数字普惠金融、企业金融化与技术创新  

Digital Financial Development,Corporate Financialization and Technological Innovation

作　　者：段俊[1] 刘婷婷 张保帅[1] DUAN Jun;LIU Ting-ting;ZHANG Bao-shuai(School of Economics and Management,Chongqing Normal University,Chongqing 401331,China)

机构地区：[1]重庆师范大学经济与管理学院,重庆401331

出　　处：《哈尔滨商业大学学报（社会科学版）》2023年第1期18-32,共15页Journal of Harbin University of Commerce:Social Science Edition

基　　金：重庆师范大学博士启动项目“绿色发展视角下数字金融对区域技术创新效应研究”(21XWB044)。

摘　　要：以2011—2020年沪深A股上市公司为样本,探索数字普惠金融对企业技术创新的影响及作用机制。研究发现:数字普惠金融会促进企业技术创新投入与创新产出;企业金融化在数字普惠金融与创新投入之间表现为遮掩效应,在数字普惠金融与创新产出之间表现为部分中介效应,且该部分中介效应机制主要来源于短期交易型金融资产;在非国有企业、非国际四大审计的企业以及融资约束高的企业中数字普惠金融通过降低企业金融化促进企业创新产出的效用更加显著。This article takes the 2011-2020 Shanghai and Shenzhen A-share listed companies as a sample to explore the impact and mechanism of digital finance development on enterprise technological innovation.The study found that the development of digital finance will promote the input and output of technological innovation of enterprises;the financialization of enterprises shows the masking effect between the development of digital finance and the input of innovation,and the partial intermediary effect between the development of digital finance and the output of innovation,and the mechanism of this part of the intermediary effect is mainly derived from short-term transaction-type financial assets;in addition,in non-state-owned enterprises,non-international audited enterprises and enterprises with high financing constraints,the utility of digital finance development in promoting the innovation output of enterprises by reducing corporate financialization is more significant.

关 键 词：数字金融 企业金融化 创新投入 创新产出 

分 类 号：F49[经济管理—产业经济] F832F273.1