School of Economics, Zhejiang University of Technology, Hangzhou, China.
Global Institute for Zhejiang Merchants Development, Zhejiang University of Technology, Hangzhou, China.
PLoS One. 2022 Mar 3;17(3):e0264647. doi: 10.1371/journal.pone.0264647. eCollection 2022.
This paper summarizes the transmission chain of "digital finance-financing constraint-firm innovation" at the theoretical and practical levels, incorporates digital finance into the empirical analysis framework of firm innovation, selects the data of Chinese GEM(Growth Enterprise Market)-listed companies from 2011 to 2020, and matches the data of the digital inclusive finance index. The paper empirically examines the incentive effect and impact mechanism of digital finance on SME innovation through the two-way fixed-effects model and mediated-effects model by matching the data of China GEM-listed companies from 2011 to 2020 with the digital financial inclusion index data. The findings show that the digital development and promotion of digital finance play a significantly positive impact in helping SMEs innovate and stimulate innovation. The effect is realized by alleviating corporate financing constraints. Further, digital finance has different incentive effects on enterprises with varying rights of property nature, as well as on other regions.
本文在理论和实践层面总结了“数字金融—融资约束—企业创新”的传递链条，将数字金融纳入企业创新的实证分析框架，选取 2011—2020 年中国创业板上市公司数据，匹配数字包容性金融指数数据，通过双向固定效应模型和中介效应模型实证检验数字金融对中小企业创新的激励效应和影响机制。研究结果表明，数字发展和数字金融的推广对帮助中小企业创新和激发创新具有显著的积极影响。这种效应是通过缓解企业融资约束来实现的。此外，数字金融对不同产权性质的企业以及其他地区的企业具有不同的激励效应。
