金融科技提升企业创新绩效了吗?——基于中国A股上市公司数据的实证分析  

Has Fintech Improved Corporate Innovation Performance——An Empirical Analysis Based on the Data of Chinese Listed Companies

作　　者：张云[1] 李宝伟[1] 冯学良 ZHANG Yun;LI Bao-wei;FENG Xue-liang(School of Economics,Nankai University,Tianjin 300071,China;School of Economics,Shandong Normal University,Jinan 250358,China)

机构地区：[1]南开大学经济学院,天津300071 [2]山东师范大学经济学院,山东济南250358

出　　处：《经济体制改革》2022年第1期172-179,共8页Reform of Economic System

基　　金：天津市2018年度哲学社会科学规划项目“产业融合视角下天津实现经济稳增长研究”(TJYJQN18-006)。

摘　　要："金融+科技"成为新兴产业发展的趋势,并对企业的创新绩效产生了直接影响。基于2011~2020年中国A股上市公司数据的实证研究,发现金融科技水平越高,越能显著提升企业的创新绩效,但影响效果具有明显的异质性特征,民营企业比国有企业的创新绩效更容易受到金融科技发展的影响;金融科技发展对东中部地区的企业创新绩效的影响更为明显;影响机制分析表明,金融科技发展通过降低融资成本,缓解企业创新活动中的资金约束,进而提升了企业的创新绩效。鉴于此,政府应鼓励并加大金融科技的发展力度,为金融与科技的结合提供更多机会和窗口;大力发展直接融资市场,加大企业直接融资比例;引导西部地区加快发展金融科技,充分发挥金融科技对实体经济发展的支撑作用。"Finance+Technology"has become a trend in the development of emerging industries in recent years,and has a direct impact on the innovation performance of enterprises.Based on the empirical research on the data of China’s A-share listed companies from 2011 to 2020,this article shows that the higher the level of financial technology,the more significant the innovation performance of enterprises,but the impact has obvious heterogeneous characteristics.Private enterprises are more innovative than state-owned enterprises.Performance is more likely to be affected by the development of financial technology,the development of financial technology has a more obvious impact on the innovation performance of enterprises in the eastern and central regions.The analysis of the impact mechanism shows that the development of financial technology has improved the innovation performance of enterprises by reducing financing costs and alleviating financial constraints in enterprise innovation activities.Therefore,government should promote financial technology to improve the level of innovation of enterprises,provide more opportunities for the combination of finance and technology,develope financing market and increase the proportion of enterprises’direct finance,speed up the development of financial technology in the western region,and give full play to the role of fintech in supporting the real economy.

关 键 词：金融科技 创新绩效 融资约束 中介效应 

分 类 号：F404.3[经济管理—产业经济]