数字金融对中小企业创新的影响——融资方式的中介效应被引量：1

The Impact of Digital Finance on the Innovation of SMEs——the Intermediary Effect of Financing Channels

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摘要数字金融借助现代信息技术高效连接企业外部金融资源,对中小企业内部技术创新产生重要影响。文章基于2011—2018年北京大学数字普惠金融指数和创业板上市公司的财务数据,以融资方式为视角,实证检验了数字金融通过影响不同的融资方式促进中小企业创新的传导机制。研究表明:融资方式的传导作用表现出明显的差异性,内源融资和债务融资表现出完全中介效应,然而作用机理有所差异,数字金融通过增加内源融资促进中小企业创新,而通过降低债务融资促进中小企业创新投入的增加;股权融资表现出部分中介效应,即数字金融不仅直接促进企业创新,同时间接地通过增加股权融资促进中小企业创新。研究结论为政府有关部门制定科学的数字金融发展策略和差异化的中小企业技术创新融资策略提供理论依据和决策参考。 With the help of modern information technology,digital finance effectively connects the external financial resources of enterprises,which has an important impact on the internal technological innovation of small and medium-sized enterprises(SMEs).。Based on the financial data of Peking University’s digital inclusive finance index and GEM listed companies from 2011 to 2018,this paper empirically tests the transmission mechanism of digital finance promoting SMEs’innovation by influencing different financing modes with the perspective of financing modes.The results show that:Transmission effects of financing modes have obvious disparity,endogenous financing and debt financing has a complete mediating effect but their acting mechanisms have some disparities,digital finance promotes SMEs’innovation by increasing endogenous financing;and an increase of inputs of SMEs’innovation by reducing debt financing;equity financing has a partial mediating effect,that is,digital finance not only directly promotes enterprise innovation,but also indirectly promotes SMEs’innovation by increasing equity financing.The research conclusion provides theoretical basis and decision-making reference for competent governmental departments formulating scientific strategies of digital finance development and differentiated financing strategies of SMEs’innovation.

作者赵晶晶杨毅 ZHAO Jingjing;YANG Yi(School of Finance,Changchun University Of Finance And Economics,Changchun 130122,China;Department of International Management Science,Yonsei University,Seoul 03722,South Korea)

机构地区长春大学经济学院韩国延世大学国际经营学系

出处《经济论坛》 2023年第4期118-128,共11页 Economic Forum

基金 2021年度吉林省教育厅人文社科研究项目“乡村振兴战略下吉林省农村金融效率测度与影响因素研究”(JJKH20211385SK) 2022年度吉林省教育厅人文社科研究项目(JJKH20221243SK)。

关键词数字金融融资方式企业创新内源融资 Digital finance Financing channels Enterprise innovation Endogenous financing

分类号 F062.2 [经济管理—政治经济学]

作者简介赵晶晶,博士,长春大学经济学院副教授,研究方向:数字金融与企业创新;杨毅,博士,韩国延世大学国际经营学系助理教授,研究方向:国际经营战略、跨国企业创新与跨国企业人事管理。