摘要
基于双元创新理论,在厘清银行债务融资对双元创新差异影响的基础上重点检验了数字金融发展对两者关系的作用效果。研究结果表明:银行债务融资可促进探索式创新和利用式创新,且对探索式创新的促进作用更强。数字金融发展能够积极影响探索式创新,但冲击了商业银行小额放贷,显著减弱了银行债务融资对融资数额和时限要求不高的利用式创新的促进作用,且在不同发展水平地区的表现有差异。数字金融通过覆盖广度的扩大和使用深度的提升增强了对探索式创新的促进作用,并负向调节银行债务融资与利用式创新的关系。进一步研究双元创新的经济后果发现,探索式创新显著促进了企业价值提升,为数字金融发展影响企业信贷融资、推动企业双元创新提供了经验证据和政策建议。
Based on the dual innovation theory and the clarification of the influence of bank debt financing on the difference of dual innovation,this paper focuses on the effect of digital finance development on the relationship.The research results show that bank debt financing can promote exploratory innovation and exploitative innovation,and has a stronger role in promoting exploratory innovation.The development of digital finance can positively affect exploratory innovation,but it has impacted small loans by commercial banks,significantly weakening the promotion effect of bank debt financing on utilization innovation with low financing amount and time limit requirements,and shows differences in regions at different levels of development.Digital finance enhances the promotion of exploratory innovation through the expansion of its coverage and the enhancement of its depth of use,and negatively regulates the relationship between bank debt financing and exploitative innovation.Further research on the economic consequences of dual innovation reveals that exploratory innovation significantly promotes enterprise value improvement.This study provides empirical evidence and policy recommendations for the development of digital finance to affect corporate credit financing and promote enterprise dual innovation.
作者
胡永平
张智翔
HU Yongping;ZHANG Zhixiang(Accounting School,Chongqing University of Technology,Chongqing 400054,China)
出处
《重庆理工大学学报（社会科学）》
CAS
2023年第8期65-81,共17页
Journal of Chongqing University of Technology（Social Science）
基金
教育部人文社会科学规划基金项目“政府研发资助对民营企业创新融资的影响效应与路径优化研究”(20XJA790003)
国家社会科学基金项目“松弛治理视角下国有资本经营预算微观衔接机制优化研究”(19XGL006)
重庆理工大学研究生创新项目“外部融资方式对企业双元创新的影响研究”(gzlcx20223360)。
关键词
双元创新
银行债务融资
数字金融发展
dual innovation
bank debt financing
development of digital finance
