金融供给地理结构如何赋能企业新质生产力?  

How Can the Geographical Structure of Financial Supply Empower Enterprise New Quality Productivity?

作　　者：刘峻峰 王世文 季建文 李巍[5,6] Liu Junfeng;Wang Shiwen;Ji Jianwen;Li wei

机构地区：[1]苏州国际发展集团 [2]复旦大学 [3]苏州科技大学商学院 [4]南开大学经济学院 [5]华东师范大学上海市教委智库 [6]上海师范大学天华学院商学院

出　　处：《兰州学刊》2025年第2期44-59,共16页

基　　金：中国博士后科学基金资助项目“绿色金融视角下双向投资协同发展的减污降碳效应研究”(项目编号:2023M732562);江苏省高校哲学社会科学研究项目“新发展格局下江苏双向投资协同发展及其经济效应”(项目编号:2023SJYB1429);中国物流学会、中国物流与采购联合会项目“区块链技术赋能绿色供应链金融发展的逻辑机理与优化进路研究”(项目编号:2024CSLKT3-308);中国物流学会、中国物流与采购联合会项目“绿色供应链金融助力企业碳减排的机制与路径研究”(项目编号:2024CSLKT3-309)。

摘　　要：前沿研究较多关注传统融资约束对企业发展的可能影响,对于因金融机构与企业之间空间距离即金融供给地理结构而产生的融资约束讨论相对有限。文章基于金融供给的空间距离视角,以2011-2022年中国A股上市公司数据为研究样本,实证检验金融供给地理结构对企业新质生产力的影响程度、作用机制、调节效应和距离效应。研究发现:金融供给地理结构优化对企业新质生产力具有正向影响。金融供给地理结构优化对东部企业、非国有企业和非大型企业的新质生产力赋能更为明显。金融供给地理结构优化通过改善区域层面普惠金融程度、提升企业层面研发强度进而赋能新质生产力;金融科技发展弱化了金融供给地理结构优化对企业新质生产力的促进作用;金融供给地理结构优化对内部控制较好企业的新质生产力的正向赋能更明显;随着企业周围金融供给空间距离的扩大,金融供给地理结构对企业新质生产力的正向影响逐渐减弱。文章拓展了企业新质生产力提升路径的研究,同时对于如何引导金融机构布局分支网点赋能企业新质生产力具有一定的政策启示。Frontier research has focused more on the potential impact of traditional financing constraints on enterprise development,with relatively limited discussion on financing constraints arising from spatial distance between financial institutions and enterprises,namely the geographical structure of financial supply.This paper is based on the spatial distance perspective of financial supply,using data from Chinese A-share listed companies from 2011 to 2022 as research samples,to empirically test the impact,mechanism,moderating effect,and distance effect of the geographical structure of financial supply on the new quality productivity of enterprises.Research has found that:(1)Optimizing the geographical structure of financial supply has a positive impact on the new quality productivity of enterprises.(2)The optimization of the geographical structure of financial supply has a more significant impact on the new quality productivity empowerment of eastern enterprises,non-state-owned enterprises,and non-large enterprises.(3)Optimizing the geographical structure of financial supply empowers new quality productivity by improving the level of inclusive finance at the regional level and enhancing research and development intensity at the enterprise level.The development of financial technology has weakened the promotion effect of optimizing the geographical structure of financial supply on the new quality productivity of enterprises.The optimization of the geographical structure of financial supply has a more significant positive impact on the new quality productivity of enterprises with good internal control.As the spatial distance of financial supply around enterprises increases,the positive impact of the geographical structure of financial supply on the new quality productivity of enterprises gradually weakens.This paper expands the research on the path of improving the new quality productivity of enterprises,and at the same time provides certain policy insights on how to guide financial institutions to layout branch outlet

关 键 词：金融供给地理结构 企业新质生产力 普惠金融 研发强度 金融科技 内部控制 

分 类 号：F832.51[经济管理—金融学]