数字金融发展不同阶段对企业创新的影响研究
Research on the Impact of Different Stages of Digital Finance Development on Enterprise Innovation
李春风 1王瑞聪 1徐雅轩2
作者信息
- 1. 南京信息工程大学商学院
- 2. 荣芯半导体有限公司
- 折叠
摘要
以2011-2021年A股上市公司为样本,基于数字金融"普惠包容性"、"数字特性"、"金融本性"三大特性视角探讨数字金融发展不同阶段驱动企业创新的异质性及其影响机制的效应差异.实证结果表明:数字金融促进了企业创新,且随着数字金融的深入发展,促进效果更加明显.相比于初步发展的数字金融,深入发展的数字金融将进一步削弱企业融资约束、降低金融错配程度、合理调控企业风险承担水平,引导资金进入实体领域,进而驱动企业创新的机制作用效果更加显著.此外,数字金融更有利于推动中小型企业、优质企业、高新技术企业创新.
Abstract
Based on the sample of A-share listed companies in 2011-2021,this paper explores the heterogeneity of digital finance development driving enterprise innovation at different stages and the effect difference of its impact mechanism from the perspec-tive of three characteristics of digital finance:"inclusive","digital characteristics"and"financial nature".The empirical results show that digital finance has promoted enterprise innovation,and with the in-depth development of digital finance,the promotion effect is more obvious.Compared to the initial development of digital finance,the in-depth development of digital finance will further weaken corporate financing constraints,reduce the degree of financial mismatch,reasonably regulate the level of corpo-rate risk bearing,guide funds into the physical field,and thus drive the mechanism of enterprise innovation to have a more signifi-cant effect.In addition,digital finance is more conducive to promoting innovation among small and medium-sized enterprises,high-quality enterprises,and high-tech enterprises.
关键词
数字金融/企业创新/融资约束/金融错配/风险承担水平Key words
Digital finance/Enterprise innovation/Financing constraint/Financial mismatch/Risk bearing level引用本文复制引用
出版年
2024
NETL
NSTL
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