数字金融发展、企业研发投入与创新——基于上市公司样本的实证研究  

Digital Finance Development,Enterprise R&D Investment and Innovation——An Empirical Study based on the Sample of Listed Companies

作　　者：余官胜 Guansheng Yu(School of Economics,Fujian Normal University)

机构地区：[1]福建师范大学经济学院

出　　处：《经济学报》2024年第1期110-137,共28页China Journal of Economics

基　　金：福建省社会科学基金重点项目“中国从对外直接投资大国向强国转型的推动因素与政策研究”(FJ2022A021)的资助。

摘　　要：随着信息技术发展和互联网普及,数字金融已成为我国信贷资金的重要来源和经济发展的重要推力,本文以此为背景研究数字金融发展对企业研发创新的影响。本文匹配北京大学数字金融研究中心城市层面数字金融发展指标与国泰安上市公司数据库,开展实证研究发现数字金融发展能通过增加企业研发投入促进创新,该结论也通过了工具变量回归和多维度稳健性检验的有效验证。本文也发现数字金融发展影响企业研发投入的内部传导机制为增加营业利润和流动资产,外部传递机制为增大城市科技支出和人力资本规模。此外,本文进一步研究发现企业较低的经营效率和较高的资金周转速度会削弱数字金融发展产生的研发创新正向效应强度。本文的研究在总体上从企业研发创新角度为数字金融长期经济发展提供了有效佐证。With the development of information technology and the popularity of the Internet,digital finance has become an important source of credit funds and an important thrust of economic development in China.This paper studies the impact of the development of digital Finance on Enterprise R&D innovation.This paper matches the city level digital finance indicators of Peking University Digital finance research center and CSMAR listed company database,and carries out empirical research.It is found that the development of digital finance can promote innovation by increasing enterprise R&D investment.This conclusion has also been effectively verified by instrumental variable regression and multi-dimensional robustness test.This paper also finds that the internal transmission mechanism of the development of digital finance affecting the R&D investment of enterprises is to increase operating profits and current assets,and the external transmission mechanism is to increase the scale of urban science and technology expenditure and human capital.In addition,this paper further found that the lower operating efficiency and higher capital turnover speed of enterprises will weaken the positive effect intensity of R&D innovation generated by the development of digital finance.In general,the research of this paper provides effective evidence that digital finance contributes to long-term economic development from the perspective of enterprise R&D innovation.

关 键 词：数字金融 研发投入 创新 上市公司 

分 类 号：F49[经济管理—产业经济] F832F273.1