数字金融对“专精特新”企业创新效率的影响研究

Research on the Impact of Digital Finance on the Innovation Efficiency of"Specialized,Refined and Innovative"Enterprises

以2012—2022年A股“专精特新”上市公司为研究样本,深入探讨数字金融发展对“专精特新”企业创新效率的影响及作用机制。结果表明:数字金融发展可以有效提升“专精特新”企业创新效率,该结论在通过一系列稳健性检验和内生性处理后依然成立。数字金融发展主要通过缓解资本错配、增强风险承担能力、推动技术进步和优化营商环境促进“专精特新”企业创新效率提升。数字金融发展对中型、制造业和东部地区“专精特新”企业创新效率的提升作用更强。为进一步提升“专精特新”企业创新效率,应加强数据能力建设,提升数字金融效能;完善内部控制体系,增强风险承担能力;构建资源共享机制,协同推动企业发展。

Using the A-share"specialized,refined,and innovative"listed companies from 2012 to 2022 as research samples,this study aims to conduct an indepth examination of the impact and mechanism of digital finance development on the innovation efficiency of"specialized,refined,and innovative"enterprises.The results indicate that the development of digital finance can significantly improve the innovation efficiency of"specialized,refined,and innovative"enterprises,which is still valid after a series of robustness tests and endogeneity treatments.The development of digital finance mainly promotes the innovation efficiency of"specialized,refined,and innovative"enterprises by alleviating capital mismatch,enhancing risk bearing capacity,promoting technological progress,and optimizing the business environment.The development of digital finance has a stronger impact on improving the innovation efficiency of"specialized,refined,and innovative"enterprises in medium-sized,manufacturing,and eastern regions.To further enhance the innovation efficiency of"specialized,refined,and innovative"enterprises,it is necessary to strengthen data capacity construction and enhance the efficiency of digital finance;Improve the internal control system and enhance the ability to bear risks;Build a resource sharing mechanism to synergistically promote enterprise development.