数字经济、债务融资成本与企业创新产出  

Digital Economy,Debt Financing Cost and Enterprise Innovation Output

作　　者：吴成颂[1] 丁露 WU Chengsong;DING Lu(School of Business,Anhui University,Hefei 230601,China)

机构地区：[1]安徽大学商学院,安徽合肥230601

出　　处：《合肥工业大学学报（社会科学版）》2022年第6期12-23,共12页Journal of Hefei University of Technology(Social Sciences)

基　　金：国家社会科学基金一般项目(16BGL051)。

摘　　要：数字经济是推动创新型国家建设的重要力量。文章基于2011-2020年沪深A股上市公司与省级数字经济发展综合指数的匹配数据,实证检验了数字经济对企业创新产出的作用以及债务融资成本的中介效应。研究结果表明:数字经济可以显著促进企业创新产出,主要是通过降低企业债务融资成本,增加研发活动的可支配资金等渠道促进企业创新产出。进一步研究表明,数字经济能够显著促进处于沿海地区、行业竞争程度强以及规模较大企业的创新产出。研究对促进企业创新和推动经济高质量发展都具有重要的启示意义。The digital economy is an important driving force to build China into a country of innovators.Based on the matched data of Shanghai and Shenzhen A-share listed companies and comprehensive index of provincial-level digital economy development from 2011 to 2020,this paper empirically examines the role of digital economy in enterprise innovation output and the mediating effect of debt financing cost.The findings show that the digital economy can significantly promote enterprise innovation output,mainly through the channels of reducing enterprise debt financing cost and increasing disposable funds for R&D activities.Further research shows that the digital economy can significantly promote the innovation output of enterprises located in coastal areas,with a high degree of industry competition and larger scale.The research findings have important implications for promoting enterprise innovation and high-quality economic development.

关 键 词：数字经济 债务融资成本 企业创新产出 

分 类 号：F49[经济管理—产业经济] F273.1