数字金融对城市创新能力的影响研究——机制与效应

The Impact of Digital Finance on Urban Innovation:Mechanisms and Effects

基于城市面板数据,利用中介效应模型、调节效应模型与工具变量等方法探究数字金融对城市创新能力的影响与作用机制。研究发现:数字金融能够通过提高金融业效率、缓解企业融资约束与激发大众创业来提升城市创新能力;在三、四线城市和个体私营经济占比较高的城市中数字金融能够更加显著地促进城市创新能力的提升;此外,金融监管力度、政商关系健康程度以及专利保护水平等创新环境的差异会影响数字金融释放创新红利。

This paper uses the mediating effect model,moderating effect model,and instrumental variable to study the impact and mechanism of digital finance based on urban panel data.The results show that digital finance can enhance urban innovation by improving the efficiency of the financial sector,easing corporate finance constraints,and stimulating entrepreneurship.Further research shows that digital finance can more notably enhance urban innovation in third-and fourth-tier cities and cities with a high share of the private individual economy.In addition,differences in innovation environments,such as financial regulation,political and business relations,and patent protection,can affect the innovation dividends of digital finance.