数字金融赋能企业新质生产力发展研究——基于融资约束和实质性科技创新视角  

Research on the development of new quality productivity ofenterprises empowered by digital finance:Based on financing constraints and substantial scienceand technology innovation perspectives

作　　者：姜楠 王薪有 杨蕴丽 JIANG Nan;WANG Xinyou;YANG Yunli(School of Economics and Management,Inner Mongolia Normal University,Hohhot 010022,China)

机构地区：[1]内蒙古师范大学经济管理学院,内蒙古呼和浩特010022

出　　处：《重庆理工大学学报(社会科学)》2025年第3期78-92,共15页Journal of Chongqing University of Technology(Social Science)

基　　金：内蒙古自治区哲学社会科学规划项目“数字经济赋能内蒙古畜牧业现代化的战略选择、问题诊断与路径探索”(2022NDC163);内蒙古师范大学基本科研业务费专项资金资助项目“数字经济赋能草原畜牧业现代化重点问题研究”(23JBZD002);内蒙古自治区研究生精品课程建设项目“高级政治经济学”(JP20231012)。

摘　　要：基于2015—2022年中国A股上市公司相关数据,探讨数字金融对企业新质生产力的影响效应及其内在机理。研究发现:数字金融发展有利于提振企业新质生产力,这主要通过缓解融资约束和促进实质性技术创新的中介机制实现,并且数字金融在推动企业新质生产力发展的过程中会产生对非绿色技术创新的路径依赖。异质性分析表明:数字金融会对较年轻的非国有企业和科技型企业的新质生产力产生更明显的正向推动作用,从而发挥普惠价值。因此,政府部门和金融机构应加大对金融数字化转型的投入力度,发挥金融对市场主体创新动能的支撑作用,加大对弱势企业的扶持力度,改善我国生产力发展不平衡不充分现状。Based on the relevant data of China’s A-share listed companies from 2015 to 2022,the article explores the effect of digital finance on the new quality productivity of enterprises and its internal mechanism.It is found that the development of digital finance is beneficialfor the enhancement ofenterprises’new quality productivity,and this relationship is mainly realised through the mediated transmission mechanism of alleviating financing constraints and fostering substantial technological innovation,and digital finance will have path dependence on non-green technological innovations of enterprises.The heterogeneity analysis shows that the development of digital finance will have a more obvious positive impact on the new productivity of younger non-state-owned enterprises,science and technology-based enterprises,and enterprises in the more developed regions in the east of China,so as to optimise the efficiency of financial resource allocation.Therefore,government departments and financial institutions should appropriately increase the investment in financial digital transformation,effectively play an important supporting role of the financial system on the innovation momentum of market players,and gradually reduce the differences in digital financial development between regions,so as to improve the unbalanced and insufficient development of China’s productivity.

关 键 词：新质生产力 数字金融 融资约束 实质性科技创新 普惠价值 

分 类 号：F832.5[经济管理—金融学]