数字金融提高了中小型高新技术企业价值吗?  

Does Digital Finance Increase the Value of Small and Medium-sized High-tech Enterprises?

作　　者：张文菲 金祥义 ZHANG Wenfei;JIN Xiangyi(School of Economics,Lanzhou University,Lanzhou,Gansu730000,China)

机构地区：[1]兰州大学经济学院,甘肃兰州730000

出　　处：《金融教育研究》2024年第2期19-31,共13页Research of Finance and Education

基　　金：国家自然科学基金青年项目“数字金融驱动中国企业出口价值链升级的机制和政策研究”(72203083);中央高校基本科研业务费专项基金“‘一带一路’背景下数字金融对企业国际化水平的影响研究”(2023lzujbkydx031)。

摘　　要：数字经济时代,高新技术企业肩负着实现技术引领和超越的独特使命,特别是中小型高新技术企业。以2011—2021年在中小板和创业板上市的高新技术企业为研究对象,实证分析数字金融对中小型高新技术企业价值的影响,并进行稳健性检验确保结果的可信度。通过实证研究发现:第一,数字金融对中小型高新技术企业的价值有促进作用。第二,存在融资约束的中介作用,即数字金融的发展可以有效缓解中小型高新技术企业的融资约束,提升企业价值。第三,企业创新在数字金融对中小型高新技术企业价值提升中起到正向调节作用。第四,与国有中小型高新技术企业相比,数字金融的发展对非国有企业价值和技术创新的促进作用更显著。加强数字金融创新,打通数字金融服务通道,是提升中小型高新技术企业价值的有效途径,也是实现中国经济创新发展的时代必由之路。In the era of digital economy,high-tech enterprises have a unique mission to lead and surpass technology,especially small and medium-sized high-tech enterprises.Based on this,this paper takes high-tech enterprises listed in SME and GEM during 2011-2021 as research objects,empirically analyzes the impact of digital finance on the value of small and medium-sized high-tech enterprises,and robustness test is carried out to ensure the reliability of the results.The empirical study finds that:first,digital finance has a facilitating effect on the value of small and medium-sized high-tech enterprises.Second,there is a mediating role of financing constraints,i.e.,the development of digital finance can effectively alleviate the financing constraints of small and medium-sized high-tech enterprises,thus enhancing the value of enterprises.Third,corporate innovation plays a positive moderating role in the value enhancement of small and medium-sized high-tech enterprises by digital finance.Fourth,compared with state-owned small and medium-sized high-tech enterprises,the development of digital finance has a more significant role in promoting the value and technological innovation of non-state-owned enterprises.This paper shows that strengthening digital financial innovation and opening up digital financial service channels is an effective way to enhance the value of small and medium-sized high-tech enterprises,and it is also the only way to realize the era of China’s economic innovation and development.

关 键 词：数字金融 高新技术企业 融资约束 企业价值 

分 类 号：F832.1[经济管理—金融学]