摘要
在传统金融模式下,融资约束制约了中小企业的技术创新投入,数字金融可以缓解企业融资约束,进而促进中小企业技术创新。采用2014—2018年中国中小板及创业板上市公司数据的分析表明:数字金融发展比传统金融发展更有利于中小企业技术创新投入的增加;融资约束在数字金融促进中小企业技术创新过程中具有显著部分中介效应,缓解融资约束是数字金融促进中小企业技术创新的主要路径;对于传统金融模式下受融资约束越强的中小企业(高技术产业中小企业、非国有中小企业),数字金融的技术创新促进效应越显著,进一步说明缓解融资约束是数字金融促进中小企业技术创新的主要路径;在制度环境质量较好、经济发展水平较高的地区,数字金融对中小企业技术创新的促进效应也较大。此外,数字金融的使用深度和数字化程度正向影响中小企业技术创新投入,但覆盖广度的影响不显著,单纯的数字金融使用数量增加并不能有效缓解中小企业的融资约束。因此,应积极推进数字金融高质量发展,致力于缓解和消除传统金融模式下的融资约束;改善制度环境,推进经济高质量发展,充分发挥数字金融促进技术创新的作用。
Under traditional financial pattern,financing restraints restrict the technical innovation input of small and medium-sized enterprises(SMEs),however,digital finance can ease the financing restraints of the enterprises and further boost the technical innovation of the SMEs.The analysis by using the data of listed companies of China’s SMEs and GEM from 2014 to 2018 shows that digital finance development is more conducive to the increase of the technical innovation input of SMEs than that of traditional finance development,but financing restraints have significantly partial mediating effect in the process of digital finance boosting the technical innovation of SMEs,as a result,the alleviation of financing restraints is the main path for digital finance to promote the technical innovation of SMEs.The technical innovation of the SMEs,SMEs of high-tech industry and non-stateowned SMEs,which are more strongly restricted by financing restraints under traditional finance pattern,is more significantly boosted by digital finance,which further reveal that the alleviation of financing restraints is the main path for digital finance to promote the technical innovation of SMEs.In the regions with better institutional environment and higher economic development level,the boosting effect of digital finance on the technical innovation of SMEs is bigger.In addition,the using depth of digital finance and digitalization degree positively affect the technical innovation input of SMEs but the influence of its covering scope is not significant,and the pure increase of the using quantity of digital finance can not effectively alleviate the financing restraints of SMEs.Therefore,China should actively promote high-quality development of digital finance,make efforts to alleviate and wipe out the financing restraints under traditional finance mode,improve institutional environment,boost highquality development of the economy and sufficiently bring into fully play digital finance boosting the technical innovation.
作者
聂秀华
NIE Xiu-hua(School of International Economy and Trade,University of International Business and Economics,Beijing 100029,China)
出处
《西部论坛》
CSSCI
北大核心
2020年第4期37-49,共13页
West Forum
基金
国家自然科学基金青年项目(71802049)
国家社会科学基金重大项目(18ZDA097)。
关键词
数字金融
中小企业
融资约束
技术创新
大数据
数字化技术
digital finance
SMEs
financing restraint
technical innovation
big data
digitalized technology
