DIGITAL FINANCE,COMMERCIAL ENVIRONMENT AND ENTERPRISE'S DUAL INNOVATION
This paper,based on provincial panel data and enterprise microscopic dataset from 2011 to 2019,establishes a bi-directional fixed effect model to study the impacts of digital finance on enterprise's dual innovation and its mechanism from commercial environment.Regression coefficients of digital finance on enterprise's radical innovation and incremental innovation are positive;the radical innovation can rise by 58.83％and incremental innovation by 49.92％upon digital finance's rising by 1％,suggesting that digital finance largely boost enterprise's innovation through coverage and depth,stepping out of"low locked"situation for a higher innovation.Regression coefficients of digital finance on enterprise's dual innovation in central and western regions are 2.607 7 and 1.237 8 respectively,higher than 0.391 7 in the eastern region,suggesting digital finance exerts a stronger marginal effect on enterprise's dual innovation in the central and western regions where financial resources are insufficient due to geographic resources occurrence variance,compared with the developed eastern region.On mechanism test,regression coefficients of digital finance to radical innovation and commercial environment are 0.588 3 and 0.429 9,outstanding above 1％,marking their positive relation.Impacting coefficient of commercial environment on radical innovation is 1.032,and mediating effect of commercial environment reaches 74.19％.On incremental innovation,direct effect is opposite to indirect effect,and commercial environment plays a covering effect on incremental innovation.As digital finance gains more supports,improving commercial environment will make enterprises put more resources in radical innovation,thus less in incremental innovation.This paper puts forward suggestions on continuously optimizing digital finance policies,establishing regional digital finance coordination and financial servicing platform to provide enterprises'dual innovation with external security and to stimulate their inner drive.
万方数据
维普
