数字金融对企业创新的影响研究

Research on the Impact of Digital Finance on Enterprise Innovation

数字金融作为金融创新与科技创新叠加融合形成的一种高级金融形态,能够加速资金、信息等要素的自由流通与有效配置,矫正传统金融因信息不对称引发的市场失灵和金融割裂问题,在稳定经济大盘中发挥着重要作用。文章搜集了2011-2020年北京大学数字普惠金融指数与沪深A股非金融上市公司数据,通过运用双向固定效应模型,实证检验了数字普惠金融与企业创新之间的内在联系。同时,文章还选取产权性质、行业属性、制度环境作为调节变量,探讨了相关变量对于推动企业创新的作用效果。研究结果显示,数字金融的覆盖广度、使用深度及数字支持服务程度均与企业创新水平呈正相关;同时,产权性质、行业属性、制度环境均发挥积极的调节作用。文章还采用发明型专利申请数加1的自然对数作为替代变量进行稳健性检验,进一步验证了上述结论的有效性。

As an advanced financial format characterized by the integration of financial innovation and technological innovation,digital finance can accelerate the free flow and effective allocation of funds,information and other production factors,overcome the traditional market failure and financial fragmentation caused by information asymmetry,thus playing a vital role in stabilizing the economy.To this end,drawing on the data from Peking University Digital Financial Inclusion Index of China and non-financial listed companies in Shanghai and Shenzhen A-shares from 2011 to 2020,the article aims to examine the intrinsic link between digital inclusive finance and corporate innovation by means of a two-way fixed effects model.Meanwhile,the effects of certain moderating variables such as property rights nature,industry attributes,and institutional environment are also investigated.The research findings show that the coverage,depth of use,and supporting digital services are positively correlated with corporate innovation;At the same time,the nature of property rights,industry attributes,and institutional environment all play a positive moderating role.In the end,the natural logarithm of the number of invention patent applications plus 1 was selected as a substitute variable for robustness testing,so as to verify the validity of the above conclusions.