科研管理

科研管理 ›› 2024, Vol. 45 ›› Issue (6): 72-82.DOI: 10.19571/j.cnki.1000-2995.2024.06.008

• 论文 • 上一篇    下一篇

数字金融对企业技术创新的影响及空间效应

高粼彤1,孟霏1,田启波2   

  1. 1.山东工商学院经济学院，山东 烟台264005；
    2.深圳大学中国经济特区研究中心，广东 深圳518000
  • 收稿日期:2022-11-15 修回日期:2024-03-26 出版日期:2024-06-20 发布日期:2024-05-29
  • 通讯作者: 孟霏
  • 基金资助:
    国家社会科学基金重大项目：“习近平生态文明思想研究”（18ZDA004，2018—2026）；山东省社科联2023年度人文社会科学项目：“双碳目标下山东省绿色低碳新兴产业高质量发展测度及提升路径研究”（2023-ESDZ-067，2023—2025）；山东工商学院科研启动基金项目：“山东省制造业国际竞争力测算及影响因素研究”（BS202326，2023—2028）。

Impact of digital finance on enterprise technological innovation and its spatial effect

Gao Lintong1, Meng Fei1, Tian Qibo2   

  1. 1. School of Economics, Shandong Technology and Business University, Yantai 264005, Shandong, China; 
    2. China Special Economic Zone Research Center, Shenzhen University, Shenzhen 518000, Guangdong, China
  • Received:2022-11-15 Revised:2024-03-26 Online:2024-06-20 Published:2024-05-29

摘要：    在数字经济时代背景下，如何提升金融服务实体经济能力是一个值得深入探究的重要议题。本文基于2011—2020年中国30个省（区、市）1804家上市企业面板数据，将企业微观数据与各省域宏观数据相匹配，综合运用空间杜宾模型、中介效应模型和门槛模型等，从内在逻辑和空间关联双重维度实证考察了数字金融对企业技术创新的内在作用机制和空间影响机理。研究发现：（1）数字金融和企业技术创新均存在明显的正向空间相关性；（2）数字金融对企业技术创新既存在显著的直接促进作用，又存在显著的负向空间溢出效应；（3）融资约束和信息约束是数字金融发挥企业技术创新激励效应的重要传导机制；（4）数字金融对企业技术创新的激励效应具有“先正后负”的倒U型非线性特征。本研究丰富了企业技术创新驱动因素和数字金融经济后果的相关文献，对于如何为企业技术创新提供有效的金融支持，以及加快落实创新驱动发展战略、助推经济高质量发展具有重要的启示意义。

关键词: 数字金融, 企业技术创新, 空间效应, 门槛效应

Abstract:    In the era of digital economy, how to enhance the empowerment of financial services to real economy is an important topic worthy of in-depth investigation. Based on the panel data of 1,804 listed enterprises in 30 provincial-level regions of China from 2011 to 2020, this paper analyzed the micro data of enterprises and the macro data of provinces and cities and applied the spatial Durbin model, mediation effect model and threshold model, to empirically examine the intrinsic and spatial effect mechanisms of digital finance on enterprise technological innovation from the dual dimensions of intrinsic logic and spatial correlation. It was found that: (1) there is an obvious positive spatial correlation in digital finance and enterprise technological innovation; (2) there is a significant direct promotion effect and a negative spatial spillover effect of digital finance on enterprise technological innovation; (3) financing constraints and information constraints are the important conduction mechanisms for digital finance in playing the role of incentives for enterprise technological innovation; and (4) the incentive effect of digital finance on enterprise technological innovation is characterized by the inverted U-shaped nonlinearity of “positive first and then negative”. This study has enriched the literature on the driving factors of enterprise technological innovation and the economic consequences of digital finance, and thus will offer references for how to provide effective financial support for enterprise technological innovation, accelerate the implementation of the innovation-driven development strategy, and boost the high-quality development of the economy.

Key words: digital finance, enterprise technological innovation, spatial effect, threshold effect