摘要
本文基于企业生命周期视角,综合使用2011—2020年中国A股上市公司、北京大学数字普惠金融指数和地级市面板数据,采用联合固定效应模型考察数字普惠金融对企业技术创新的影响效果和作用机制,结果表明:(1)从总体上看,数字普惠金融对企业技术创新的激励作用主要集中在成长期,可以有效缓解传统金融系统中的“阶段错配”问题;(2)从细分样本看,数字普惠金融可以缓解“行业错配”、“属性错配”,其作用主要体现在成长期的民营企业与传统行业、制造业、服务业企业,上述结论在内生性处理和稳健性检验后仍然成立;(3)从作用机制来看,数字普惠金融主要通过缓解融资约束促进成长期企业技术创新。
Based on perspective of corporate life cycle, this paper investigates the effects and mechanisms of digital inclusive finance on enterprise technological innovation using a joint fixed-effects model for 2011-2020 using a panel of Chinese A-share listed companies, Peking University Digital Inclusive Finance Index and prefecture-level cities. The results show that:(1) In general, the incentive effect of digital inclusive finance on enterprise technology innovation is mainly concentrated in the growth period, which can effectively alleviate the “stage mismatch” problem in the traditional financial system.(2) From the segmented sample, digital inclusive finance can alleviate the “industry mismatch” and “attribute mismatch”. Its effect is mainly reflected in the private enterprises, and enterprises of traditional industries, manufacturing industry and service industry in the growth period. The above conclusion still holds after endogeneity treatment and robustness test.(3) In terms of the mechanism of action, digital inclusive finance promotes technological innovation of growth stage enterprises mainly by alleviating financing constraints.
作者
康卫国
李梓峻
Kang Weiguo;Li Zijun
出处
《宏观经济研究》
CSSCI
北大核心
2022年第12期21-42,共22页
Macroeconomics
关键词
数字普惠金融
技术创新
企业生命周期
融资约束
Digital inclusive finance
Technology innovation
Corporate life cycle
Financing constraint
