城市金融科技发展对企业创新持续性的影响研究  

The Impact of Urban FinTech Development on the Sustainability of Corporate Innovation

作　　者：谢乔昕 秦钰轩 XIE Qiaoxin;QIN Yuxuan(School of Accounting,Zhejiang University of Finance and Economics,Hangzhou,China,310018)

机构地区：[1]浙江财经大学会计学院,浙江杭州310018

出　　处：《财经理论研究》2024年第6期96-109,共14页Journal of Finance and Economics Theory

基　　金：浙江省社会科学规划专项课题(37);浙江财经大学研究生校级课题(24XJKT005)。

摘　　要：提升企业创新持续性是提升创新长效性,破解创新“低质低效”双低困境的关键抓手。基于沪深A股上市公司数据,考察了城市金融科技发展对企业创新持续性的影响及其作用机制。研究发现:城市金融科技发展提升了企业创新持续性。机制分析表明,金融科技赋能通过缓解企业融资约束、抑制管理层短视主义和改善市场公平竞争环境,进而促进企业创新持续性的提升。异质性分析表明,金融科技发展对企业创新持续性的促进效应在高科技企业和非国有企业中表现得更为明显。本文研究结论为推进金融科技发展,强化企业持续创新制度保障,推动创新型国家建设提供参考和借鉴。Enhancing corporate innovation sustainability is essential for improving the long-term effectiveness of innovation and overcoming the"low-quality and low-efficiency"innovation dilemma.Using data from A-share listed companies in Shanghai and Shenzhen,this paper examines the impact of urban fintech development on corporate innovation sustainability and its underlying mechanisms.The findings indicate that urban fintech development positively influences corporate innovation sustainability.Mechanism analysis reveals that fintech empowerment promotes sustained corporate innovation by alleviating financing constraints,curbing managerial short-sightedness,and fostering a fair competitive market environment,thereby enhancing innovation persistence.Heterogeneity analysis shows that fintech development has a more pronounced effect on innovation persistence in high-tech and non-state-owned enterprises.This paper offers insights for advancing financial technology development,strengthening institutional support for sustained corporate innovation,and promoting the construction of an innovation-driven economy.

关 键 词：金融科技 创新持续性 融资约束 短视主义 市场竞争环境 

分 类 号：F272.3[经济管理—企业管理]