Can Digital Finance Improve Enterprise Innovation Efficiency from the Perspective of Innovation Value Chain?
Improving enterprise innovation efficiency is an important starting point for actively and steadily developing digital finance and enhancing the quality and efficiency of financial services to the real economy.Based on the innovation value chain theory to understand the innovation efficiency of enterprises,combining the financial attributes of digital finance and scientific and technological attributes,this article explains the mechanism by which digital finance affects the innovation efficiency of enterprises.The impact of digital finance development on corporate innovation efficiency is empirically examined based on the data of corporate innovation efficiency measured by the Baidu News Index of Digital Finance and the three-stage chained net-work DEA model in 282 prefecture-level cities in China from 2011 to 2020.The results of the study show that digital finance can significantly promote the innovation efficiency of enterprises in the three phases of idea transformation,knowledge condensation and achievement,which is mainly due to the effect of financing con-straint alleviation and agency cost reduction.The heterogeneity analysis finds that the role of digital finance in improving the innovation efficiency of enterprises is more significant in the regions with sufficient accumula-tion of financial base,perfect protection of intellectual property rights,and a high degree of marketisation,and in the high-tech industry.Relevant research findings have important policy implications for enhancing the quality and effectiveness of financial services for the real economy and accelerating the implementation of the innovation-driven development strategy.
digital financeenterprise innovation efficiencyinnovation value chainfinancing constraintsagency costs
万方数据
维普
