科研管理

科研管理 ›› 2024, Vol. 45 ›› Issue (1): 98-110.DOI: 10.19571/j.cnki.1000-2995.2024.01.010

• 论文 • 上一篇    下一篇

数字金融、金融摩擦与民营企业技术创新

史小坤,陶燕燕   

  1. 浙江工商大学金融学院，浙江 杭州310018
  • 收稿日期:2022-06-14 修回日期:2023-10-24 出版日期:2024-01-20 发布日期:2024-01-02
  • 通讯作者: 史小坤
  • 基金资助:
    国家社会科学基金面上项目：“数字金融支持经济高质量发展的机制、路径与对策研究”（21BJY174，2021.10—2024.12）；国家社会科学基金重点项目：“‘三重压力’下制造业数字化转型的新困境、新路径与政策优化研究”（22AGL003，2022.10—2025.12）；国家社会科学基金重大项目：“构建金融有效支持农业高质量发展的体制机制研究”（21ZDA046，2021.10—2024.12）。

Digital finance, financial frictions, and technology innovation of private enterprises

Shi Xiaokun, Tao Yanyan   

  1. School of Finance, Zhejiang Gongshang University, Hangzhou 310018, Zhejiang, China
  • Received:2022-06-14 Revised:2023-10-24 Online:2024-01-20 Published:2024-01-02

摘要：    金融摩擦导致民营企业技术创新能力不足，成为推进中国式现代化高质量发展突出的金融机制障碍，数字金融的技术优势为有效缓解金融摩擦提供了基础。本文基于修正的BGG模型论证了数字金融发展、金融摩擦和企业技术创新的理论关系，并利用2011—2020年沪深两市A股的民营企业数据，检验数字金融作用于不同类型金融摩擦影响民营企业技术创新投入的作用效果。研究发现（1）数字金融具有减缓金融摩擦促进民营企业技术企业创新投入的作用，其中数字支付和数字信贷的作用尤为显著；（2）机制分析表明，数字金融能够有效降低民营企业技术创新投入中资本错配类和融资成本约束类金融摩擦，但对于融资可得性类金融摩擦不具有缓解作用；（3）数字金融可以靶向校正民营企业技术创新融资中的“领域错配”“阶段错配”和“地区错配”，并对经济不发达地区、规模较小和治理制度完善的民营企业技术创新投入促进作用更强。本文的研究有助于厘清数字金融促进民营企业技术创新的理论机理，为有效化解金融摩擦提升民营企业技术创新能力，提供可靠的经验证据和决策支持。 

关键词: 数字金融, 金融摩擦, 民营企业, 技术创新投入

Abstract:     Financial frictions lead to a lack of technological innovation in private enterprises, which has become a prominent financial mechanism obstacle to advancing Chinese-style modernization and high-quality development. The technological advantage of digital finance provides the basis for an effective solution of the financial frictions. This paper demonstrated the theoretical relationship between the development of digital finance, financial frictions, and enterprise technological innovation based on the revised BGG model, and used the private enterprise data from the A-shares of the Shanghai and Shenzhen stock exchanges from 2011 to 2020 to test the effectiveness of digital finance on the impact of different types of financial frictions on the investment of private enterprises in their technological innovations. The study found that (1) digital finance has the effect of mitigating financial frictions to promote innovation investment of private technology enterprises, among which the effects of digital payment and digital credit are more significant; (2) the mechanism analysis showed that digital finance can effectively reduce the financial frictions of capital mismatch and financing cost constraints, but does not have a mitigating effect on the financial frictions related to financing availability; (3) digital finance can target correct the "field mismatch", "stage mismatch" and "regional mismatch" in innovation financing, and has a stronger promoting effect on the investment of private enterprises in their technology innovation in economically underdeveloped areas, small-scale, and well-established governance systems. This paper will help to clarify the theoretical mechanism of digital finance promoting the technological innovation in private enterprises, and provide reliable empirical evidence and decision-making supports for effectively resolving financial frictions and enhancing the technological innovation ability of private enterprises.

Key words: digital finance, financial friction, private enterprise, investment in technology innovation