金融科技能否打通城市创新之路?——来自科技企业进入的经验证据  

Can Fintech Pave the way for Urban Innovation?——Empirical Evidence from the Entry of Technology Enterprises

作　　者：李佳[1] 吴静怡 曹睿涵 LI Jia;WU Jingyi;CAO Ruihan(Shandong Normal University,Jinan 250358,China)

机构地区：[1]山东师范大学经济学院

出　　处：《金融评论》2024年第2期114-134,158,共22页Chinese Review of Financial Studies

基　　金：山东省哲学社会科学青年人才团队《数智金融助推国际循环质量提升的机制与路径研究》(项目批准号:2023-zkzd-076)的资助。

摘　　要：当前,金融科技已成为赋能实体经济高质量发展的新动能,并有效弥补了传统金融体系对实体经济支持不足的短板。本文以2006~2021年城市面板数据与全国工商企业注册信息数据为研究样本,实证检验了城市金融科技对科技企业进入的影响,研究发现。城市金融科技发展显著促进了科技企业进入。调节效应分析发现,合理的金融监管、高水平的人力资本水平及完善的数字基础设施能够正向调节金融科技对科技企业进入的促进作用,且动态面板门槛模型结果表明,当调节变量跨越相应门槛值时,金融科技对科技企业进入具有更强的促进效果。进一步的异质性分析表明,金融科技对科技企业进入的促进作用在传统金融发达城市、东部地区、有211高校城市、创新创业指数排名较高城市及金融科技水平较高城市的样本中更为明显。本文丰富了科技企业进入影响因素的相关研究,为金融科技有效服务于科技产业,进而打通城市创新之路提供了重要理论依据与政策参考。Fintech has emerged as a potent catalyst driving the high-quality development of the real economy,addressing the limitations of traditional financial systems in supporting real economic activities.Drawing on urban panel data and national industrial and commercial enterprise registration information spanning 2006 to 2021,this study empirically examines the impact of urban fintech development on the entry of technology enterprises.Our empirical findings confirm a significant positive relationship between urban fintech advancement and the entry of technology enterprises.Moreover,moderation analysis underscores that effective financial supervision,robust human capital levels,and advanced digital infrastructure positively moderate the impact of fintech on technology enterprise entry.Furthermore,employing a dynamic panel threshold model reveals that fintech's promotion effect on technology enterprise entry strengthens beyond a certain threshold of the moderating variables.Further heterogeneity analysis unveils that fintech's promotion effect on technology enterprise entry is more pronounced in traditionally financial-developed cities,Eastern regions,cities housing 211 universities,locales with high innovation and entrepreneurship index rankings,and those boasting advanced levels of financial technology.This study enriches the understanding of factors influencing technology enterprise entry,offering critical theoretical insights and policy directives to harness fintech effectively in serving the technology industry and charting pathways for urban innovation.

关 键 词：金融科技 科技企业 市场进入 

分 类 号：F832[经济管理—金融学]