Digital inclusive finance and the innovation-driven effect of technology business incubators: Based on a negative binomial model

IF 6.9 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-08-01 DOI:10.1016/j.ribaf.2025.103091

Jinyu Feng, Chaoqun Ma, Hanlin Ma, Yishu Zhang

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Abstract

This study explores the impact of digital inclusive finance (DIF) on the innovation development of technology business incubators (TBIs) in China, offering insights for global innovation-driven development strategies. Using an unbalanced panel dataset of 1332 national-level TBIs from 2011 to 2021, the study employs a negative binomial regression model to evaluate the effect of DIF on the innovation-driven capacity of incubators. The findings reveal that DIF significantly enhances the innovation output of incubated firms by alleviating their financial constraints as a mediating mechanism. Meanwhile, the enterprise innovation network negatively moderates this effect, indicating that the promoting role of DIF is more pronounced when the innovation network is weak. Furthermore, heterogeneity analysis shows that the innovation effect of DIF is context-dependent, being particularly notable in incubators located in the central region and within high-tech zones. These results highlight the crucial role of DIF in optimizing resource allocation and empowering innovation actors, providing empirical evidence and policy guidance for improving science and technology innovation policies and promoting regional coordinated development.

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数字普惠金融与科技企业孵化器的创新驱动效应：基于负二项模型

本研究探讨了数字普惠金融（DIF）对中国科技企业孵化器创新发展的影响，为全球创新驱动发展战略提供参考。利用2011 - 2021年1332家国家级孵化器的非平衡面板数据，采用负二项回归模型，评估了DIF对孵化器创新驱动能力的影响。研究结果表明，DIF作为一种中介机制，通过缓解企业的资金约束，显著提高了企业的创新产出。同时，企业创新网络负向调节了这一效应，表明创新网络越弱，DIF的促进作用越明显。此外，异质性分析表明，企业内部投资的创新效应与环境相关，在位于中部地区和高新区的孵化器中尤为显著。研究结果突出了DIF在优化资源配置、增强创新主体权能方面的重要作用，为完善科技创新政策、促进区域协调发展提供了实证依据和政策指导。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance