数字金融对初创企业创新模式选择的影响机制  

Influence Mechanism of Digital Finance on Innovation Mode Selection of Start-ups

作　　者：侯羽迪 张玉臣[1] 廖凯诚 HOU Yudi;ZHANG Yuchen;LIAO Kaicheng(School of Economics and Management,Tongji University,Shanghai 200092,China;Institute of Economics,School of Social Sciences,Tsinghua University,Beijing 100082,China)

机构地区：[1]同济大学经济与管理学院,上海200092 [2]清华大学社科学院经济学研究所,北京100082

出　　处：《北京理工大学学报（社会科学版）》2024年第3期175-188,共14页Journal of Beijing Institute of Technology：Social Sciences Edition

基　　金：国家自然科学基金面上项目“中国跨国企业走进去战略:基于‘制度比较—制度逻辑—制度工作’的理论框架”(71972148);上海“科技创新行动计划”软科学重点项目“新科技革命及产业变革背景下科技创新的新特点、新范式、新策略研究”(23692100600)。

摘　　要：数字金融是互联网信息技术与传统金融业态结合的新产物,对初创企业的融资行为和技术创新均会产生重大影响。基于2012—2021年北京大学数字金融发展指数和创业板、新三板上市创业公司数据,实证检验和讨论了数字金融对初创企业创新模式选择的影响机制。研究发现:数字金融显著促进了初创企业的激进式创新,抑制了渐进式创新;机制分析发现,数字金融通过促进初创企业金融化,拉动了激进式创新,挤占了渐进式创新。进一步考虑初创企业外部环境后发现:初创企业所处行业的高科技密集度加强了金融化对激进式创新的促进作用,但对金融化与渐进式创新的关系没有产生显著影响;宏观经济政策不确定性则弱化了金融化对初创企业激进式创新的促进作用和渐进式创新的抑制作用。Digital finance is a new product of the combination of internet information technology and traditional financial tools,which has a significant impact on the financing behavior and technological innovation of start-ups.Based on the 2012—2021 data of digital finance development index of Peking University and GEM-NEEQ listed companies,this paper empirically tested and discussed the influence mechanism of digital finance on innovation mode selection of start-ups.This empirical study finds that digital finance significantly promotes the radical innovation of start-ups and inhibits the incremental innovation;by promoting the financialization of start-ups,digital finance promotes radical innovation and decreases incremental innovation.Further considering the external environmental factors of start-ups,it is found that the high-tech intensity degree of the industry in which the start-ups are located strengthened the promotion effect of financialization on radical innovation,but had no significant effect on the relationship between financialization and incremental innovation;the uncertainty of macroeconomic policy weakened the promotion effect of financialization on radical innovation and the inhibition effect of financialization on incremental innovation.This paper not only enriches the research of the impact of digital finance on the innovation of start-ups,but also provides empirical evidence and practical enlightenment for start-ups to use digital finance to promote high-quality innovation.

关 键 词：数字金融 金融化 激进式创新 渐进式创新 

分 类 号：F275[经济管理—企业管理]