The power of financial support in accelerating digital transformation and corporate innovation in China:evidence from banking and capital markets  

作　　者：Zhuoya Du Qian Wang 

机构地区：[1]School of Economics,Jilin University,Qianjin Street 2699,Changchun,130012,Jilin Province,People’s Republic of China [2]Public Sector Research Center KRI,School of Economics,Jilin University,Qianjin Street 2699,Changchun,130012,Jilin Province,People’s Republic of China

出　　处：《Financial Innovation》2024年第1期1462-1495,共34页金融创新(英文)

基　　金：the funding support from Research on Confidential Computing and Data Governance of China Financial Technology(2021XWK03);Research on the Road of Chinese Open Cooperation and High Quality Economic Development(2022CXTD04);Research on the Impact of Information Disclosure Quality on Corporate Financing Constraints from the Perspective of Digital transformation(2023CX012);supported financially by the China Scholarship Council(No.202306170119).

摘　　要：This study explores the role of financial support in the digital transformation of Chinese A-share-listed companies from 2001 to 2020.By utilizing the moderating effect model and threshold regression model,this study finds the following results:(1)Digital transformation positively impacts innovation,and the support of banking and capital markets further strengthens this impact.(2)With the development of banking and capital markets,the impact of digital transformation on innovation changes from negative to positive,which is also reflected in the subsamples of Eastern companies,small and medium-sized companies(SMEs),and non-SMEs.(3)The study reveals that only the capital market in the non-Eastern region has no threshold,and capital market support is effective only for non-SMEs when it reaches a higher level.These findings have important implications for policymakers in promoting digital transformation through financial support and help companies understand how to use financial support to improve competitiveness.

关 键 词：Digital transformation Banking sector Capital market Moderating effect model Threshold regression model 

分 类 号：F42[经济管理—产业经济]