数字金融与企业突破式创新——基于监督和融资双渠道的分析  

Digital Finance and Disruptive Innovation:An Analysis Based on Dual Channels of Monitoring and Financing

作　　者：孙健[1,2] 李菡旻 袁淳[1] 李哲[1] Sun Jian;Li Hanmin;Yuan Chun;Li Zhe(School of Accounting,Central University of Finance and Economics,Beijing 100081;China Enterprise Digital Transformation Research Center,Central University of Finance and Economics,Beijing 100081)

机构地区：[1]中央财经大学会计学院,北京100081 [2]中央财经大学企业数字化转型研究中心,北京100081

出　　处：《管理评论》2024年第2期222-235,共14页Management Review

基　　金：国家社会科学基金项目(21BGL095);国家自然科学基金项目(71672208,71902210,72272170,72272169);教育部人文社会科学基金项目(19YJC630092);中央财经大学科研创新团队支持计划(20190111)。

摘　　要：突破式创新是突破以往技术,影响未来技术的创新。本文探究了数字金融发展对上市公司突破式创新的影响,发现数字金融的发展显著促进了上市公司的突破式创新,且数字金融通过发挥监督治理效应和缓解融资约束两个路径作用于突破式创新;相比于使用深度,数字金融的覆盖广度更能对突破式创新发挥作用。进一步研究发现,在非国有企业、处于成长期的企业和有IT背景的高管人数比例更高的企业中,数字金融对突破式创新的促进作用更强。此外,数字金融的发展具有区域溢出效应,周边城市数字金融发展也能促进本地上市公司突破式创新的发展。本研究对数字金融的经济后果以及突破式创新的影响因素的相关研究有一定的增量贡献。Disruptive Innovation represents a major breakthrough of the existing technologies and has a profound impact on future technologies.This paper investigates how the development of Digital Finance in one area benefits the Disruptive Innovation of listed companies and reaches a conclusion:companies in booming Digital Finance make more progress in Disruptive Innovation in the following year.There are two mechanisms.Digital finance not only relieves the financing constraints but also plays a role in monitoring by reducing agency costs.Also,compared with depth of usage of Digital Finance,the coverage of Digital Finance shows its promotion effect on Disruptive Innovation.In addition,we find that in non-SOEs,companies in growing stage and companies that have more executives with IT background,Digital Finance can promote Disruptive Innovation better.At the macro level,there is a regional spillover effect,that is,the development of Digital Finance in surrounding cities can also promote the development of Disruptive Innovation of local listed companies.Above all,this paper may make significant incremental contributions to the research on the consequences of Digital Finance and the influence factors of Disruptive Innovation.

关 键 词：数字金融 突破式创新 融资约束 监督效应 

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