金融科技发展与企业数字化转型——基于融资约束纾解与创新促进的中介传递  

Fintech Development and Enterprise Digital Transformation:Intermediary Transfer Based on Financing Constraint Relief and Innovation Promotion

作　　者：李为 谭素瑶 吴非 Li Wei;Tan Suyao;Wu Fei(Faculty of Engineering,The University of Hong Kong,Hong Kong 999077,China;Research Centre for Regional Financial Policy,Guangdong University of Finance,Guangzhou 510521,China)

机构地区：[1]香港大学工程学院,中国香港999077 [2]广东金融学院区域金融政策研究中心,广东广州510521

出　　处：《科技管理研究》2022年第20期28-38,共11页Science and Technology Management Research

基　　金：国家自然科学基金青年科学基金项目“金融科技对企业数字化转型的效应评估、机制分析与策略优化研究”(72202046);广东省重点建设学科科研能力提升项目“金融业较快增长机制与治理”(2021GD-JS125);广东省高校人文社会科学重点研究基地区域金融政策研究中心委托课题“金融业优先增长研究”(2021-GDJD-0101)。

摘　　要：为进一步明晰金融科技发展、企业数字化转型以及数字经济发展之间关系,尤其是其中的传递路径和作用机制,基于文献梳理及理论演绎,利用2007—2019年沪深A股上市企业数据进行实证考察。结果表明:金融科技发展对于企业数字化转型呈现全域促进效应,但就不同性质的企业而言差异明显,高科技企业、非国有企业和东部地区企业相对显著;金融科技发展可有效促使企业纾解融资约束、实现财务稳定、降低杠杆水平、提高研发投入等,进而驱动企业行为选择并实现数字化转型。由此,提出促进传统金融与新兴技术手段融合、实施差异化政策,以充分发挥金融科技推动企业数字化转型进程的作用。In order to further clarify the relationship between the development of fintech and the digital transformation of enterprises,especially its transmission path and action mechanism,based on literature review and theoretical deduction,this paper uses the sample data of A-share listed companies from 2007 to 2019 for empirical investigation of the relationship above.The results show that the development of fintech has an overall promotion effect on the digital transformation of enterprises,but for enterprises of different natures,the above effect varies significantly,and the effect is relatively significant for high-tech enterprises,non-state-owned enterprises and enterprises in the eastern region.Inspection of the intermediary mechanism shows that the development of fintech can effectively relieve financing constraints,achieve financial stability,reduce leverage levels,and increase R&D investment,and so on,which in turn drives and transfers enterprise behavior choices and realizes digital transformation.Therefore,the policy which can promote the integration of traditional financial and emerging technologies and deal with differentiation will leverage the role of fintech in promoting the process of enterprise digital transformation.

关 键 词：金融科技 企业数字化转型 研发投入 融资约束 数字经济 

分 类 号：F832[经济管理—金融学] F273.1[文化科学] F224G301