摘要
基于2011-2021年城市-企业数据,探讨数字金融对企业技术创新质量的影响。研究发现,数字金融发展能够显著促进企业技术创新质量提升。机制检验结果表明,数字金融发展对企业技术创新质量的积极影响主要通过降低融资成本和缓解融资风险实现。调节效应检验显示,契约执行环境的改善能够有效强化数字金融的技术创新质量效应。异质性分析发现,数字金融发展对东部地区企业、规模较小企业、技术密集型企业以及资本密集型企业的技术创新质量提升作用更显著。区分数字金融发展维度的研究表明,数字金融使用深度和普惠金融数字化程度能够显著提升企业技术创新质量,而数字金融覆盖广度的影响则不显著。
Based on the city-enterprise data from 2011 to 2021,this paper explores the impact of digital finance on the quality of enterprise technological innovation.Research findings indicate that the development of digital finance can significantly enhance the quality of technological innovation in enterprises.The results of the mechanism test show that the positive impact of digital finance development on the quality of enterprise technological innovation is mainly achieved by alleviating financing constraints,reducing financing costs and risks.The moderating effect test shows that the improvement of the contract execution environment can effectively enhance the quality effect of technological innovation in digital finance.Heterogeneity analysis reveals that the development of digital finance has a more significant effect on improving the quality of technological innovation for enterprises in the eastern region,smaller enterprises,technology-intensive enterprises,and capital-intensive enterprises.Research that distinguishes the development dimensions of digital finance shows that the depth of digital finance usage and the degree of digitalization of inclusive finance can significantly enhance the quality of enterprise technological innovation,while the impact of the breadth of digital finance coverage is not significant.
作者
宋俊秀
钱力
SONG Junxiu;QIAN Li(Anhui University of Finance&Economics,Bengbu 233030)
出处
《财贸研究》
北大核心
2025年第7期48-61,共14页
Finance and Trade Research
基金
安徽省高校科研计划重点项目“数字金融与企业技术创新质量提升”(2024AH052081)
安徽省哲学社会科学规划项目“安徽巩固拓展脱贫攻坚成果与乡村振兴有效衔接研究”(AHSKQ2021D159)。
关键词
数字金融
创新质量
融资困境
契约执行环境
digital finance
innovative quality
financing dilemma
contract enforcement environment
