数字普惠金融驱动新创企业创新的研究——基于内外源融资能力的中介效应视角  

Research on the Digital Inclusive Finance Driving the Innovation of Start-ups:From the Perspective of Intermediary Efect based on Internal and External Financing Capabilities

作　　者：何芸[1] 杨阳丹 HE Yun;YANG Yang-dan(School of Economics,Hefei University of Technology,Hefei Anhui 230601,China)

机构地区：[1]合肥工业大学经济学院,安徽合肥230601

出　　处：《技术经济与管理研究》2024年第8期128-133,共6页Journal of Technical Economics & Management

基　　金：中央高校基本科研业务费专项资金资助项目;合肥工业大学青年教师科研创新启动专项项目(JZ2020HGQA0181)。

摘　　要：新创企业是实现国家经济高质量发展的重要力量,但其资源获取能力普遍较弱,不利于新创企业提升创新水平。具有普惠性和包容性的数字普惠金融能否驱动新创企业创新?选取数字普惠金融指数和2013—2022年创业板新创企业数据,研究数字普惠金融对新创企业创新的影响。结果表明,数字普惠金融发展对新创企业创新活动起到了明显的激励作用。区域异质性检验表明,数字普惠金融在中西部地区的作用更大;企业特征异质性检验表明,对于非国有企业、高科技企业,数字普惠金融发展更能激发其创新活力。进一步的机制检验表明,数字普惠金融主要通过提高新创企业营业收入,提升企业内源融资能力;缓解企业外部融资约束,降低融资成本,提升企业外源融资能力,助力新创企业不断创新。Start-ups play a crucial role in driving high-quality national economic development.However,they often face challenges in accessing resources,which hinder their ability to innovate.Can inclusive and digital inclusive finance facilitate innovation among start-ups?This study examines the impact of digital inclusive finance on start-ups innovation using the digital inclusive finance index and data from the growth enterprise market between 2013 and 2022.The findings reveal that the development of digital inclusive finance significantly stimulates innovation activities among start-ups.Regional disparities indicate a greater influence of digital inclusive finance in central and western regions.Moreover,enterprise characteristics demonstrate that non-state-owned enterprises and high-tech enterpri-ses benefit more from the development of digital inclusive finance in terms of enhancing their innovative vitality.Furthermore,it is observed that digital inclusive finance primarily strengthens internal financing capacity for start-ups by augmenting their operating income.By alleviating external financing constraints,reducing financing costs,and boosting external financing capacity,can effectively support continuous innovation among start-ups.

关 键 词：数字普惠金融 新创企业 创新活动 内源融资 外源融资 

分 类 号：F832.4[经济管理—金融学]