金融科技、数字化转型与企业突破性创新——基于全球专利引用复杂网络的分析  

FinTech,Digital Transformation,and Corporate Radical Innovation——Based on an Analysis of the Complex Network of Global Patent Citations

作　　者：徐照宜 巩冰 陈彦名 成程[3] XU Zhaoyi;GONG Bing;CHEN Yanming;CHENG Cheng(School of Economics and Management,Tsinghua University;School of International Political Economy,University of Chinese Academy of Social Sciences;School of Finance and Statistics,Hunan University)

机构地区：[1]清华大学经济管理学院,北京100084 [2]中国社会科学院大学国际政治经济学院,北京102488 [3]湖南大学金融与统计学院,湖南长沙410006

出　　处：《金融研究》2023年第10期47-65,共19页Journal of Financial Research

基　　金：国家自然科学基金应急管理项目(72241403);中国博士后科学基金面上项目(2023M742021);清华大学文科建设“双高”计划项目(2022TSG08102);国家社会科学基金后期资助项目(23FJYA002)的资助。

摘　　要：本文实证检验了金融科技(地区金融科技机构数/北大数字金融指数/国家金融科技试点城市)对企业突破性创新(专利引用ACD指数)的影响,结果表明,金融科技可显著提升企业突破性创新水平。在作用机制上,融资优化、知识积累、数字转型是金融科技提升企业突破性创新水平的有效渠道。本文进一步分析发现,金融科技主要是通过跨界效应,即通过引导和促进企业开展跨界研发,提升企业突破性创新水平。在金融科技的支持与引导下,非数字企业产生的数字专利具有更高的突破性创新水平。最后,在一系列异质性分析中,本文发现,资源相对稀缺与实力相对较弱的企业,在发展突破性创新上实现“弯道超车”与技术跨越,金融科技起到了重要的赋能效果。本文的发现对创新驱动中国经济高质量发展、发挥金融服务实体经济功能,具有一定现实意义。Since the beginning of the 21st century,China has achieved prominent success in technology and industrialization,but future innovation challenges in China have also increased,particularly in the context of increasing global technology restrictions.The need to enhance the independent development of core technologies and radical innovations is critical for China's technological progress during the period of its 14th Five-Year Plan.Concurrently,with emerging digital technologies such as big data,blockchain,cloud computing,the IoT,and AI becoming prevalent in finance,China's fintech sector has experienced rapid growth.Exploring whether fintech facilitates radical innovations and how it can drive them is crucial for leveraging innovation to drive high-quality economic development and enhance financial services for the real economy.This paper constructs a complex network of 1.4 billion global patent citations to calculate a radical innovation index for all patents worldwide,and assesses the level of radical innovation in China's A-share listed companies for the period from 2007 to 2020 to empirically test the impact of fintech on corporate radical innovation.The results show that fintech considerably increases the level of corporate radical innovation.Financing optimization,knowledge accumulation,and digital transformation are effective channels through which fintech boosts innovation.Further analysis reveals that the primary effect of fintech is achieved through cross-border impacts,guiding non-digital firms in digital patent innovations.Finally,this study finds that fintech empowers resource-scarce and relatively weak enterprises to achieve rapid technological advancements ininnovation.This paper makes the following potential contributions.First,we precisely measure radical innovations in China's listed companies,providing a data-based foundation for empirical analysis of the impact of fintech on digital innovation,and offering insights for future research on radical innovation.Second,this paper explores the impact o

关 键 词：金融科技 突破性创新 知识搜索 复杂网络 数字化转型 

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