摘要
本文采用2015—2018年中小板上市公司数据,运用两步系统GMM模型对数字普惠金融与中小企业技术创新水平之间的关系进行实证检验。研究结果表明,数字普惠金融通过有效缓解中小企业融资约束困境可以实现其对技术创新水平的激励“作用;其影响结果会受到公司特征(所有权性质、是否隶属于高新科技产业)、地区特征(经济发展水平、制度环境质量)的制约,具体来说,数字普惠金融对高科技中小企业技术创新水平的“激励效应”更大,与此同时,数字普惠金融只对非国有所有权性质或者经济发展水平较高、制度环境质量较好区域内中小企业的技术创新水平有显著的“激励作用”。
This paper uses the data of small and medium-sized listed companies in 2015-2018,and uses the two-step system GMM model to empirically test the relationship between digital finance and the level of technological innovation of SMEs.The research results show that digital finance has a significant“incentive effect”on the technological innovation level of SMEs,and its function process and its results will be subject to company characteristics(ownership structure,whether it belongs to high-tech industry),regional characteristics(economic development level,external system).The impact of quality).Specifically,from the perspective of the heterogeneity of enterprises:digital finance has a significant role in promoting the technological innovation of private SMEs,but the technical innovation of state-owned SMEs has not shown statistical significance;The technological innovation of small and medium-sized enterprises in the hightech industry should be significantly greater than the technological innovation level of small and medium-sized enterprises in non-high-tech industries.From the perspective of regional heterogeneity:digital finance only has a significant“incentive effect”on the level of technological innovation of small and mediumsized enterprises in areas with good economic development level or high external system quality level,and has a poor level of economic development or external There is no significant impact on the technological innovation of SMEs in areas with poor institutional quality.
作者
聂秀华
吴青
Nie Xiuhua;Wu Qing(School of International Trade and Economics,University of International Bussiness and Economics,Beijing 100029,China)
出处
《上海经济》
2020年第1期99-116,共18页
Shanghai Economy
基金
国家自然科学基金青年项目“央企‘换帅’与控股上市公司盈余管理”(项目编号：71802049)
国家社会科学基金重大项目“新时代下地方政府债务风险的新特征与监管研究”(项目编号：18ZDA097)
关键词
数字金融
中小企业技术创新水平
所有制结构
高新科技产业
经济发展水平
外部制度环境质量
Digital Finance
Technological Innovation Level of SMEs
Ownership Structure
High-tech Industry
Economic Development Level
External Institutional Environmental Quality
