数字经济、融资约束与企业创新质量——来自高新技术上市公司的经验证据

Digital Economy,Financing Constraint and the Quality of Enterprise Innovation—Empirical Evidence from High-tech Listed Company

依据2016—2022年中国数字经济数据与高新技术上市公司数据,运用固定效应模型,基于融资约束中介效应视角,考量数字经济对高新技术企业创新质量的影响。结果显示:中国各省(区、市)数字经济发展不平衡,总体发展空间较大;数字经济促进高新技术企业创新产出效果显著,尤其是实质性创新。融资约束存在部分中介效应,对实质性创新影响显著,但对非实质性创新的影响不显著;相较于非国有企业和东部地区企业,数字经济发展对国有企业和中西部地区企业创新质量的正向影响更大。

From the perspective of the intermediary effect of financing constraints,this study has used fixed effects model,and made an empirical analysis on the influence of digital economy development on the innovation of high-tech enterprises based on the data of China’s digital economy and high-tech listed enterprise from 2016 to 2022.The research results indicate that there is much room for the development of digital economy in China,but the development among cities and provinces is unbalanced.The digital economy can significantly promote the innovation capability of high-tech enterprises,especially substantive innovation.Further research indicates that financing constraint has a partial mediating effect on substantive innovation capability,but the mediating effect on non substantive innovation is not significant.Compared to non-state-owned enterprises and enterprises in the eastern region,the development of the digital economy has a greater positive impact on the innovation capability of state-owned enterprises and enterprises in the central and western regions.