金融科技助力企业创新

FinTech Helps Companies Innovate

金融科技的崛起带来了全新的金融服务模式,这是否能够有效应对实体经济中的融资与错配难题,从而推动企业创新?本研究通过百度新闻检索“金融科技”关键词,计算地区金融科技发展水平指标,并以2011年至2021年的上市公司数据为基础,探究金融科技发展对企业创新的影响。实证结果显示,金融科技的进展对企业创新起到明显的促进作用。在经济效益方面,每提高1%的地区金融科技发展水平,当地企业的研发投入平均会增加约1.16个单位。为了降低误差和内生性问题的影响,本研究采用接入宽带数作为工具变量,获得了一致的估计结果。机制分析进一步揭示,金融科技促进创新主要通过两个途径,一是缓解企业的融资约束,另一是减轻金融错配问题。在中国经济高质量发展的背景下,持续推进金融科技的发展,并重构金融行业的生态格局,将为实体经济注入持久的创新动力,进而推动创新型国家的建设。

The rise of FinTech has brought about a new financial service model. Can it effectively address the financing and mismatch problems in the real economy, and thus promote enterprise innovation? This study uses Baidu News to search for “FinTech” keywords, calculates regional FinTech development level indicators, and explores the impact of FinTech development on corporate innovation based on the data of listed companies from 2011 to 2021. The empirical results show that the progress of FinTech plays an obvious role in promoting enterprise innovation. In terms of economic benefits, for every 1% increase in the level of regional FinTech development, the R&D investment of local firms will increase by about 1.16 units on average. In order to reduce the impact of errors and endogeneity problems, this study uses the number of access broadband as an instrumental variable and obtains consistent estimation results. The mechanism analysis further reveals that FinTech promotes innovation mainly through two ways, one is to alleviate the financing constraints of enterprises and the other is to mitigate the financial mismatch problem. In the context of China’s high-quality economic development, continuing to promote the development of FinTech and restructuring the ecological pattern of the financial industry will inject lasting innovation power into the real economy, which will in turn promote the construction of an innovative country.