Digital Finance and Disruptive Innovation:An Analysis Based on Dual Channels of Monitoring and Financing
Disruptive Innovation represents a major breakthrough of the existing technologies and has a profound impact on future tech-nologies.This paper investigates how the development of Digital Finance in one area benefits the Disruptive Innovation of listed compa-nies and reaches a conclusion:companies in booming Digital Finance make more progress in Disruptive Innovation in the following year.There are two mechanisms.Digital finance not only relieves the financing constraints but also plays a role in monitoring by reducing agency costs.Also,compared with depth of usage of Digital Finance,the coverage of Digital Finance shows its promotion effect on Dis-ruptive Innovation.In addition,we find that in non-SOEs,companies in growing stage and companies that have more executives with IT background,Digital Finance can promote Disruptive Innovation better.At the macro level,there is a regional spillover effect,that is,the development of Digital Finance in surrounding cities can also promote the development of Disruptive Innovation of local listed companies.Above all,this paper may make significant incremental contributions to the research on the consequences of Digital Finance and the influence factors of Disruptive Innovation.
digital financedisruptive innovationfinancing constraintsmonitoring effect
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