金融科技如何影响企业技术创新?

How Does FinTech Affect Enterprise Technological Innovation?

结合2011~2021年我国A股上市公司数据和北京大学数字普惠金融指数,考察金融科技对企业技术创新的影响效应及内在机制。研究发现:金融科技及其使用深度、覆盖广度和数字化程度均能对企业技术创新形成正向影响,其主要通过缓解融资约束、降低交易成本、加强数据共享三大机制发挥作用。金融科技使用深度可以有效缓解民营企业融资约束,覆盖广度能够显著降低小规模企业交易成本,而数字化程度主要会激励金融监管较弱地区数据共享,通过弥合数字鸿沟实现金融科技“雪中送炭”的普惠效应。据此,应大力发展金融科技,为民营企业提供便捷的金融支持,为小规模企业交易拓宽渠道,促进实体企业与金融科技深度融合。

Based on the data of China's A-share listed companies from 2011 to 2021 and the Peking University Digital Financial Inclusion Index of China,the paper investigates the influence effect and internal mechanism of FinTech on enterprise technological innovation.It finds that the total Index of FinTech,the usage depth of FinTech,the coverage breadth of FinTech and the digitization level of fintech play a positive role in the performance of enterprise technological innovation mainly by easing financing constraints,reducing the transaction costs and strengthening the data sharing.Further analysis shows that the usage depth of fintech plays a more significant role in promoting private enterprises technological innovation because of effectively alleviating the financing constraints,the coverage breadth of FinTech has a stronger positive effect on small-scale enterprises technological innovation due to significantly decreasing the transaction costs,and the digitization level of FinTech has a more incentive effect on the enterprises technological innovation in areas with weak financial supervision owing to obviously enhancing the data sharing.Therefore,we should vigorously develop FinTech,guide it to provide convenient financial support for private enterprises,encourage it to provide reasonable channels for small-scale enterprise transactions,and realize the integration of enterprises and Fintech.