数字金融、创新资源配置与企业创新产出

Digital Finance,Innovation Resource Allocation,and Firm Innovation Output

基于2011—2021年沪深A股上市公司数据,采用双向固定效应模型检验数字金融能否促进企业创新资源合理配置,并有效转化成实际创新产出。研究发现:数字金融对企业创新产出具有积极影响,对非国有企业和中小企业的影响更为显著。从资源配置视角检验其内在机制发现,数字金融提升了高效率企业的创新投入,且这一激励效应在非国有企业和中小企业中尤为显著。进一步检验发现,数字金融显著降低了企业间创新投入分布的离散程度,使企业间创新资源配置得以优化。以上结果表明,数字金融能够增强对高效率企业的金融支持,部分缓解传统金融对高效非国有企业和中小企业的所有权歧视和规模歧视问题,通过引导其创新投入增加进而实现企业创新产出的整体提升。本文拓展了数字金融对企业创新的微观影响研究,为提升资源利用率及促进企业技术创新“提质增效”提供了新思路和方法借鉴。

Based on the data of A-listed companies between 2011 and 2021 in China,a fixed effect model is used to test whether digital finance promotes the rational allocation of firms innovation resources and effectively translates into actual innovation output.First,we find that digital finance promotes firms innovation output at the aggregate level,and the effect is greater for non-state owned firms(non-SOEs)and small and medium-sized firms(SMEs).Second,we find that digital finance enhances the innovation input of high productivity firms,and this incentive effect is particularly significant in non-SOEs and SMEs,thus driving innovation output of these firms more effectively.Third,it is found that the development of digital finance significantly reduces the distribution of firm innovation input and output.The above results suggest that digital finance can partially correct the ownership discrimination and size discrimination of traditional finance on non-SOEs and SMEs,as well as the mismatch of finance resource,especially enhance the innovation funding support for high productivity firms and improve the efficiency of inter-firm innovation resource allocation,thus achieving an overall increase in firm innovation output.