数字金融与企业技术创新:自媒体是“兴奋剂”还是“镇静剂”?  

Digital Finance and Enterprise Technological Innovation:Catalyst or Dampener?Insights from the A-share Market's Self-Media Dynamics

作　　者：胡冰 戚聿东[1] HU Bing;QI Yudong(Sechool of Business,Beijing Normal University,Beijing 100875,China;School of Business,Henan University of Science and Technology,Luoyang 471000)

机构地区：[1]北京师范大学经济与工商管理学院 [2]河南科技大学商学院

出　　处：《金融评论》2023年第4期44-69,124,125,共28页Chinese Review of Financial Studies

基　　金：国家社会科学基金重大项目“技术标准与知识产权协同推进数字产业创新的机理”(项目批准号:19ZDA077);河南省哲学社会科学青年项目“数字金融加快推进河南‘专精特新’中小企业颠覆性创新研究”(项目批准号:2022BJJ143);河南省教育厅人文社会科学研究一般项目“数字金融发展与专精特新企业突破性创新的作用机制与政策研究”(项目批准号:2023-ZZJH-181)的支持。

摘　　要：自媒体的兴起拓宽了金融市场的信息传播渠道,为数字金融的广泛应用与企业创新战略的实施增加了新的关注。基于此,本文以2011~2021年沪深两市A股企业为样本,在利用爬虫技术掌握企业使用微信、微博情况的基础上,实证研究了数字金融与企业技术创新之间的内在关联。研究发现,企业通过借助自媒体进行信息披露,能够吸引数字金融资源为技术创新提供支持,且在数字金融覆盖广度与数字化程度方面体现得更为明显。而机制分析则表明,使用自媒体的企业能够有效促进数字金融缓解融资约束、减少管理层职业忧虑与避免代理冲突,有助于增强企业的创新动力。进一步看,企业通过自媒体进行信息扩散,使得数字金融资源更有助于非国有性质、中小型、盈利能力良好与市场化程度较高地区企业创新能力的提升。上述研究有助于理解自媒体对数字金融与企业技术创新的增益作用,也为服务实体经济发展的政策提供了有益启示。The expansion of self-media platforms has introduced new dimensions to information dissemination within the financial sector,prompting a closer examination of the implications for digital finance and enterprise innovation strategies.This study focuses on A-share listed companies in the Shanghai and Shenzhen stock markets between 201l and 2021.Through the utilization of web scraping technology to monitor companies'activities on WeChat and Weibo,this research empirically explores the potential relationship between digital finance and enterprise technological innovation.The findings indicate that self-media platforms can potentially facilitate the attraction of digital financial resources to support technological innovation efforts.Notably,this influence is more noticeable in instances where digital financial coverage is extensive and digitization is pronounced.Mechanism analysis suggests that self-media usage could serve as an avenue for enhancing innovation efforts by enabling companies to access digital finance,alleviate financial constraints,address management concerns,and mitigate agency conflicts.Furthermore,the dissemination of information via self-media seems to enhance the ability of digital financial resources to support innovation among non-state-owned,small and medium-sized enterprises that display strong profitability and a substantial degree of market presence.This research contributes to a better understanding of the role that self-media might play in the realms of digital finance and enterprise innovation,potentially informing policy considerations that support balanced economic development.

关 键 词：自媒体 数字金融 上市企业 技术创新 

分 类 号：F273.1[经济管理—企业管理] F49[经济管理—国民经济] F832.51