数字普惠金融促进了小微企业技术创新吗?——基于中国小微企业调查(CMES)数据的实证研究  

Does Digital Inclusive Finance Promote the Technology Innovation of Small and Micro Enterprises?An Empirical Study Based on the data of China Small and Micro Enterprise Survey

作　　者：杨君[1,2] 肖明月[2] 吕品[1] YANG Jun;XIAO Mingyue;LV Pin(School of Economics and Management,Zhejiang Sci-tech University,Hangzhou 310018,China;Institute of Industrial Opening and Innovation Development,Zhejiang Sci-tech University,Hangzhou 310018,China)

机构地区：[1]浙江理工大学经济管理学院,浙江杭州310018 [2]浙江理工大学产业开放与创新发展研究所,浙江杭州310018

出　　处：《中南财经政法大学学报》2021年第4期119-131,160,共14页Journal of Zhongnan University of Economics and Law

基　　金：浙江省哲学社会科学规划重点课题“推进中国跨越‘创新陷阱’的机制与政策研究”(20NDJC30Z);浙江省自然科学基金探索Q类项目“中国创新质量与数量协同增长的机制与政策研究”(LQ20G030001);浙江省软科学项目“推进浙江经济绿色转型的技术进步机制与政策研究”(2021C35020);浙江省属高校基本科研业务费项目“浙江省技术创新质量的测度与时空演化特征研究”(2021YB10)。

摘　　要：小微企业是全面塑造我国发展新优势的生力军,推动其创新发展对我国创新驱动战略的实施具有重要意义。本文通过匹配中国小微企业调查数据(CMES)与数字普惠金融数据,分析了数字普惠金融对小微企业技术创新的影响及其作用机制。研究发现:数字普惠金融显著促进了小微企业技术创新;细分创新指标后发现,数字普惠金融对创新行为的促进作用大于对创新产出的促进作用;在考虑稳健性和内生性问题后,上述结论依旧成立。进一步分析发现,扩大数字普惠金融覆盖率比挖掘服务深度更能促进小微企业技术创新。异质性分析显示,数字普惠金融对技术创新的促进作用在规模较小企业和未入园企业中表现更为突出。机制分析显示,数字普惠金融通过缓解企业融资约束、优化金融资源在部门间的配置和弥补传统金融短板促进小微企业技术创新,是对传统金融的有力补充。Small and micro enterprises plays an important role in shaping China′s new development advantages,and promoting its technological innovation is of great importance to the realization of China′s innovation-driven strategy.This paper matches the China Small and Micro Enterprise Survey(CMES)and digital inclusion financial data,and analyzes the impact of digital inclusive financial on the technology innovation of small and micro enterprises and its mechanism.The result shows that digital inclusive finance has significantly promoted the technology innovation of small and micro enterprises.After subdividing the innovation indicators,it is found that digital inclusive finance plays more important in promoting innovation behavior than on innovation output.After considering the robustness and endogenous issues,the above conclusions are still valid.Expanding the coverage of digital inclusive finance can promote the technology innovation of small and micro enterprises more than tapping the service depth.Heterogeneity test shows that the role of digital inclusive finance in promoting technology innovation is particularly prominent among smaller enterprises and enterprises that have not settled in industrial parks.Mechanism analysis shows that digital inclusive finance promotes technology innovation of small and micro enterprises by alleviating financing constraints,optimizing the allocation of financial resources among sectors,and complementing traditional financial shortcomings,so digital inclusive finance is a powerful supplement to traditional financial services.

关 键 词：数字普惠金融 小微企业 技术创新 融资约束 

分 类 号：F124.3[经济管理—世界经济]