分析中,中部、西部地区数字金融对企业双元创新的回归系数分别为2.6077和1.2378,高于东部地区的0.3917,表明由于区位资源禀赋差异,与经济基础雄厚的东部地区相比,数字金融在金融资源较为匮乏的中西部地区对企业双元创新推动的边际效应更加突出;3)在机制检验中,数字金融与企业突破式创新及营商环境的回归系数分别为0.5883和0.4299,且均在1%的水平上显著,表明数字金融与企业突破式创新和营商环境均有正相关关系;营商环境对企业突破式创新影响系数为1.032,营商环境的中介效应占总效应的74.19%;此外,在企业渐进式创新方面,直接效应和间接效应符号相反,营商环境在影响企业渐进式创新过程中发挥了遮掩效应,随着数字金融支持力度加大,营商环境的改善驱动企业将更多资源聚焦在突破式创新项目中,减少对渐进式创新项目的关注。基于上述研究结论,建议继续优化数字金融支持政策,搭建数字金融区域协调平台和科技金融服务平台,为企业双元创新提供外部保障,激发双元创新的内生动力。

This paper,based on provincial panel data and enterprise microscopic dataset from 2011 to 2019,establishes a bi-directional fixed effect model to study the impacts of digital finance on enterprise's dual innovation and its mechanism from commercial environment.Regression coefficients of digital finance on enterprise's radical innovation and incremental innovation are positive;the radical innovation can rise by 58.83%and incremental innovation by 49.92%upon digital finance's rising by 1%,suggesting that digital finance largely boost enterprise's innovation through coverage and depth,stepping out of“low locked”situation for a higher innovation.Regression coefficients of digital finance on enterprise's dual innovation in central and western regions are 2.6077 and 1.2378 respectively,higher than 0.3917 in the eastern region,suggesting digital finance exerts a stronger marginal effect on enterprise's dual innovation in the central and western regions where financial resources are insufficient due to geographic resources occurrence variance,compared with the developed eastern region.On mechanism test,regression coefficients of digital finance to radical innovation and commercial environment are 0.5883 and 0.4299,outstanding above 1%,marking their positive relation.Impacting coefficient of commercial environment on radical innovation is 1.032,and mediating effect of commercial environment reaches 74.19%.On incremental innovation,direct effect is opposite to indirect effect,and commercial environment plays a covering effect on incremental innovation.As digital finance gains more supports,improving commercial environment will make enterprises put more resources in radical innovation,thus less in incremental innovation.This paper puts forward suggestions on continuously optimizing digital finance policies,establishing regional digital finance coordination and financial servicing platform to provide enterprises'dual innovation with external security and to stimulate their inner drive.