摘要
发展新质生产力为中国经济注入新动能,不仅需要前沿技术的颠覆性创新,而且需要现代化金融的支持。数字金融作为金融与数字技术融合的产物,对企业新质生产力价值创造具有重要影响。文章采用混合方法探究数字金融对企业新质生产力价值创造的影响效应。在理论分析的基础上,基于2012—2022年制造业企业数据,通过回归分析发现,数字金融促进企业新质生产力价值创造,且具有边际报酬递减的非线性特征;数字金融通过缓解融资约束程度和提高要素配置效率来促进企业新质生产力价值创造;经济政策不确定和企业社会责任对数字金融与企业新质生产力价值创造的关系具有调节效应。同时,为解释现象背后的复杂路径,文章通过fsQCA分析发现:促进企业新质生产力价值创造需要数字技术、数字资源和数字环境条件共同作用。本文丰富了数字金融的经济后果和新质生产力价值创造的驱动因素研究,为破解创新融资约束、促进企业新质生产力发展提供了理论依据和政策启示。
Developing new quality productivity to inject new momentum into China's economy requires not only disruptive innovation in cutting-edge technologies,but also support from modern financial systems.As an outcome of the integration between finance and digital technology,digital finance significantly impacts corporate value crea-tion through new quality productivity.This study employs a mixed-method approach to investigate the effect of digit-al finance on corporate new quality productivity value creation.Based on theoretical analysis and using panel data from Chinese manufacturing firms(2012—2022),regression analyses yield the following findings:Digital finance enhances corporate new quality productivity value creation,but this effect exhibits diminishing marginal returns;Digital finance facilitates corporate new quality productivity value creation by alleviating financing constraints and enhancing factor allocation efficiency.Economic policy uncertainty and corporate social responsibility significantly moderate the relationship between digital finance and new quality productivity value creation.To further explore the complex pathways,fuzzy-set Qualitative Comparative Analysis(fsQCA)shows that the synergistic combination of digital technology,digital resources,and digital environmental conditions is essential for achieving high levels of new quality productivity value creation.This study enriches the literature on the economic consequences of digital finance and the drivers of new quality productivity value creation.It provides theoretical and policy insights for addressing innovation financing constraints and advancing corporate new quality productivity development.
作者
惠宁
史小蓉
何禹锦
HUI Ning;SHI Xiao-rong;HE Yu-jin(School of Economics and Management,Northwest University,Xian,Shaanxi 710127,China)
出处
《山西师大学报(社会科学版)》
2026年第2期42-58,共17页
Journal of Shanxi Normal University(Social Science Edition)
基金
国家社会科学基金一般项目(24BJY005)。
关键词
数字金融
企业新质生产力
价值创造
digital finance
new quality productivity of enterprises
value creation
