银行数字化转型对小微企业自主创新的影响——兼论数字金融的协同作用

The Impact of Bank Digital Transformation on Indepen-dent Innovation of Small and Micro Enterprises:A Dis-cussion on the Synergistic Effect between Digital Finance and Bank Digital Transformation

银行数字化转型提高了金融服务质量与效率,这能否缓解实体经济融资约束,助力小微企业牵住自主创新的“牛鼻子”?本文构建理论模型刻画银行数字化转型对小微企业自主创新的影响,并采用爬虫技术获得超过18万条有关商业银行报道的新闻文本,创新地构造了地级市层面的银行数字化转型指数,将中国小微企业调查(CM ES)数据和银行数字化转型指数相匹配,实证检验银行数字化转型对小微企业自主创新的影响及其机制,并据此分析银行数字化转型与数字金融的协同作用。研究发现,银行数字化转型通过缓解企业融资约束的中介机制,显著驱动了小微企业自主创新。进一步研究发现,银行数字化转型与数字金融在驱动小微企业自主创新方面具有协同效应,数字金融水平越高,银行数字化转型的创新驱动效应越强。本文将制度环境划分为产权保护、产研结合、政策环境,通过异质性分析发现,在知识产权保护环境较好、社会平台协作度较高及经济政策不确定性较小的地区,银行数字化转型对小微企业自主创新的驱动作用更为显著。本研究为赋能银行数字化转型战略提供了支持证据,也为解决实体经济融资难问题、驱动自主创新、促进经济高质量发展提供了解决方案。

Bank digital transformation has improved the quality and efficiency of financial service.Whether this wide change can alleviate the financial constraints of the real economy and help small and micro enterprises(SMEs)improve independent innovation is still a question.This paper constructs a theoretical model to characterize the impact of bank digital transformation on credit for SMEs,and then empirically tests the impact and mechanism of bank digital transformation on independent innovation of SMEs, as well as analyzes the synergistic effect between digital finance and bank digital transformation accordingly. With the advantage of python technology, the paper obtains more than 180,000 news texts related to commercial bank reports and innovatively constructs the digital transformation index of banks at the city level. By matching the data of the Small and Micro Enterprise Survey (CMES) and the bank digital transformation index, we come to the conclusion that, bank digital transformation has a significant positive impact on the independent innovation of SMEs, mainly through mediation effect of alleviating financial constraints. Further research found that there is a synergistic effect between bank digital transformation and dig-ital finance in driving independent innovation of SMEs. The higher the level of digital finance, the stronger the innovation-driven effect of bank digital transformation. Moreover, the heterogeneity analysis of institutional environment divided into property rights protection, industry-research integration, and policy environment reveals that in regions with better intellectual property protection environment, higher social platform collaboration degree, and lower economic policy uncertainty, the driving effect is more significant. The inno-vation of SMEs is closely related to enterprise competition, sustain-able development, as well as economic growth. This study provides supporting evidence for empowering the bank's digital transfor-mation strategy, and offers solutions for addressing the financing difficulties of the real economy, driving independent innovation of SMEs, as well as promoting high-quality economic development.