摘要
随着贸易摩擦加剧和新冠疫情暴发等一系列重大事件的发生,暴露出我国经济高速发展中增速下滑、动力不足、结构失衡等一系列问题,突出表现为核心技术“卡脖子”以及经济不确定性增大。在复杂的发展环境下,如何谋求我国专利技术新发展成为政界和学术界的关注焦点。伴随着科技革命和金融体系的改革,数字金融作为一种技术驱动型的金融创新为解决传统金融系统发展中存在的问题提供了新希望和路径。因此本文运用2011~2020年科创板和创业板上市的中小企业数据,首先通过构建模型验证数字金融对中小企业技术创新“激励效应”的存在性;其次,基于之前的理论分析,通过构建中介效应模型,探究数字金融对中小企业技术创新活动可能存在的传导机制。研究结果表明:数字金融发展能够有效激发中小企业的创新活力。进一步分析其具体作用路径发现,数字金融通过缓解中小企业内部融资约束进而驱动中小企业进行技术创新,通过稳健性检验上述结果依旧稳定。通过本文的研究为我国中小企业创新过程中面临的资金问题提供解决方案,同时也为数字金融今后发展提供借鉴意义。
With the intensification of trade frictions and the outbreak of the new crown epidemic, a series of problems such as declining growth rate, insufficient power, and structural imbalance in China’s rapid economic development have been exposed, which are highlighted by the “stuck neck” of core technologies and increased economic uncertainty. In the complex development environment, how to seek the new development of China’s patented technology has become the focus of attention in political circles and academic circles. With the scientific and technological revolution and the re-form of the financial system, digital finance, as a technology-driven financial innovation, provides new hope and path for solving the problems existing in the development of the traditional financial system. Therefore, this paper uses the data of SMEs listed on the Science and Technology Innovation Board and ChiNext Board from 2011 to 2020, and first verifies the existence of the “incentive effect” of digital finance on SME technological innovation by constructing a model. Secondly, based on the previous theoretical analysis, the possible transmission mechanism of digital finance to the techno-logical innovation activities of SMEs is explored by constructing an intermediary effect model. The results show that the development of digital finance can effectively stimulate the innovation vitality of small and medium-sized enterprises. Further analysis of its specific role path shows that digital finance drives SMEs to carry out technological innovation by alleviating the internal financing con-straints of SMEs, and the above results are still stable through robustness testing. Through the re-search of this paper, it provides solutions to the financial problems faced by small and medi-um-sized enterprises in China’s innovation process, and also provides reference significance for the future development of digital finance.
出处
《应用数学进展》
2022年第11期7757-7768,共12页
Advances in Applied Mathematics
